Constant changes in economic climate result in employees losing their jobs or even in disappearance of certain professions. However, because of consistent technological innovations, some work fields are expected to thrive. PayScale, a provider of salary, benefits and compensation data, named cloud computing, artificial intelligence, big data analytics, cyber security, and digital marketing as industries it thinks could withstand the inevitable job cuts that come with a recession.
“Cloud computing is an incredibly lucrative pillar of the modern economy and has the intense focus of the tech giants of the world,” Sudarshan Sampath, director of research at PayScale, told Yahoo Finance.
Sampath then noted that cloud computing provides a bulk of revenues of IT companies such as Amazon and Microsoft and it reduces their material costs.
Artificial intelligence (AI) industry also gains momentum. Sampath notes that there are only about 22,000 qualified AI specialists in the world — and that scarcity is what will insulate workers in the field.
With the increase in cyber data, so increases the cyber risks. This in turn increases the relevance of cybersecurity specialists. The massive data breaches and hacks that have taken place at global companies such as Facebook and Equifax is proof that this profession is necessary, even during a recession, Sampath said.
Sampath identifies a data scientist who understands big data analytics as an extremely valuable asset He noted that he or she can mold and shape terabytes of data for needs such as codifying and accessing data.
Payscale named digital marketing as the fifth most recession-proof field. “Digital marketing is incredibly valuable because a lot of these firms need to find ways to become profitable,” Sampath said.
PayScale says that focusing on skills and not job titles is important during recession as it can be the difference between employment and unemployment.