Given the current economic impact of COVID-19 and with a forecasted estimate of two million Australians left unemployed, many understandably fear the impact a recession could have on their employment status.
Scenes in recent news have been reminiscent of the Great Depression so we’ve compiled a number of recession-proof jobs that can help you decide on which direction you can take to prevent unemployment.
Medical Professionals & Medical Administrative Staff
The Medical field is comprised of a highly-skilled workforce including roles such as occupational therapists, medical assistants, registered nurses, paramedics and general practitioners. These roles require years of medical school but for those who aren’t trained, there are still receptionists, administrative assistants, food handling and customer service roles available in private practices and hospitals.
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Coles and Woolworths have been plastered all over recent news surrounding COVID-19 as many Australians have been stocking up. Grocers are one of the most reliable employers during a recession. Managerial, stock management and retail jobs are the most common in this field and don’t require any formal prerequisites.
Accountants & Financial Advisors
Tax returns, superannuation and financial advice are imperative regardless of the economic climate. Careers in the finance industry are often safe due to the roles they play in tax season. During a recession those who invest in shares or who are highly invested in their superannuation seek out financial advice. A Bachelor’s Degree in Business or Accounting are often prerequisites to these roles.
Public officials such as law enforcement officers are most commonly protected from unemployment during times of economic hardship. Depending on the length of the recession there is the possibility of crime rates to increase.
In 2009 following the GFC Don Weatherburn, director of the NSW Bureau of Crime Statistics and Research, stated: “If the recession is deep and the pool of young long-term unemployed rises, there is every reason to expect an increase in crime.” Job security is often guaranteed during pandemics like COVID-19 as protecting citizens and avoiding an increased crime rate is a priority of the Government.
Pharmacists & Pharmacy Workers
While job losses have occurred in part of the retail industry, essential services such as pharmacies are stable places to work during a pandemic. Public health is a major priority, particularly during a pandemic, so pharmacist roles are incredibly valuable. Areas of work in a pharmacy include pharmacists, pharmacy technicians and sales assistants.
Pharmacists require a Bachelor of Pharmacy while pharmacy technicians often complete a Certificate IV in Pharmacy Dispensary. Pharmacy technicians supply patients with medicines, fulfil prescriptions and supervise other pharmacy staff.
Given the current climate, with most businesses choosing to work from home, it is especially worthwhile exploring a career in Information Technology (IT). Websites, databases and all forms of communications still need to function effectively. Engineers, programmers, website designers and developers are still needed to assist businesses in a variety of ways.
That could be transforming a traditional brick and mortar store into an online boutique or standard website maintenance. Regardless of whether you work in-house or contract to a variety of companies, IT is a stable career choice during an economic recession.
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Psychiatrists & Psychologists
Financial hardship and job losses are incredibly mentally straining and often cause a great deal of stress and anxiety. Loss of social contacts due to social distancing, unemployment and insecurity of income are a number of reasons many seek out psychological help.
As mental health declines, careers such as psychiatrists and psychologists are invaluable during an economic recession. Roles as psychiatrists and psychologists require a Bachelor’s Degree in Psychology or Psychological Science, and occasionally a Master’s Degree.
Senior Care & Child Care
As the coronavirus mainly targets elderly citizens and those with pre-existing conditions and as Australia has an ageing population, careers Aged Care are a highly reliable means of employment. Despite the increased number of unemployed people due to COVID-19, a majority of the workforce regardless of situation, are unable to care for their elderly relatives.
Aged Care workers often complete a qualification in individual support. Work in these industries often includes roles like cleaners, cooks, support staff members and registered nurses. These jobs are most often immune to economic downturn.
Though insurance providers often experience a dip during unpredictable economic climates, these roles and what they provide is fundamental for many Australian households. Despite potential job losses, homeowners with a mortgage still require mortgage insurance and car owners at a minimum require liability insurance. Insurance is a legal obligation that needs to be maintained even in the midst of a pandemic.
Tourism, hospitality and entertainment are fundamental industries that provide a quality of life, however, in times of economic downturn they can often be deemed extravagant or unessential. It’s useful to identify your qualifications, skills or areas of expertise that can be implemented in recession-proof employment.