ITR Economics is the oldest, privately-held, continuously operating, economic research and consulting firm in the US.
During an economic depression, job loss is an unfortunate reality for many. There are many elements that will factor into job security in the next decade, and everyone will face some level of risk. We’re here to help you mitigate that risk and better prepare for what lies ahead. Here are some helpful tips for workers as we get closer to the 2030s Great Depression.
Safer and More Successful Career Fields in the Next Great Depression
Every career field will carry some risk in the Great Depression of the 2030s. At the same time, none will be completely obliterated. There are, however, certain industries that will provide more job opportunities and more job security.
Health care will likely be a strong field to be in during the 2030s. This is not just doctors and nurses – everyone in health care, from technicians to front desk staff, will likely remain working and successful in the next decade. This is especially true due to an aging population in the 2030s, as members of elder generations will be in need of increased access to health care.
Teachers and other education workers, government workers and officials, and those in the technology field, such as computer programmers, will also have relatively greater opportunity to be successful during the Great Depression. If we use the Great Recession as a glimpse into the 2030s, we can see that such fields posted very few job losses in 2008; they should also avoid significant turnover in the 2030s. The food and beverage industry should also provide steady jobs.
Benefits of Work Longevity
While finding a career field likely to offer relative stability in the Great Depression is a great starting point, one of the biggest factors to job security will be your own longevity and depth of experience. The length of time you have been at your job and your level of experience in your role will often matter the most.
An employee recently out of college and with less work experience will be more at risk of being let go than someone who has been working at the same company for five years. However, while longevity helps in most cases, longer-tenured employees will not necessarily be completely safe if their company downsizes out of necessity.
In fact, a company could potentially relieve an employee with years of experience if that employee’s salary is much higher than others in the same department. Some companies could make this kind of move in an attempt to save money during the Great Depression.
Job Location and Remote Work
Another element workers will have to keep in mind heading into the 2030s, beyond their industry, is the availability of opportunities in their region. Factors such as population growth will impact workers in the trades, as location can determine the volume of available work.
For example, if you work as a carpenter or plumber in a state with a declining population, such as Illinois, you are not going to find as much work as you would in a state with a growing population, such as Michigan.
For those with careers that are less “hands on,” some companies have adopted distributed workforce models. This shift may provide additional employment opportunities, as it enables job seekers to search a much wider geographic area for employment.
Your field, job location, and longevity in your role will all play a part in whether you remain successful during the 2030s Great Depression, but no industry will be void of risk. As you continue on in your career and as we draw closer to the next decade, keep these helpful tips in mind. Remember that ITR Economics is here to help you and your business prepare for the next Great Depression.