After years of uncertainty, you may be wondering which careers are a “sure bet” for job security in 2023. This might feel especially important if you are choosing a university path, entering the workforce for the first time, or considering a career change.
While no one can predict annual economic conditions with absolute certainty, we’ve collected together the best expert advice for the coming year.
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Facing Job Security Fears
Forbes reports that “more than a third of workers [are] now afraid of getting laid off.” Many people are also nervous about inflation and the rising cost of living. To abate those fears, the following are some of the most secure jobs at the current moment, according to recent data.
Federal Government Jobs
Government jobs have long been lauded for their benefits as well as job security. This continues to be the case.
One survey based on data from the United States Bureau of Labor Statistics determined a potential layoff rate of 0.22 percent for federal employees. With a total workforce of about 3.1 million, only 7,000 employees are expected to be at risk each month during 2023.
State and local educators were estimated as having a potential layoff rate of 0.3 percent during 2023, according to the BLS data analysed by offshore marketplace Outsource Accelerator. This means that of a workforce of 11.2 million, around 33,600 jobs may be at risk monthly. School psychologists also made U.S. News & World Report’s top 20 list of secure jobs.
Finance and Insurance
According to data from the same study, workers in the insurance and finance sector may expect a potential layoff rate of 0.4 percent in 2023. Financial managers, for example make the top 10 in the top 100 jobs list produced by the U.S. News & World Report.
A number of medical fields made the U.S. News & World Report’s list of the 20 most secure jobs for 2023. These included respiratory therapists, cardiovascular technologists, epidemiologists, medical scientists, medical and health services managers, medical records technicians, physical therapists, orthodontists, physician assistants, dentists, nurse practitioners, and registered nurses. Veterinarians also made the list.
Another plus is that some of these positions can be obtained with just an associate’s degree.
Big tech has been suffering from a rash of layoffs in recent months, but a few technology career choices are still considered highly secure. These include web development, database administrator, information security analyst, and software developer. The key seems to be to find a tech job within a non-tech company, rather than aiming for big tech itself.
The Job You Currently Have
As the job market slows in response to the Federal Reserve’s interest rate hikes, the creation of new jobs and, in turn, hiring, will also slow as compared to the spike in hiring in 2022. In fact, in late 2022, the creation of new jobs had “normalized” to pre-pandemic levels.
This means that opportunities for upward advancement (including competing job offers with better pay or benefits) will also cool. This doesn’t mean that jobs won’t be available – they will – but it may mean that your current job may offer more security than a career change.
How can you increase your job security in your current position? Work diligently. Practice your interpersonal skills so as to get along well with coworkers and management. Pursue continuing education or training.
The Gig Economy
The gig economy is certainly not known for job security – availability of work may ebb and flow, and benefits like insurance and sick leave are nonexistent.
Still, some concerned workers have taken up “side hustles” in order to create a safety net for themselves. The weekend or after-work jobs may supplement current salaries. They can also be leaned into as a temporary primary source of income in the event of a job loss.
Statistically, careers in the federal government, education, insurance, finance, medicine, and technology may offer the most job security in 2023.
You can increase job security at your current position by heightening your interpersonal skills, completing your work diligently, and continuing to learn. You may also decide to pick up a “side hustle” to supplement your current income or provide a backup plan in case of job loss.