Over 262,000 employees in the tech world were laid off in 2023 alone. The shocker was that it felt like though no one saw it coming. These companies were behemoths that seemed to be doing well—it’s just that they’d over-hired, over-spent, and the easy venture funding that got them up and running dried up. Ultimately, these industry-leading companies simply could not withstand an economic shakeup as significant as we experienced. Everyone, whether or not you worked in tech, was shocked at the significant job loss in 2023. Now it feels like the jobs we’d once looked at as safe, fun, and secure are no longer all that promising.
Going into 2024, some economists are still worried about a recession, while others suggest there will be fewer layoffs this year. Layoffs, after all, are a result of poor planning and budgeting. We hope that companies have learned to not rely on layoffs, but one can never be too sure. Therefore, it’s worth looking into what a good (aka recession- & lay-off-proof) job means today and how you can best prepare yourself to score a more stable position for your future.
What Makes A Job Potentially Unstable?
We’re making sweeping generalizations here, but there are a few red flags you can look for in a job. Companies that experience fast growth, are expensive to operate, and provide luxury goods and services, these jobs are typically less secure—even if they’re fun in the beginning. All those after-hours work sessions, free lunches, and teambuilding trips to expensive locales can signal a bloated budget that’s bound to pop.
Tech
Up until even a few years ago, the tech industry was home to some of the most desirable places to work. Thanks to venture capital and plenty of wealthy individual investors looking to buy into innovation after a recession, there was a rush to fund these companies. And why they are unstable now? Smarter people than us have covered it but you could blame anything from a herd mentality to Elon Musk to the end of zero-interesting funding. Either way, we’ve witnessed what happens when an idea gets sold—the owners get rich and the employees have to scramble for new jobs.
Retail
In good times, it’s great to work for a big retail brand, but when the economy takes a turn for the worst, you can usually expect layoffs and turnover from retail companies, even in white collar office jobs. As consumers spend less on your product, jobs will be put in jeopardy when higher-ups want to cut back on spending. Layoffs, hiring freezes, and doubling up on work become the norm in most retail workspaces.
Hospitality & Tourism
It can feel fun and luxurious to work for the hospitality and tourism sectors. And this sector might even have gone through a recent hiring boom due to everyone's post pandemic desire to travel. But then there are natural disasters, pandemics, and recessions which cause everyone to hunker down in place. Ultimately, for the average person, travel is a luxury. Less desire to spend on travel means these businesses fluctuate with the economy, too, likely putting you and your coworkers in an unstable position.
So, what are stable job industries in 2024?
Generally any job that offers innovative, lasting products and services, helps improve quality of life, satisfies basic human needs and is always in demand will yield a more stable, recession-proof job. Sure, these industries might seem less glamorous in comparison to the above industries. But if building a stable career is more important than your in-office amenities, you’ll likely find satisfaction within them.
Renewable Energy
More and more there is a need for companies who are looking to expand their green initiatives. Though they’re not often thought of as a dream creative job, these companies still need a marketing and creative department that oversees websites, smartly designs reports, and develops attractive branding. They still run social feeds and need to display educational content for followers. Why not be a part of a company that’s actually helping the environment?
Healthcare
Everyone needs healthcare, plus this is one of the oldest, most consistent industries to work in. If you have expertise or room to grow and specialize, it would be well worth your time and effort to land a job in the healthcare industry. Plus, there is the ongoing satisfaction that the work you do provides information and an improved experience for people everywhere.
Insurance & Law
People will always need support and, even in troubling economies, insurance and legal advice will remain in demand. If you are a writer with legal experience or a designer interested in minimalist, clean looks, consider working in this industry. Like renewable energy and healthcare companies, working in insurance and law can be rewarding with its steady budget and reliable standards.
How to find stability if you’re a freelancer
Don't worry freelance crew, we didn't forget about you. The plus side of the gig economy is that you can approach any company you want. The key to finding stability lies in balancing your portfolio with work from these more stable environments. Approach local companies and ask them if they might need creative assistance or advice. Network strategically with companies who provide goods that are always in demand, regardless of the economy. If you aren’t having luck landing a paid position, create a personal project geared toward one of these industries, showing them exactly the type of work they can expect from you. Add this piece to your portfolio and continue networking.
TLDR; While most of us bought into the hype of working for super fun companies in tech, retail, hospitality, and travel, the reality is that these are the industries most likely to experience fluctuations in budget the minute that the economy takes a turn for the worst. There are ways of finding stability if you turn your interest toward consistent, in-demand industries, like clean energy, healthcare, and insurance. Freelancers can find stability in the exact same way by specializing their talents and approaching these industries for gigs.
Speaking of, if you’re looking for work, we have a list of open positions you might be suited for!
