The U.S. might be coming face to face with another recession as early as next year. America has been consistently expanding the economy since the Great Recession, but that does not take away all the problems that the recession brought upon us. There still remains unemployment and financial crisis as well as other ailments that America attempts to mend. In May 2019, the U.S. saw just 27,000 jobs created, yet some industries saw growth. Additionally, as unemployment rates are expected to rise, personal income growth continues to fall. It’s jobs in healthcare, education, and financial industries that provide job security amidst the threat of recession. In fact, nearly half of Americans are calling for more job security. If the economy makes a turn for the worst, is your career recession-proof?
The current economic status of America is pretty good, but the next recession could be more severe than the last. A down economy brings layoffs, unemployment, and fewer opportunities. During a recession, fresh graduates have fewer opportunities. Not only do they have fewer opportunities to find jobs, but also fewer opportunities for training as well as a smaller likelihood to be promoted. A recession hurts all workers. There’s increased layoffs and decreased hiring. This forces many workers into low-quality employment. When a recession occurs, it does not end followed by full recovery from the negative effects. Many workers still feel the effects of a recession after four years. Of course, highly skilled workers may feel fully recovered sooner than others while those who are moderately skilled simply feel improved.
Unlike those who were already in a high profile job and have learned many skills, recent graduates may never fully recover from the effects of a recession. These members of society are more likely to receive welfare, receive lower wages and fewer raises, and have increased mortality after twenty years working. For these new graduates, there is a decrease in self-reported health and wellness and on average, life expectancy is reduced by three months. If you are already in the workforce but lose your job in a down economy, you will likely experience similar, but less severe, side effects. No one wants the economy to determine the success of your career. Prepare for the predictions and recession-proof your career.
For nearly a century, financial, medical, and federal government workers have seen better wages and lower unemployment than the national average. Choosing a career that has a history of security is a step towards being safe during a recession. When the economy is down, such as it was in the Great Recession, wages for finance and medical workers fell at half the rate of the wider job market. After the Great Recession when the economy started to move upwards, wages for finance and medical workers grew nearly two times as fast as wages overall. Whether the economy is up or down, financial services workers earn more than the national average.
For those not looking to work in the finance industry and want to recession-proof your job in other ways, don’t hold back on sharing your strengths. Make sure your manager knows you are doing a great job and are indispensable. Also remember to demonstrate leadership, network, and always learn new skills. Learn how tax preparation can become a career or remain a side hustle but is a skill that can help you succeed no matter where the economy stands. As Benjamin Franklin put it, “In this world, nothing is certain except death and taxes.” Learn more about how you can feel prepared for a future recession from the infographic below.