RESEARCH TRIANGLE PARK – Speculation continues that a recession is going to hit in 2023, and a new report spells out which jobs are least vulnerable if a slowdown occurs. These also are getting significant pay raises.
The report is from Payscale, a provider or data, software and services related to compensation.
“Despite the possibility of an economic downturn, the labor market remains tight, forcing employers to pay top dollar to attract and retain talent for the most sought-after roles,” said Lexi Clarke, vice president of People at Payscale. “We’re also seeing a slew of resignations from jobs that have forced employees back to the office, suggesting that workers have made workplace flexibility an ultimatum they refuse to give up—and they’re not deterred by recent layoff reports.”
Key factors in the report cite the challenges of replacing and retaining staff and the status of the current labor market.
Of particular note is that the study finds “positions with the most job security are experiencing wage increases in the double digits, despite a possible recession looming. ”
Here’s the top 10 recession-proof jobs as explained by Payscale and pay increases:
- Waiter/Waitress (30% wage growth): Restaurants were one of the hardest hit industries while the population sheltered-at-home and many service workers found jobs in other sectors after they were let go, making it harder for restaurants to regenerate their workforce without making compensation more competitive.
- Private Banker (25% wage growth): With soaring inflation, a plunging stock market, and the rise and fall of cryptocurrencies, ultra-high-net-worth individuals are seeking advice on what to do with their assets, which means wages for these private wealth managers are increasing.
- Media Director (23% wage growth): Advertising is relevant for most businesses, but many industries completely depend on it—and that means finding skilled professionals with strategic thinking and tactical know-how is extremely competitive.
- Police, Fire, or Ambulance Dispatcher (19% wage growth): Between an escalation of wildfires, a pandemic, a national increase in crime, and scrutiny of police brutality, it’s been tougher to attract and retain people for these emergency response positions.
- Sales Consultant (18% wage growth): Sales strategy is especially critical in the current economy, where revenue has been subject to a volatile stock market and the vanishing value of the dollar due to inflation.
- Microbiologist (16% wage growth): Given the spotlight on vaccine development after the impacts of COVID-19, it’s no surprise that microbiologists are on this list.
- Marketing and Business Development Director (16% wage growth): Strategic marketing roles are responsible for pushing products and services, as well as growing business opportunities, proving to be especially essential as organizations work to bounce back from pandemic losses.
- Dock Worker (15% wage growth): Without dock workers, the entire port system shuts down, wreaking havoc on the supply chain. The importance of moving cargo safely and efficiently commands good wages that keep up with inflation.
- Electrocardiogram (EKG) Technician (15% wage growth): As cardiovascular disease rates continue to rise in the U.S., the need for frontline healthcare workers who can operate an EKG machine has grown.
- Installation Technician (15% wage growth): A job in the electric, HVAC, and plumbing trades can be lucrative for hard workers without a college degree, especially those with a niche skill learned from years of experience on the job.
Read the full report at: