Job security has been declining across almost all sectors as growth of automation reduces the need for human intervention. This trend resulted in many companies restructuring and re-evaluating their org model to better optimise their operational framework leveraging automation.
Thus, layoffs in ‘normal’ economic conditions often most heavily impacted sectors with the most automation solutions such as manufacturing and marketing. Restructuring, which often comes with layoffs, is now a constant part of business strategy.
Back in 1979, the number of companies within Fortune 100 announcing layoffs was less than 5%. This number rose to 45% in 1994 which again increased to 65% by 2011.
Recently, many employers and companies across various industries announced permanent layoffs due to the economic and market impact from Covid-19 shutdowns.
The International Labour Organization (ILO) predicted that 25 million jobs would be eliminated from the economic carnage caused by coronavirus, impacting 2.7 million workers. The global unemployment has already surpassed 190 million. The stream of official job cuts despite massive government bailouts revealed which types of jobs are most immune to market changes and thus have higher job security.
The most vulnerable industries are those that depend on people movement or luxury activities which depend on disposable income such as travel, hospitality, etc. Sales and customer support roles were over 50% of the layoffs in the tech sector as those functions are directly related to the size of the customer base that needs to be supported.
So what are the careers that seem to come out strong in terms of job security? Here are the three pandemic-proof career paths based on trends thus far.
1. Data analytics and business insights
Why it offers better job security
Regardless of the competitive and economic environment, businesses cannot make any decisions without data. They need information about the changing market conditions, internal health of their teams, and where they can find efficiency gains.
These insights need to be conducted by the experts who can help gather and analyse them accurately as any missteps could lead to critical errors which could exacerbate the negative trends and threats to the businesses’ sustainability.
How to get the job
Data or business analytics jobs often require certain levels of qualifications such as a master’s degree in business analytics as well as some experience demonstrating your ability to draw insights from data and indicators.
Business analytics often have to translate the data so the leaders can understand implications more clearly. Even if you are new to the field and have no prior experience per se, there are many different ways you can get the hands-on experience needed to enhance your wisdom.
2. Corporate strategy and business development
Why it offers better job security
Business development is one of the most popular career choices post MBA today. Similar to data analytics, strategic development and planning is required in any circumstance as long as the business plans to remain operational even if in limited capacity.
Business strategy and development is a function that helps the company expand or pivot and such agility in value or output allows them to remain relatively immune in most economic conditions.
How to get the job
These teams are often made up of ex-bankers and ex-consultants with process optimisation expertise and finance acumen. Since problem-solving is the most critical skill required, interviews will often entail case studies where you have to methodically work out how to approach a given problem to present viable solution options.
3. Corporate legal
Why it offers better job security
As legal expertise is such a highly specialised area, lawyers have higher job securities. Non-compliance often results in serious threat to business existence and significant fines and thus the need for the best legal team is always strong. This intensifies especially when companies are entering uncertain and unprecedented territories such as the global pandemic we’re experiencing today.
Drastic org changes whether due to market conditions or strategic changes often involve people changes and policy changes which are both heavily regulated in almost any country. Thus, legal expertise is crucial in navigating these changes.
How to get the job
You will need a law degree. There’s no exception to this rule. You often do not necessarily need a lot of experience ahead of the first job but will need to have some years under your belt before moving up to supervisory roles.
If you have previous business experience in finance or strategy function, it will boost your candidacy since you will be able to provide better advice on operational issues based on relevant legal or regulatory parameters.
