- by Bergeron
- August 20, 2018
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Do you want to recession-proof your career? In light of what the economy has been doing in recent years, it’s no wonder people are starting to wonder what they can do to make sure they have a steady job, even when the economy is suffering.
There are many steps you can take to recession-proof your job. You can brush up on your skills to make them current and relevant in the modern job market. You can do all you can to shine in your current place of employment. You can ensure that you offer something of value to your company, so they would never think of replacing you. These are all great tactics, but they do little good if you are in an industry that is facing a slump during a down economy.
In economic times such as those we live in right now, you will find businesses closing left and right. Yet, even in recent years some companies have stood strong, and even prospered, in spite of the economic forecasts. What do these companies have that others don’t? While it may lie in great management skills and a solid track record of success that fuels consumer confidence, in many cases it is nothing more than the industry the company is in.
In this book, we will explore 13 industries, and the companies within them, that seem to be recession proof. How do we know this? By excellent job growth and job growth projections through the past several years and looking ahead. Also, we see this through higher-than-average salaries for the workers in these industries. If you really want to recession-proof your future, then you need to consider investing some time and education in becoming qualified for one of these industries.
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Personal Financial Advising
In a down economy, people want to make sure they are making the best possible choices with their money. When investments start to go south, people turn to investment professionals to help them make better choices. For this reason, even in a down economy, personal financial advisors tend to be in high demand.
What Personal Financial Advisors Do
A personal financial advisor’s main job is offering financial advice to people. While in a down economy the primary focus of many consumers is help with their investments, people will also come to financial advisors for insurance and tax help. All of these help people make the most of the limited financial resources they have, which makes sense in a difficult economic situation. Financial advisors can work in major firms, but many, almost a full quarter, are self-employed.
Job Growth Potential
While, in theory, it seems that financial advisors will be in demand throughout a down economy, does it really work this way, or are people more stingy with their money and unwilling to pay for help? According to the Bureau of Labor Statistics, it does. The BLS indicates that personal financial advisors will see a 32 percent increase in job opportunities between 2010 and 2020. In 2010, there were 206,800 people working as personal financial advisors, earning an average of $64,750 per year.
How to Become a Personal Financial Advisor
In order to become a personal financial advisor, you will first need a bachelor’s degree in finance, accounting, economics, tax law or a similar field. Personal financial advisors also need licenses in order to buy and sell insurance, bonds and stocks. These are available thought the North American Securities Administrators Association and the Securities and Exchange Commission, depending on the license needed.
Top Financial Advising Firms
If you are interested in pursuing a financial advisor positioning 2012, J.D. Power and Associates listed top firms according to advisor satisfaction. Those who are not interested in launching their own financial planning business may find a good fit in one of these companies. The top company for independent advisors was the Commonwealth Financial Network, while the employee advisors listed Edward Jones as the best. Others on the list included Cambridge Investment Research, Raymond James Financial Services, Raymond James & Associates and UBS Financial Services.
Since the recession hit, the demand for dental hygienists has grown. While this does not appear to be connected to the recession, it is one of the fastest growing occupations in the country, and is something worth pursuing for those who want financial stability during these difficult financial times.
What Dental Hygienists Do
Dental hygienists work alongside dentists to teach patients about how to properly care for their teeth. They also do some of the preventative care a dentist would normally have done, so the dentist is freed to do the more detailed tasks and diagnoses oral problems.
A dental hygienist will use a variety of instruments to provide a professional cleaning to a patient’s teeth. They may be asked to apply agents to the teeth to keep them clean and remove tartar or stains. They can be trained to take x-rays and develop x-ray film. In some states, hygienists are allowed to administer anesthetics and remove sutures.
In addition to working in a patients’ mouth, a dental hygienist will work behind the scenes organizing and sanitizing equipment.
The Appeal of Dental Hygienist Work
Part of the appeal of dental hygienist work is the flexibility. Because of the varying schedules most dentists keep in order to accommodate the needs of their patients, dental hygienists may work part-time if they wish, including weekends or evenings. This can allow parents more time to spend with their children while still earning a professional wage.
The entry-level degree required for this profession is an associate’s degree. For people who don’t have the funds to pursue a full bachelor’s degree program, this is a benefit. In spite of the shorter degree requirement, income and job growth potential for dental hygienists is excellent.
Income and job growth are also appealing with this profession. The Bureau of Labor Statistics estimates an average income of $68,250 per year in this profession. In 2010 there were 181,800 dental hygienists employed throughout the United States, and that’s expected to grow by a full 38 percent, which is tremendous in this difficult economy.
How to Become a Dental Hygienist
To become a dental hygienist, you must complete a dental hygienist program through a college or dental hygiene training program. While you can get a master’s or bachelor’s degree in this field, it is not required. You will also need to get the required state licensure after passing all necessary examinations before you can begin practicing.
No matter what the economy is doing, people rely on safe sewer systems, roads and other structures to function. America’s infrastructure is nearing the end of its life. Roads and sewer systems built decades ago are now needing to be reworked to accommodate the needs of the current generation, while a growing population demands new facilities to be built. This is why civil engineers continue to be in high demand. As technology in these fields continues to grow and expand, and a greater emphasis on safety is made, the demand for skilled workers in these fields is expected to continue.
What Civil Engineers Do
Civil engineers design large projects, typically that relate to the common good, such as roads, bridges and water supply systems. They may also design airports, buildings and dams. In addition to designing, civil engineers will also supervise the construction of their designs.
Civil engineers can work in the private sector or they can be employed by the federal government, which has 12,100 civil engineers on its payroll. When employed by the government, these engineers must follow government regulations when creating and supervising their designs.
Civil engineers can further be broken down into the following categories:
Right now, companies that are succeeding are doing so because of the work of market research analysts. These companies are taking the time to get to know their consumers, what their consumers need and want and how to deliver it to them. When you understand how a market research analyst helps in this endeavor, you will understand why a poor economy is the recipe for creating a need for these professionals.
What Market Research Analysts Do
Have you ever been asked to fill in a survey comparing your favorite brands of soda or two brands of vehicles? If so, then you’ve been participating in the work of a market research analyst. These professionals take the time to gather and then analyze data regarding what people like or use, and why.
How does this help companies in a down economy? When companies understand their target audiences, they can make changes to help their products and services be more appealing to that target audience. The market research analyst makes sense of the data that companies have collected about their customers, and in turn the companies can make wiser decisions about their products and services. In a difficult economy, companies need every competitive edge they can get, and that’s why market research analysts are in such high demand.
Job Growth Potential
Market research analysts are seeing some of the fastest job growth of just about ay industry. Between 2010 and 2020, the Bureau of Labor Statistics believes these professionals will see a 41 percent job growth. Income potential is great as well, with an average pay of $60,570 and a top pay of around $97,700.
How to Become a Market Research Analyst
In order to be a successful market research analyst, you will need some inborn skills, such as the ability to analyze figures and numbers and draw conclusions. If you can understand statistics and economics, then this is field worth considering. A bachelor’s degree in market research is also valuable. You can apply for the Professional Researcher Certification from the Market Research Association, if you wish, but this is not required by state law.
Top Market Research Firms
Market researchers can work independently, but most often they work with firms that have names potential clients will recognize. By far the top firm is The Nielsen Company. Other high ranking market research firms based on revenue include WPP, IMS Health, TNS Global, GfK SE, Ipsos and Synovate. Finding a position with one of these top firms means landing a position in a high job growth field with a company that shows strong income potential.
Computers are so closely integrated into everyday life, that being able to keep them up and running is one of the most valuable skills someone can have. Computer systems analysts help organizations create and run effective computer systems. These professionals serve as the bridge between businesses and the technology they are using. Because of the constantly growing demand for working computer systems and an ever-evolving world of technology, computer systems analysts are doing well in spite of the current economic situation.
What Computer Systems Analysts Do
Computer systems analysts will take a look at a company’s computer systems and IT procedures and help them re-organize to make the entire organization run more efficiently. Computer systems analysts understand all parts of the computer system, including the hardware, software and networks, and how they work together to create a functional system. They must analyze these interactions to help a company create a system that works effectively. Analysts often work with management to create the system that perfectly meets everyone’s needs.
Interestingly, computer systems analysts don’t need to understand all of the ins and outs of the technologies they are utilizing in their recommendations. Instead, they simply need to understand how all of the pieces link together to create a working system.
Computer systems analysts can work with computer systems design firms, but only about a quarter of these professionals do. They are often employed directly by the companies they serve, particularly when a company has several locations or branches to monitor.
Job Growth Potential
The growing dependence on technology is what is pushing the demand for these professionals in this decade. The Bureau of Labor Statistics is anticipating a 22 percent growth for this job between 2010 and 2020, landing this job as one of the top jobs of the decade in spite of the slow economy. Analysts can expect to make an average of $78,770 in this industry, with the top 10 percent earning a full $120,060.
Interestingly, this is one job where niches and location seem to play a role in job growth and income potential. For instance, the highest paid analysts are those employed in the northeast. Industries that tend to have a high demand for computer systems analysts include the animal slaughtering industry and the entertainment industry, particularly motion picture and video companies.
How to Become a Computer Systems Analyst
Most computer systems analysts begin with a bachelor’s degree in a computer field. They may also benefit from business courses, because their job is almost always centered on the business side of things. A technical degree, however, is not always required. Sometimes an associate’s degree and on-the-job experience is sufficient.
Analysts often benefit from an understanding of the field in which they will be working. In order to accurately help a business create a technology structure, they must understand how that business operates and what its main goals are. So, for example, an analyst who will help a bank will need an understanding of finance, while one working in a healthcare facility will need to understand the ins and outs of running a healthcare business.
Top Computer Analyst Firms
Computer system analysts can be employed directly by the organizations they support, or they can be employed by outside organizations that are hired when the need to setup a new system arises. One out of every four computer systems analysts will work for a firm like this. CompuCom, Creaform, Hitachi Consulting, IBM and NTT Data are five of the top companies that hire computer systems analysts to help their customers and clients.
These are interesting times in the world of medicine. As the healthcare system faces reform and more people face the reality of being able to go to the doctor when they need or want to, the demand for physicians and surgeons is growing. Yet, regardless of what current healthcare regulations may be, the demand for healthcare professionals remains steady, and perhaps even grows, during a down economy. No matter what the economy is doing, people still need to see a doctor when they get sick, so the demand for doctors and surgeons continues to remain steady.
Job Growth Outlook for Doctors
Health Guides USA indicates that the demand for doctors and surgeons is expected to grow by 24 percent between 2010 and 2020. There are several reasons for this. One is the expansion of healthcare related industries, both through technological advances and changes afforded by the government. Another reason for this shift is the fact that the Baby Boomer generation is aging and needing more health care than they did in their younger years. An increased life expectancy overall will also increase the need for qualified doctors.
While demand is strong across the board, those who are willing to work in rural or lower-income areas of the country may see better than average job opportunities. Also, those who specialize in conditions that affect middle aged and elderly people, such as cancer or heart health, will find a higher demand from the aging Boomers.
The average pay for doctors and surgeons varies tremendously based on location and specialty. In 2010 the Bureau of Labor Statistics indicates the average to be $166,400 per year. This is a low estimate, however, as the average pay for anesthesiologists was $407,292 and the average pay for general surgeons was $343,958. Also, in 2010 there were 691,000 doctors employed across the United States.
How to Become a Doctor
Becoming a doctor requires rigorous studies and a lot of years in school. Doctors must begin practice with a doctoral degree in medicine from a medical school. In medical school, doctors can either study general medicine or they can specialize in a particular field, such as obstetrics. Almost all doctors will finish their training with a residency program in the specialty area that interests them most. Before practicing on their own, doctors must apply for and receive a medical license in the state they are practicing in.
Best Paying Specialties
A discussion of the top medical facilities is not practical, so instead let’s take a look at the highest paying specialties.
Those who are interested in pursuing training as a doctor to protect their income during a struggling economy may want to consider one of these fields, which Forbes list as the highest in the field:
Regardless of the field chosen, doctors who practice their skills well will find that their services are in demand, even when the economic situation is dire. Of course, this could change if policy changes create higher out-of-pocket costs for medical care, which could cause consumers to look for professional health care less often. But for now, the medical field seems to be a recession-proof industry.
Companies during a recession need to work as efficiently as possible, and this is exactly what management analysts help with. Management analysts help companies find ways to cut costs and improve their efficiency in order to create a more profitable company.
What Management Analysts Do
Management analysts, who may also be called management consultants, work with the management of an organization to find ways to improve efficiency across the company. This often begins with finding and organization information about a particular problem they are hired to solve. As part of this information-gathering process, analysts will spend time interviewing people in the business, observing the way the organization functions and even looking at the equipment used in the facility.
Once all of this information has been gathered, the analyst will look at it to develop solutions to a problem or create new procedures that will make the business more effective. Once the plan is ready, these professionals will meet with managers to recommend those changes and then ensure that they are working once they have been implemented.
This type of work is usually done on a contractual basis. The analysts will be hired for a short period of time by the organizations they represent, working as independent contractors or for consulting firms, rather than being employed directly by the company they are serving.
Analysts may specialize in specific areas, such as inventory control or job reorganization, or they may specialize in industries, such as telecommunications or retail.
Job Growth Potential
Management analysis is considered a recession-proof job because of how well it has been growing during the current recession. A 22 percent job growth is expected between 2010 and 2020. In addition, this is a fairly well-paying job, with an average pay of $78,160 a year. Those in the top 10 percent earn over $138,790 a year. This is a faster than average job growth, and the wages are higher than the average wages in the business and financials industries.
How to Become a Management Analyst
Management analysts often have a master’s degree in business administration, but a bachelor’s is considered the entry-level degree requirement. Because most colleges don’t have a degree in management consulting, those interested in this career often take classes in business, management, accounting or marketing. Consultants can be certified as Certified Management Consultants through the Institute of Management Consultants USA, Inc., but current laws do not require certification.
Top Consulting Firms
Around a quarter of all management analysts are self-employed, with the rest working either with consulting firms or directly with the companies they work for. Some top consulting firms include McKinsey and Company, the Boston Consulting Group, Bain & Company, Booz & Company and Monitor Group, all of which work in the management consulting field.
High-demand industries in a down economy tend to revolve around those industries that help people, and businesses, manage their resources more effectively. For this reason, accountants and auditors have seen job stability in this time. While the growth isn’t as high as other occupations, the sheer number of jobs and the high level of pay make this field worth mentioning.
What Accountants and Auditors Do
Accountants handle money, and this can include everything from budgeting to tax preparation. Often, accountants will help with auditing in business, which is why these two industries are regularly lumped together. Accountants investigate companies looking for fraud and inefficiencies. They may also handle payroll and benefits for their clients. Their main goal, in all of these areas, is to help ensure that organizations run as efficiently as possible.
Accountants may work in individual companies, or they may work independently and be hired on a contractual basis. Most work full time year-round, but will face more work hours during busy times, such as tax time or the end and beginning of the fiscal year for their clients.
Job Growth Potential
The Bureau of Labor Statistics indicates a 16 percent job growth for accountants. While this might not sound too impressive, when you stop and think that there are already 1.2 million accountants in the field, and 190,000 are likely to be added between 2010 to 2020, you can understand why this is a strong, growing field. The average pay for people in this profession is $61,690, with the top 10 percent earning over $100,000
How to Become an Accountant
Becoming an accountant begins with pursuing a degree in accounting. To succeed in this field you will need a strong love for working with money and numbers, an eye for detail and the ability to work with figures on a regular basis will be necessary. After graduation, you will need to get some experience working in accounting before applying for a Certified Public Accountant (CPA) license through your state’s Board of Accountancy. If you will be reporting with the Securities and Exchange Commission, you must have CPA certification.
Top Accounting Firms
Accountants who wish to work with a firm may want to look for a position in one of the top firms. These include PwC, Deloitte, Ernst & Young, KMPG, Grant Thornton and McGladrey, which all ranked as the top six for tax, merchant accounting services and audit and attest services in the 2013 list of top 100 firms launched by Accounting Today.
Like doctors, nurses continue to be in high demand as the Baby Boomers age and need ongoing medical care. As such, the demand for registered nurses has remained strong throughout the recession. Nurses have faced some periods where it’s difficult to find positions, but overall growth is expected to be strong.
What Registered Nurses Do
Registered nurses work directly with physicians, helping to coordinate patient care, educate patients about their health and help diagnose symptoms of conditions.
Registered nurses also provide emotional support and care for patients and their families, particularly when patients are dealing with frightening diagnoses or long hospital stays.
Nurses must be attentive to detail, because they are the ones that record medical histories, treatments and symptoms. This protects patients from errors due to medication complications or improper diagnosis. Nurses know when symptoms require the immediate care of the doctor and are able to call for that help when it is warranted.
Finally, nurses may administer medications, put IVs in place and carry out other treatments at the direction of the doctor. They operate and analyze results from medical equipment and request the help of the doctor when problems arise.
Nursing, especially in a hospital setting, can be a demanding job that requires a lot of hours and working on your feet. For those who love working as an RN, the rewards of helping patients during trying times in their lives far outweigh the 12-hour shifts and sore feet common with this profession.
Job Growth Potential
CareerBuilder.com indicates that the nursing field is going to be adding jobs in the coming decades. In fact, six of the 30 occupations expected to see the best possible growth are nursing occupations, with registered nurses being at the top of that list. Within that field, those who are able to work as home or personal care nurses are going to see the best growth, with numbers near 70 percent, as the Baby Boomers come into their golden years.
But how does this relate to recessions as a whole? Nurses are necessary to make the healthcare industry tick. Without them, doctors could not do their jobs. So, like doctors, they remain in high demand, even when the economy is suffering.
The statistics are in line with this idea, too. From 2010 to 2020, registered nurses of all types are expected to see a 26 percent job growth. The average pay for registered nurses is $64,690, with the top 10 percent of RNs earning $95,130 a year.
How to Become an RN
Registered nurses pursue nursing education programs. RNs can pursue a bachelor’s associate’s or diploma degree program. In order to practice, registered nurses must pass the National Council Licensure Examination and apply for a nursing license in their state. Nurses can also pursue certification in their specialty area, if they wish.
Top Areas RNs Are Employed
Because, like doctors, RNs are employed by medical facilities, listing “top” companies in this industry is difficult. However, those interested in becoming an RN may be interested to know which areas employ the largest part of the population. These include:
Both doctors and nurses are on this list because no matter what the economy is doing, people will continue to get sick and need the help of a doctor. In light of this, it’s no wonder that the pharmaceuticals industry tends to continue going strong, even when the economy is struggling. People are going to buy their medicines, and as such are going to continue needing the help of a pharmacist.
What Pharmacists Do
The pharmaceuticals industry includes many professionals, but the pharmacist is the face of the industry. These professionals are the ones who interact with patients, dispersing medication and ensuring that patients are not taking medicines that can interact with each other and cause dangerous side effects. Pharmacists are also responsible for dealing with insurance companies, packaging medicine and monitoring prescriptions to ensure that they are legitimate. Pharmacists instruct patients as to the proper way to take medication, and also help warn patients about potential side effects. Pharmacists work hard to keep careful records of patients’ medications to avoid dangerous interactions.
Pharmacists can work in chain pharmacies or can own their own stores. Those who own their own stores will spend time on business tasks, such as maintaining inventory and taking care of paperwork, in addition to distributing and packaging medication for customers.
Job Growth Potential
The demand for pharmacists is expected to rise by 25 percent between 2010 and 2020. These professionals are also well paid, with the average income in 2010 being around $11,570. The top 10 percent of pharmacists earned $138,620.
How to Become a Pharmacist
The entry-level degree for a pharmacist is the Doctor of Pharmacy degree. Upon graduation with the appropriate degree, pharmacists must obtain the appropriate licensure for their state. Part of this license is taking exams in pharmacy skills and pharmacy law.
Other Jobs in Pharmaceuticals
The job of the pharmacist is not the only position for those in the pharmaceuticals industry. This industry also employs biotech researchers and scientists, clinical scientists, chemists, pharmacy technicians, quality control professionals, biologists and even programmers. Pharmaceutical companies also need office personnel, sales professionals and marketing professionals. Listing the job growth and incomes for every one of these categories is not practical, but any job relating to pharmaceuticals should hold steady in a poor economy.
Top Pharmaceutical Companies
Pharmaceutical is an industry where money is there to be made, and several pharmaceutical companies are Fortune 500 companies. These include Pfizer, Johnson & Johnson, Merck, Abbott Laboratories and Eli Lilly. In addition, several pharmacies have seen excellent growth in recent years, including Walgreens, CVS, Wal-Mart, Rite Aid, Kroger and Target. Of these, CVS and Walgreens are by far the largest, with over 10,000 locations each.
New software is constantly in demand, and the developers who can create and perfect that software are seeing excellent growth in the current economy. A software developer is not the same as a programmer. Instead of programming software, these professionals think up the software that programmers develop. This job pays well and has excellent job growth projections, making it one well worth considering when you are in the market for a recession-proof income.
What Software Developers Do
Software developers design the programs that make your computer run. While this might sound simple, it is actually quite a complex task. First, the computer software developer must determine what the need of the end user is. Perhaps it is something simple, like the need to be entertained in a game, but sometimes it is something far more complex, like the need to run an entire factory with one computer program.
After identifying the need, software developers will design, test and develop the software that meets that need. They may also need to design applications so they can flow with other pieces of existing applications. Through every step of this process, the developers will document what is created in order to perform maintenance and upgrades in the future.
Developers are the head of the software development chain. After they have made the basic plan, they turn it over to software programmers to come up with the code and the actual software, using the designs the developer constructed. If the tests show that the program didn’t work as expected, the developer is the one who tries to find a solution. The developer is also the one who suggests the upgrades and maintenance a particular program will need. Sometimes, if the company does not use programmers, the developer will also handle the code-writing part of the process.
Job Growth for Software Developers
The need for software developers is growing at an astounding 30 percent, which is close to double that of the average growth across all industries. Between 2010 and 2020, the Bureau of Labor Statistics expects 270,900 jobs to be added to this industry. The average pay for software developers is $90,530, with the top 10 percent of the field earning $143,330.
How to Become a Software Developer
Software developers typically start with a bachelor’s degree in computer science or software engineering. Sometimes they will major in straight mathematics. Either type of major will do well in this field. In addition, if you will be employed in a particular industry, you will need some basic understanding of how that industry functions, what its needs are and how its professionals interact with software.
Top Software Developing Companies
Software developers can work in just about any industry, but if you wish to work directly with a software company, you may wish to work with one of the top producers. These include Microsoft, IBM, Oracle, SAP, Ericsson, HP, Symantec and Nintendo.
Real Estate Professions
A down economy is not the time to be a real estate agent, at least not a new one, but that doesn’t mean that you can’t find work in real estate when the economy starts to struggle. Specifically, you can do well in home staging and working in rental industries.
What Home Staging Professionals Do
Home staging professionals help improve the look of homes to ensure that they look their best when they are going on the market. It makes sense, then, that when the real estate market slows down, the demand for home stagers goes up. People want their homes to sell quickly, so they are going to pay for the help they need to get it to sell.
A home stager helps the home appeal to buyers by downplaying any drawbacks and playing up the good aspects of the homes. Most home stagers have a background in interior design, but they apply that design understanding to the world of real estate, helping people sell their homes more quickly and for a better price.
Income Potential for Home Stagers
Unfortunately, the Bureau of Labor Statistics does not tabulate income levels and job growth for home stagers. A good estimate is earnings of $50 to $150 per hour for home staging services, depending on the market where the stager is working. The main comparable career on the Bureau of Labor Statistics is interior design. In 2010 the average pay for an interior designer was $46,280 per year.
Where Home Stagers Work
Home stagers get to work in the field, actively seeing properties and planning designs. They also spend time consulting with their clients to make the plans they will implement. Finally, home stagers will shop for décor and home furnishings to make their plans a reality.
Property management refers to owning and managing rental properties. Property managers can be individuals who own a handful of properties or they can be large firms that manage thousands of properties at the same time. Either way, the current economic situation has created a high demand for rental properties, and thus the skills of property managers are in high demand.
Growing Demand for Rentals
By 2016, 4.2 million new renters will likely have entered the housing market, creating a need for a total of about 6.6 million units. Those who are in the rental management industry will find their opportunities growing.
Why is this? A poor economy often leads to poor credit. People with poor credit cannot get mortgages, and as such need to rent if they want a place to live. In addition, people in today’s economy have little confidence in the economy, and some who have the credit necessary to buy a home are hesitant to do so in light of dropping property values and other problems in the real estate market.
Income for Property Managers
The income potential for property managers is going to vary widely depending on the number of properties the firm or individual manager owns. The Bureau of Labor Statistics indicates that the average income for property managers in 2010 was $51,480 a year. While not the highest income potential, the steady need makes this an excellent industry to join in this economy.
Top Rental Management Firms
While many property management companies are individually owned and operated, there are some that are large, national companies. Of these, FirstService Residential Realty is tone of the largest in North America. Other top companies include Greystar Real Estate Partners, Riverstone Residential Group, Lincoln Property Company and Pinnacle. Landing a position with one of these firms will likely mean job security.
In a down economy, people want an escape. Often that escape comes in the form of entertainment. Those who are able to provide that entertainment will find themselves always with a place to work.
Because this industry is so broad, this chapter will be a little different. Instead of looking at job growth potential and average salaries, let’s take a look at some of the statistics surrounding the entertainment industry and the jobs it entails.
Consider this fact: in 2008, Hollywood set a box-office record for U.S. ticket sales. In early December of 2009, even before Avatar and Sherlock Holmes, two major holiday time flicks that year, hit the screen, the industry had sold over $10 billion in tickets, topping the $9.68 billion record two years prior. All of this was in spite of the difficult economy at the time.
Why is this? When we’re worried about money, we want a way out. Going to a movie means spending an hour or two thinking about anything other than the money problems we’re facing. During the Great Depression, Hollywood took off, and the most recent down economy saw a similar situation. The $10 commitment just doesn’t seem like that much of a splurge when you’re holding back in so many other areas of life.
Cheap Entertainment Most Popular
While entertainment of all types may be a sure bet during a down economy, those forms of entertainment that are cheap at the consumer’s end may be the best overall. Movies cost $10 a person. A Broadway show can easily cost $50. No matter how much of a theater buff someone is, they will probably opt for the $10 movie if money is tight.
Types of Jobs in Entertainment
Jobs in the entertainment industry are almost as varied as the types of entertainment available today. Of course the most obvious positions are those of performers. Singers, dancers, actors and actresses, if they are skilled enough, will likely find work in this economy. But these are just the faces of entertainment. Behind the scenes, you will find a slew of people working hard, and making decent money doing so. Consider these:
These are just the jobs associated directly with producing entertainment, and many others exist. However, any job within the entertainment industry is worth considering. Rental companies, like Netflix and RedBox, are doing well in this economy as well. Many of the jobs associated with companies like these appear to have little to do with entertainment, yet they are solid sources of income when people are struggling to make ends meet.
Each of these industries is growing in spite of economic challenges for on main reason: they provide something that people aren’t willing to live without. From software to medicine, these industries offer something that is considered vital, valuable and worth spending money on. That’s the ultimate key to finding a strong industry in uncertain financial times. If you want employment that you won’t have to worry about, even if the economy heads south, then these are industries you want to consider. Whether that means a career change or just a new line of emphasis within your current career, you will be wise to consider the growth seen in these areas, and the top companies within each one, as you think toward the future of your professional days.
While no one can truly predict the future and what the economy will do, there are certain indicators that are worth noticing. Each of these industries is showing strong growth for a logical reason during one of the longest recessions in modern history. As such, they are solid bets for those looking to put their time and effort into pursuing a recession-proof employment option.