The jobs that avoid the crunch

By Linda Whitney for MailOnline
Updated: 08:08 EDT, 28 August 2008

Workers are getting worried as the economic downturn gradually lead to job cuts. But some sectors are protected against the crunch. Time for a career change?

Career change: Therese Watkins found a more stable job in the crunch. Read her story below.

You should act now if you want to ensure that the credit crunch does not threaten your career.

Some sectors that were booming a year ago are now shedding staff, so new graduates and school-leavers should choose their new career carefully. But other sectors are unaffected, and some are even growing.

The worst-hit sector so far is construction. 'Construction vacancies are down a third over this time last year because of the reduction in new builds,' says Tom Usher of the Institute of Employment Studies.

Also on the slide are finance, distribution and retail. And estate agents are affected by the slump in house sales.

But not all parts of these industries are affected, so changing your area of expertise could definitely help.

For instance, in construction, infrastructure projects are affected less than domestic house building, so you could aim for jobs in companies that specialise in infrastructure.

In finance, Noel Marshall of recruiter Finance Professionals says: 'There has been a massive outflow of investment banking jobs, but no reduction in vacancies in fund management, insurance and at the major High Street banks.'

Graduates targeting City jobs should avoid former favourites - lucrative front office (sales) jobs in investment banking - and head for fund management, insurance and retail banking.

Before changing your career focus, soberly assess your skills. Would they suit you for other sectors?

Estate agents hit by the fall in the property market, for instance, could use their sales skills elsewhere. 'We have taken on three former estate agents as recruiters recently,' says Mr Marshall.

Aim for sectors that remain unaffected. Ann Fairweather from the Recruitment and Employment Confederation, which represents many recruitment firms, says: 'Nursing, the medical professions, social and childcare and the public sector are all stable.'

If you have transferable skills, this could be a good time to consider moving into these sectors.

Some are even growing. The number of jobs in the nuclear industry is set to soar after a government decision to expand the use of nuclear power.

'There are plenty of opportunities for existing technical and scientific specialists, plus those with business skills, such as accountants, project managers and quality inspectors,' says Dr Peter Bleasdale of the National Nuclear Laboratory. Visit www.nnl.co.uk to find out more.

Green jobs are also growing. 'The number of "green collar" jobs has grown by 20% in the past 12 months,' says Andrew Cartland of Acre Resources, a recruitment firm specialising in corporate social responsibility, climate change and environmental jobs. Once you have targeted your new sector, research it thoroughly and recast your CV, highlighting relevant skills and experience.

Also consider part-time courses to get relevant qualifications. Get experience with a part-time job or volunteer work.

I'm glad I took off in a new direction

The credit crunch forced Therese Watkins to change career direction. 'I was made redundant from my job as HR manager at the Gala Casino in Cardiff in March this year,' says Therese, 37.

But although she was initially devastated, she took stock of her life and career, and decided she wanted to do something more worthwhile. 'I sent off speculative applications to organisations in the not-for-profit sector and got my present job in personnel for Dimensions, which supports people with learning difficulties. It was the best decision of my life,' says Therese.

Outside London, charity jobs such as this pay between £23,000 and £33,000. 'Everything I do now is with the overall aim of helping others, and the job satisfaction is second to none. It's been a good career move, too - the care industry is unaffected by the economic downturn. I'm so glad I took the challenge and made the change.'