Looking for stable careers in bad economy?

Soma Chaturvedi | shiksha.com

We've all heard of fair weather friends, but how about fair weather jobs? Yes, these are just the kind of jobs that desert you when you need them the most! Imagine being a victim of employee downsizing by your company or having to bear with salary cuts amid a global economic slowdown or simply a bad economy. This is a current reality for many. The worst sufferers not only lost their jobs, but are also facing a "temporary hiring freeze" from several employers' end.

 But of course, just like true friends, there are careers that won't leave you in the lurch when the going gets tough in a bad economy. For instance, some of the evergreen sectors would be agriculture, healthcare, and education.

But do we actually make our career plans as a safeguard against economic uncertainties? Not really. You would rather choose a career of your interest and aptitude. So, wouldn't it make more sense to work upon individual skill sets to hold your ground in a sinking economy than hunting for a list of evergreen careers? Nevertheless, generating an alternative source of income could provide a safety net in case the original career plan fails to take off as desired.

"If a career is going strong, let us not crave for yet another job for some small gains. We must check our resume on a minute to minute basis. We have to be vigilant about new methodologies and ensure that we are not obsolete," advises Kamaraju Pulugurtha, former college principal and lecturer in English who is a chief advisor - Q&A at Shiksha café - a live discussion forum on Shiksha.com

With six years of experience in HR & administration, Govind S says, "Today, a company can retain somebody only if that person has a proven track record and has given return on investment." As one would imagine, non-performers are among the earliest to be short listed in the downsizing agenda of companies. "The principle is "last come first out", which means those who joined the organisation at last, have to loose the job first," says Govind.

 What could be some golden rules to make your career recession proof?

 Govind suggests, "Never change organisation too frequently. Stay in an organisation for an average of three years. It's okay if you accept lesser package but join the company that has control over its unnecessary cost and the sector less prone to recession." More advice on recession proof careers at Shiksha cafe

He also cautions against falling into a financial trap. "As far as possible, avoid any kind of loan and always save 60% of whatever you earn. This saving will help you in such hard times."

Anjani Jha, a Shiksha Q&A expert has a different take on the topic. He says, "In fact, it's in good economic conditions also that stability of jobs is not there. Employers believe in higher & fire policy, while employees are always in search of better opportunities for a higher career jump." In that sense the concept of stability and job security is a rather outdated concept in the modern workplace. For many, the new concept, as Jha puts it, "is stability under unstable circumstances".

Developing a multi-skill orientation can prepare you for career advancement as well as better prospects such that, "in times of need, one can switch from one profile to another to continue in the job and evolve as one of the most sought after employees," emphasises Ankur Jindal, senior manager in a bank and a Shiksha expert.

Not much is to be achieved by worrying about the past or the future. Take a progressive approach to plan your career. Stay ahead of the learning curve by investing time and effort to update your knowledge and relevant skill-set. Be enthusiastic and sincere about whatever you do and you will find yourself successfully riding the ups and downs of unpredictable economic cycles.

5 careers you can bank upon

All said and done, in keeping with your expectations and the title of the article, this piece is incomplete without at least 5 career options that can be considered ‘stable careers in a bad economy'. Enlisted career options may well be considered not just ‘safe' but also ‘timeless' in their demand and appeal.

Remember that you would be able to give your best to a course of study that matches your abilities and interests. Plan your career by researching on the job prospects of a career to get a feel of what the future holds for you.

Here's help from our empanelled Shiksha expert and career counsellor, Kumkum Tandon, who spells out the requirements and prospects of various career options in her articles. Below are excerpts from related articles.

Chartered Accountancy

In the industry, CAs are generally found in decision making positions of the finance division. CAs are involved with planning and financial strategies, preparing prospectuses for share issues, managing pension funds and long-term investments, investigation of prospective investments, merger or takeover. Read more

Medicine/ Healthcare

Self employment is the most popular option for doctors, although government hospitals and clinics as well as privately owned multi specialty hospitals and nursing homes are offering lucrative openings. Graduate doctors (MBBS) may opt to work for Central Health Scheme (CGHS), Employees Insurance Scheme (EIS) Hospital or Primary Health Centers. Doctors can also work for business organizations, industries, schools and embassies as consultants. Employment with the Armed Forces, Railways is coveted options. Read more on careers in MBBS, Dental Surgery, Alternative medicine, Nursing

Teaching/ Education

Education is a sector of opportunities. Development of any nation is linked to its literate masses. Teaching is one of the largest of all professions in India, but there remains much to be achieved both in quality and quantity. With a large percentage of the population still illiterate and the higher education sector requiring rejuvenating structural changes the challenge for educationists is daunting. Read more

Agriculture

Agriculture is a progressive sector and during the past three decades its advancement has been very impressive. Agriculture has brought together the work of diverse sectors - farming and horticulture, raising livestock; business and industries involved in processing, distribution or transportation of farm products and farm supplies. Read more on Agriculture, Horticulture

Politics

There is neither a minimum age for entry into politics nor an age for retirement from it. Politics is a lifelong pursuit. It cuts across all other professions, services and careers, for distinction in any of them may be the passport for distinction in politics also. One may not have to hold an office in government to be acclaimed as a political leader. Read more  

Nevertheless, here's something for the ardent MBA devotees, undeterred by the economic doldrums, determined to secure a seat in one of the Top B-schools in the country. Here's this Shiksha Guide for CA/MAT/XAT to ensure you don't miss out on important management entrance dates this season!

To get some idea about the going IIM placements, take a look at this link that talks about ROI (return on investment) of a management degree.