We have been hearing the word “recession” for several months now, but many of us still do not understand what it means. According to several economists, the United States is entering a severe recession that will also affect Europe in the coming months. Some experts say it is already here.
The word brings back old nightmares of the severe financial crisis of 2008, in which millions of people lost their jobs. However, this period of recession does not have to lead to the same thing. Let’s clear up your most important questions about the recession and how it can affect your job.
But First… What Is a “Recession”?
Surprising as it may seem, not even economists themselves have an unambiguous definition of the term. If we limit ourselves to the technical aspect, a recession occurs when a country’s Gross Domestic Product declines over some time. An average of two consecutive quarters is usually used to declare a recession.
The problem here is that many other indicators underscore the strength of the U.S. economy. Among them, the unemployment rate is at record lows. So many experts argue that this is not a recession. Yet.
The pandemic crisis, coupled with the war in Ukraine and energy shortages, is causing a lot of stress in Western economies. The danger of an economic slowdown that could turn into a deep crisis is real. And that’s why it’s a good idea to prepare for it.
Because… How Can a Recession Affect You?
Even if it doesn’t turn into an economic crisis, a recession can affect small economies. Unemployment growth can be widespread and can affect wages. With high inflation, prices rise and the purchasing power of families is decreasing.
This does not mean that jobs will be endlessly destroyed. But you can take it as a warning to improve your position in the labour market. There may be difficult times ahead, so follow our three tips:
- Be indispensable. Show your team that they could not work without you. To do this, take on tasks where it is difficult to replace you and try not to let your productivity drop.
- Stay positive. Keep a good spirit. No one wants to have a person in a bad mood around, especially when there is work to be done. So try to be a source of light and optimism for others (although, of course, you can afford to have bad days, of course!).
- Improve your starting point. Whether you anticipate a layoff or not, in times of recession it’s a good idea to improve your position in the working world. Make sure you are active on social networking sites, update your resume, network… All these small actions can make it much easier for you if the time comes when you find yourself in the situation of looking for a job again.
Top 5 Recession-Proof Jobs
If you don’t have a job or feel that yours is in jeopardy, you may want to find something more stable. Many jobs can be affected by a recession. But some jobs need workers whatever the economic times.
Check out the top 5:
- Doctors. Illness is no respite if the economic situation is bad. That’s why medical professionals are less likely to be unemployed during a recession. Surgeons, nurses, dentists or veterinarians are always needed.
- Teachers. Education doesn’t stand still either, even if it suffers when the economic backdrop is not good. As we have seen in recent years, training does not stop even during a pandemic. So working as a teacher is a job with insurance.
- Security forces. A recession and any period of economic hardship are usually accompanied by an increase in crime. So police officers, security guards and firefighters often see an increase in demand for workers in these times of crisis.
- Legal workers. Just as medicine doesn’t stand still, neither does the law. The rise in crime is linked to an increase in the number of legal cases. So becoming a lawyer or judge to practice law during a recession can serve as job insurance.
- Maintenance services. Carpenters, mechanics, electricians or plumbers may see a decrease in business. But it is unusual to see as much job destruction as in other sectors during a recession. In the end, the maintenance of homes, businesses and buildings remains essential for the proper development of society.
Whether or not a recession arrives, it is always a good idea to check what are the top job offers in your speciality. It will help you to know the market, understand its currents and know how it is moving. And for this, there is nothing better than looking for job offers on Jobstoday.world, your trusted job portal. Let’s work together!
Read more:
- Dive deeper into the causes of this crisis with our post on the war in Ukraine.
- If you find a new job post that calls your attention and you want to switch jobs, find out how to quit a job.
- What will happen with teleworking? Will it stay with us?
