Is Nursing a Recession-Proof Profession?
Talk of recession sparks fears about job security. An economic downturn is associated with layoffs, hiring freezes, and downsizing — leading people to wonder if their jobs are safe, or if it might be time to consider a different, more stable career path. For nurses, these concerns are virtually nonexistent. The healthcare industry is always in demand, and with current nursing shortages, demand for nurses isn’t going away anytime soon.
A recession looms on the horizon
The pandemic triggered a public health crisis quickly followed by an economic one. Safety restrictions limited production in most industries, forcing employers to make budget cuts and downsize their teams, and launching millions of Americans into unemployment. Two years later, the U.S. economy isn’t out of the woods. Now, economists predict 2023 will bring the next recession.
The threat of recession leaves many people with questions about job security. Workers across virtually every industry are uncertain whether they’ll still be employed if the economy pulls back, and with their finances on the line, many are starting to reconsider their career choices. Workers want a stable, recession-proof profession. Past recessions prove nursing is the answer.
Nursing in the Great Recession
In 2008, the Great Recession showed nursing as a stable career choice during times of economic turbulence. In fact, the healthcare sector grew at a much higher rate than any other industry during this period of economic contraction. Between 2007 and 2010, hundreds of thousands of qualified professionals flocked to healthcare for a reliable income. Healthcare saw job growth and wage increases, especially for hospitals, home healthcare, and skilled nursing facilities. While no one can honestly say how the impending recession will affect the economy, it’s safe to say that nursing will continue to be an in-demand profession.
Why nursing continues to grow
The essential nature of healthcare uniquely positions nurses to fare better than those in other professions. People will always need healthcare assistance, and there’s an aging population that requires increasingly more involved care. As a result, nursing positions remain in high demand, even during a recession. There are tremendous incentives to attract new nurses to the profession in the current market. Hospitals and health systems are offering competitive pay and benefits, learning opportunities, and upward mobility to attract and retain nurses.
Will recession hit the U.S. next year? Nobody knows for sure, but one thing is certain: Nurses are in an ideal profession to weather the storm.