finances and career planning

Finances and Career PlanningChapter 2

Career Decision Trade-OffsStandard of living measure of quality of life based on amounts and kinds of goods and services a person buysOpportunity costs/Trade-offsBusy, travel, long hours Trade-off?Declining a promotion Trade-off?Job you like, low salary Trade-off?Job you dont like, high salary Trade-off?Find a balance between personal satisfaction and financial reward

Career Training and Skill DevelopmentMore education increases your potential earning power, the amount of money you may earn over timeEmployability skills are also needed for successWork well with othersAvoid conflictCreativeProblems solversCommunicate wellUnderstand people

Personal FactorsWhat do you do best?Aptitudes and natural abilitiesWhat do you enjoy?Outdoors, indoors, hobbies, interestsThe right fitPersonality

Stages of Career Planning1) Assess personal goals, abilities, and interests. Research careers2) Identify job opportunities in chosen field3) Develop a resume, cover letter, and apply for jobs4) Interview for available positions, improve interviewing skills5) Consider job offers, accept a job that meets financial and personal requirements6) Plan and implement a program for career development

External Factors and OpportunitiesSocial InfluencesEconomic FactorsIndustry TrendsComplete the External Factors Affecting Careers worksheet

Social InfluencesDemographic trendsMore working parents means more jobs in child care and food servicesMore leisure time boosts interest in health, physical fitness, and recreational activitiesMore elderly means greater need for workers in retirement facilities, health care, and travel servicesGreater demand for ongoing employment training, increased careers opportunities for teachers and trainersGeographic trendsCertain areas growing fasters, cost of living goes up, influences salaries

Economic FactorsHigh interest ratesReduce employment in housing-related industries, such as construction and real estatePrice increasesMay be layoffs in certain industries, less raises, less hiringDecreased demand for good and servicesMay be layoffs in certain industries, less raises, less hiring, businesses close

Industry TrendsIncreased competition from other countriesAffects American made productsCar salesman, car factory workersAutomationAffects workers in manufacturing replaced by machinesService industries have risen in demandNeed more service providersAdministrative assts, salespeople, technical support people

Good pay Pleasant working conditionsConvenient hoursLong vacationsAvailability of daycare/family programsChance for training/educationChance to travelInformal, casual atmosphereHigh statusGood job securityOpportunity to help peopleLow-stress environment

Opportunities to use strong skillsChance to work with what I really loveWorkplace close to homeDiversity of employeesChance to work outdoorsInteresting work that is never boring Chance for advancementGood choice of healthy plans and benefits

Employment and CareerDevelopmentSection 2.2

Obtaining Employment ExperiencePart-time workVolunteer workInternships and cooperative educationClass projects/after school activitiesManaging, organizing, and coordinating peoplePublic speakingGoal setting, planning, and supervisingFinancial planning and budgetingConducting research

Career Information SourcesLibrariesMass mediaInternetSchool guidance office

Community organizationsProfessional organizationsContacts/Networking

Finding Job OpportunitiesJob Ads Newspaper, InternetJob FairsEmployment agenciesOther waysVisit businesses and companiesCallNetwork

Considering a Job OfferWork environmentFactors affecting salaryEducation and experienceSize of the companyAverage salary for the jobMeasuring employee benefitsCafeteria style choose based on needPension partially funded by employer could be fixed amount, profit sharing, or 401kTax exempt vs. tax deferred

Pension TypesFixed amount plan that gives you a fixed amount at retirementProfit sharing annual contributions are made to employee retirement accounts based on company profits401(k) employee sets aside set amount from each paycheck, employer may match employee contributions

Rights as an EmployeeRefuse to hire or determine woman for pregnancyCannot discriminate for age, race, color, religion, gender, marital status, mental or physicalMust pay minimum wageEmployer must pay unemployment, contribute to Social Security, provide workers compensation

Long-Term Career DevelopmentImprove communication skillsGet along with coworkersRemain flexible and open to ideasDevelop good work habitsUse lists, goal setting, time-management techniquesTake action with problemsBe creative with problem solvingLearn new techniques and technologies

Changing CareersYou feel bored or depressedJob affects you physically or emotionallyReceive poor performance evaluationsLittle opportunity to obtain a raise or promotionPoor relationship with your supervisor or coworkers