How to Choose a Recession Proof Job
During an economic recession, many people loose their job and many more fear of loosing their job. Believe it or not, even if economy goes down, certain companies and sectors of the market experience a boom. For example, Wal Mart, Dollar stores, and Mining companies have reported increase in revenue during economic crash. As income becomes scarce, people tend to look for cheaper options and turn to shopping at stores like Wal Mart and dollar stores. In addition, people turn to buying gold as an investment to safeguard themselves from the plunging market, which means that mining companies thrive during a recession and depression. Following are some sectors you can work for and type of jobs you can have depending on your level of education and be safe from loosing your job in an economic crash.
Discount Retailers: Since discount retailers such as Wal Mart, Dollar Tree etc. actually experience a rise in sales when economy goes down because more and more people star looking for bargains and shop at discount retailers, these companies are less likely to layoff their employees. You can apply for sales, cashier, driving, or corporate jobs such as accounting, finance, and marketing in these companies.
Mining Companies: Companies involved in mining Gold, Silver or Platinum thrive in economic crisis. During the Great Depression in early 1930s Dow Jones (DJIA) dropped more than 80% of its value. DJIA reached its peak of 385 in October 1929 and finally bottomed at 41 in June 1932. By the December of 1935 DJIA had only recovered to 140 from its 1932 bottom, which was still down 64% from its October 1929 peak. However, Homestake Mining company’s stock rose continuously from $80 in October 1929 to $495 per share in December 1935, yielding the total return of 519%. Mining companies paid out more dividends than ever, did not fire employees and in fact had to hire more employees to satisfy the rise in demand. Same pattern can be seen in 2008, as DJIA lost 50% of its value, gold and gold mining stocks rose substantially. You do not have to be a geologist or a miner to work for mining companies. You can be their accountant, HR professional, IT professional, financial manager, truck driver or an attorney. There are many more different type of job openings in these companies as well.
Cell Phone & Internet Companies: National Retail Federation (NRF) conducted a survey to find out what consumers are cutting out and what they can’t live without. 81% of the respondents in the NRF’s survey said that they will not cut their internet service and 64% said that they will not cut their cell phone service no matter how worse the economy gets. This does not mean all internet service providers (ISP) are safe. There is a great competition between internet providers and cell phones companies. Small of mid sized ISP companies often go out of business. However, the big giants such as AT&T, Verizon, and Comcast are more likely to be recession prone. You can apply for technical, sales, customer service or corporate jobs in these companies.
Health Care: Working in Health care does not actually mean you have to be a doctor or a nurse. All hospital have many departments including accounting, HR, IS, Marketing, Finance, Legal, and more. Businesses providing health care are very less likely to cut back on jobs because providing health care cannot be compromised.
If you work in the sectors described above, you will be less likely to worry about your job in a financial crisis.