Osupa 18 August 2010 Good Dollars and Sense, Lifestyle 2 Comments

Investopedia.com

By Claire Bradley

Posted August 18th 2010

The recession has hit most working Americans in the pocketbook, but some industries have been hit much harder than others. Construction, sales, real estate, and finance were hit hard by the real estate bust; for those lucky enough to hold on to their jobs at all, commissions have dwindled and hourly pay and workload have diminished. But there are some lucky sectors where the pay virtually never dips. Read on to find out which workers have the most recession-proof salaries.

1. Health care
Average Hourly Earnings: $23.02

We all need to see a doctor from time to time, which is why the health care industry has recession-proof salaries. As the baby boomer generation ages, health care needs are expected to rise greatly–good news for jobs in this industry. Union employees in health care may even see a slight rise in salary in tough times, which may be particularly important to nurses and entry-level employees who don’t earn the highest salaries. If you’re considering joining the health care labor force, look beyond jobs such as a doctor or nurse; many duties now fulfilled by doctors and nurses are expected to shift to health care aides. To fulfill the needs of the growing elderly population, home care aides and physical therapists will also be a hot commodity. The U.S. Department of Labor expects a whopping 24 percent growth by 2018 for the health care industry–a sure sign of both job and salary security.

2. Government
Average Hourly Earnings: $26.25
Few people grow up dreaming of a career in government (unless it’s as the president), but government jobs offer the most stable of salaries. The benefits are great, too: when you add retirement, health care, and educational benefits, the average hourly compensation for a government employee jumps to $39.81. Look for growth in social assistance branches of government, like elder care for the aging boomer generation, and state government jobs as responsibilities shift from the federal government. Government jobs are expected to grow at a rate of 7 to 8 percent by 2018.

3. Military
Average Hourly Earnings: $21.63
Sure, combat boots aren’t everyone’s idea of fun, but they provide sure footing when it comes to pay. Aside from promotions, allowance, and tax benefits, the military never cuts wages, and usually keeps pace with inflation. For added financial benefits, look at this scenario: an enlistee at age 18 can retire at age 48, drawing more than $1 million in inflation-adjusted retirement pay over the rest of his or her life. Add to this education and health care benefits, and camouflage starts to look pretty good.

4. Accounting
Average Hourly Earnings: $32.42
Accounting may not be your idea of an exciting job, but this industry is one of the most stable in terms of jobs and salary. Top-earning accountants can rake in six-figure salaries, and this industry’s pay is expected to hold strong. For even more job and salary security, look no further than a career in forensic accounting–with new finance and auditing regulation in the works, this branch of bean counting is expected to see larger-than-average job growth.

5. Information technology
Average Hourly Earnings: $43.35
It pays to be a computer geek: the IT industry sees salaries well above the national average, with top earners bringing home paychecks well into the six figures. Outsourcing has been a problem for this industry, and software engineers have taken the biggest impact. Look for job and salary security in network administration and security; with exponential development in Internet technology and services, job growth of 45 percent is expected by 2018 for people designing and securing computer networks.

The Bottom Line
Many of these careers offer entry-level jobs without a college education, making them a good option for people starting out or looking to make a career change. If a recession-proof salary is what you’re after, consider these industries for your new career path.