The most "recession-proof" positions this 2022 all enjoyed double-digit salary raises, according to the latest report from Payscale.
Recession-proof jobs remain stable financially even during a downturn. However, bear in mind that no occupation is totally safe from the effects of a US recession, according to Forbes.
According to Lexi Clarke, vice president of people at Payscale, these occupations may be called "recession-proof" due to their double-digit income rise over the last 12 months. Salary increases of up to 30 percent from the previous year have been implemented for some occupations.
Clarke claims that labor shortages and rising competition are driving up salaries for these positions in companies, per CNBC. Even if a US recession in 2023 happens, she predicts these positions would "continue to be high-demand."
What Are the Recession-Proof Jobs in the US?
Consider the healthcare and utility industries. No matter the state of the economy, there will always be a need for the products and services provided by these sectors. This is why the healthcare industry and the construction industry are deemed recession-proof.
According to Payscale's 2022 End-of-Year Hot Jobs report, working as a waiter or waitress is one of the professions "least damaged by a recession." According to the study results, the median annual wage for servers is $19,900. This represents a year-over-year increase in pay of 30%.
Servers and other top positions on Payscale's list are recession-proof jobs because of variables including labor shortages and competitiveness.
Second only to waiters and waitresses in terms of median wage is private bankers, who earned $93,000 and saw a 25% increase in their income this year. The third highest-paying occupation was media director, with a median income of $108,000 and a compensation gain of 23%. Ad campaigns, press releases, and other promotional materials all fall under the purview of the media director.
On Payscale, the position of police, fire, or ambulance dispatcher ranked fourth, with a typical annual salary of $44,500 and projected growth of 19%.
Sales consultant ranked number five on Payscale's list of "recession-proof" professions, with a median pay of $56,800 and a projected 18% increase.
According to Fox Business, completing the list of the top 10 recession-proof jobs were:
- Microbiologist ($59,900); Marketing and business development director ($119,000);
- Dockworker ($41,100);
- Electrocardiogram technician ($40,400); and
- Installation technician ($46,800).
Their salary growth was 15% year-over-year, aside from the marketing and development director, which was 16%.
The following are the other recession-proof jobs that had compensation increases of 15% year-over-year, according to Payscale:
- Assembly line machine operator ($37,200);
- Bookkeeping, accounting, or auditing clerk ($47,300);
- Tanker truck driver ($58,100);
- and Journalist ($46,500).
Also making the list with 14% pay growth are the following occupations:
- Graphic design manager ($69,700);
- Pastry chef ($43,400);
- Diversity manager ($97,100);
- Education Coordinator ($51,800);
- Director of environmental sciences ($73,800);
- and Automobile damage estimator ($60,300)
Not a Good Time To Change Jobs
The pay software business analyzed more than 1.1 million income profiles submitted by employees between October 2021 and October of this year to come up with its list of "recession-proof" employment.
However, Peter C. Earle, an economist at the American Institute for Economic Research, cautions that even while these occupations may be as stable as it gets in a shaky economy, anybody considering a career change soon should proceed with great caution.
He advises employees only to quit or accept a job once they are sure there is something stable waiting for them on the other side.
"This is not the time to shuffle jobs," he said.
Fortune reported that the majority of analysts predict that the US economy will experience a mild recession at a minimum in 2023.
