Finances and Career Planning Chapter 2

Career Decision Trade-Offs Standard of living Measure of quality of life based on amounts and kinds of goods and services a person buys Trade offs What do you give up to get what you want out of a job Complete the Career Related Trade Offs worksheet with a partner Find a balance between personal satisfaction and financial reward

Career Training and Skill Development More education means more money Discuss with the person next to you what you think about this statement What are other benefits that you might gain by a further education?

Education and Average Income Education Level Average Income Unemployment Levels No HS diploma $20,241 9.1% (double national) HS diploma $30,627 6.2% Some college, no degree $32,295 -- Associate’s degree $39,771 5.4% Bachelor’s degree $56,665 3.2% Master’s degree $73,738 Doctorate degree $103,054 Professional degree $127,803

Benefits of a Higher Degree Longer life-spans Greater economic stability and security More prestigious employment and greater job satisfaction Less dependency on government assistance Greater participation in leisure and artistic activities Greater community service and leadership More self-confidence

Career Training and Skill Development Education On the job training Vocational school Certificate programs Online programs College Military Employability Skills

Employability Skills Set of skills and behaviors that are necessary for every job Sometimes called soft skills, foundational skills, work-readiness skills, or job-readiness skills Complete the Employability Skills worksheet Types of Employability Skills

Personal Factors What do you do best? What do you enjoy? The right fit Aptitudes and natural abilities What do you enjoy? Outdoors, indoors, hobbies, interests The right fit Personality

Stages of Career Planning 1) Assess personal goals, abilities, and interests. Research careers 2) Identify job opportunities in chosen field 3) Develop a resume, cover letter, and apply for jobs 4) Interview for available positions, improve interviewing skills 5) Consider job offers, accept a job that meets financial and personal requirements 6) Plan and implement a program for career development

External Factors and Opportunities Social Influences Economic Factors Industry Trends

Social Influences Demographic trends Geographic trends More working parents means more jobs in child care and food services More leisure time boosts interest in health, physical fitness, and recreational activities More elderly means greater need for workers in retirement facilities, health care, and travel services Greater demand for ongoing employment training, increased careers opportunities for teachers and trainers Geographic trends Certain areas growing fasters, cost of living goes up, influences salaries

Economic Factors High interest rates Price increases Reduce employment in housing-related industries, such as construction and real estate Price increases May be layoffs in certain industries, less raises, less hiring Decreased demand for good and services May be layoffs in certain industries, less raises, less hiring, businesses close

Industry Trends Increased competition from other countries Automation Affects American made products Car salesman, car factory workers Automation Affects workers in manufacturing replaced by machines Service industries have risen in demand Need more service providers Administrative assts, salespeople, technical support people

Good pay Pleasant working conditions Convenient hours Long vacations Availability of daycare/family programs Chance for training/education Chance to travel Informal, casual atmosphere High status Good job security Opportunity to help people Low-stress environment

Opportunities to use strong skills Chance to work with what I really love Workplace close to home Diversity of employees Chance to work outdoors Interesting work that is never boring Chance for advancement Good choice of healthy plans and benefits

Employment and Career Development Section 2.2

Obtaining Employment Experience Part-time work Volunteer work Internships and cooperative education Class projects/after school activities Managing, organizing, and coordinating people Public speaking Goal setting, planning, and supervising Financial planning and budgeting Conducting research

Career Information Sources Libraries Mass media Internet School guidance office Community organizations Professional organizations Contacts/Networking

Finding Job Opportunities Job Ads Newspaper, Internet Job Fairs Employment agencies Other ways Visit businesses and companies Call Network

Considering a Job Offer Work environment Factors affecting salary Education and experience Size of the company Average salary for the job Measuring employee benefits Cafeteria style – choose based on need Pension – partially funded by employer – could be fixed amount, profit sharing, or 401k Tax exempt vs. tax deferred

Pension Types Fixed amount – plan that gives you a fixed amount at retirement Profit sharing – annual contributions are made to employee retirement accounts based on company profits 401(k) – employee sets aside set amount from each paycheck, employer may match employee contributions

Rights as an Employee Refuse to hire or determine woman for pregnancy Cannot discriminate for age, race, color, religion, gender, marital status, mental or physical Must pay minimum wage Employer must pay unemployment, contribute to Social Security, provide workers compensation

Long-Term Career Development Improve communication skills Get along with coworkers Remain flexible and open to ideas Develop good work habits Use lists, goal setting, time-management techniques Take action with problems Be creative with problem solving Learn new techniques and technologies

Changing Careers You feel bored or depressed Job affects you physically or emotionally Receive poor performance evaluations Little opportunity to obtain a raise or promotion Poor relationship with your supervisor or coworkers