To look for a proverbial silver lining, it’s heartening to note that the U.S. jobs market recently added 315,000 jobs in August 2022, only a mild slowdown from the historical high of 528,000 jobs in July earlier this year. Economists claim that the labor market is unlikely to be affected long-term, like the housing market. Jobs are likely to continue to grow even if at a slower rate than before, and there is likely to be consistent job growth in several high-demand fields.
Preparing for a Recession: Upskilling, Reskilling, and Reinvention
There is no shortage of financial advice available on preparing for a recession, such as saving money, diversifying investments, clearing debt and adopting a wait-and-watch approach to certain economic decisions. However, there needs to be more information on how recent graduates or anyone in the workforce can prepare for a job market slowdown.
Though it can be discouraging to witness negative job growth in a chosen career, a recession may also present an opportunity to pursue skills that lead to resilient jobs in high-demand fields. At a time of economic anxiety and uncertainty, acquiring new skills through further education could enable one to enhance their career trajectory and yield a higher salary or switch industries altogether.
Learning from the Past: How the Recession of 2008 Sent Workers Back to School
The Great Recession of 2008 saw a large number of workers across industries go back to school to enhance their job prospects. According to data from the Hechinger Report, an education-focused newsroom, “The number of students who enrolled in college jumped by almost 2.5 million, or nearly 16 percent, from 15.6 million undergraduate students in the fall of 2007 to a peak of 18.1 million students in the fall of 2010.”
The numbers largely consisted of older adults looking to acquire new skills or get higher qualifications that would enable them to reenter the workforce and secure better career opportunities.
This time around, students can proactively pursue educational opportunities alongside work to prepare them for an uncertain future. These pursuits are made possible through online and hybrid education and advanced courses that let students build on skills and expertise acquired at school or work. Students can look beyond traditional options while still getting a high-quality education through universities recognized for excellence in the fields they wish to pursue.
Recession-proof Jobs: A Myth or Reality?
In the past, recessions have wiped out millions of jobs across manufacturing, construction, the financial sector, trucking and logistics, and even in publishing, retail and tourism. Specific industries are considered recession-proof, with some even registering steady growth through tough economic times. Healthcare is a prime example of that, with jobs in nursing and healthcare administration growing against all odds. Other careers that remain largely unaffected through a recession include education and teaching, accounting and auditing, law enforcement, judiciary, legal services and many others.
For those looking to broaden their horizons, some of the most in-demand careers are relatively new, offering non-traditional training and job advancement opportunities. For example, the demand for trained and certified cybersecurity professionals is at an all-time high and growing stratospherically, with over 3.5 million cybersecurity jobs unfilled in 2021 alone. Exploring new and in-demand careers that are currently growing and equipping oneself with the required skills and qualifications could be a crucial step toward higher wages, greater job satisfaction and a recession-proof career.
Going back to school can be a good decision, with or without a recession around the corner. Continuous learning is a vital part of career development and personal development, whether it’s in a classroom environment or in the field. An economic recession is as good a time as any to revisit personal and professional goals and pursue them afresh. Today, with online learning rivaling if not exceeding standards set by classroom learning, upskilling and reskilling opportunities are within reach of many more, regardless of their preexisting commitments to work, family or even school. In addition to receiving a formidable future-proof education, the sense of community and mentorship that is part of a high-quality university education may be the anchor needed in these intimidating and uncertain times.
