Chapter 2: Finances and Career Planning Employment skills and strategies Employment skills and strategies Planning your career path Planning your career path

Key Terms  Job  Career  Standard of living  Trends  Potential earning power  Aptitudes  Interest inventories  Demographic trends  Geographic trends  Service industries

Choosing a Career  A job is work you do mainly to earn money. Usually temporary.  A career is a commitment to work in a field you find interesting and fulfilling. On the path to permanent.

Career Decision Trade-Offs  Some people work just to maintain a standard of living — a measure of quality of life based on the amounts and kinds of goods and services a person can buy.  Others pursue careers that provide them with both money and personal fulfillment. They select careers that reflect their interests, values and goals.

 Choosing a career involves opportunity costs.  EX: many people devote most of their time and energy to their work—thus, their family and personal lives suffer.  Recent trends show that some people make career decisions like declining a promotion to allow more time for family and hobbies.

Career training/Skill Development  Acquiring more education increases your potential earning power — the amount of money you may earn over time.  What are some basic qualities and skills to be successful that do not require a lot of education?

Personal Factors  You can take special tests to learn more about your own abilities, interests and personal qualities. (aptitude tests, career inventories)  Aptitudes: the natural abilities you posses.  Interest Inventories: tests to help you identify the activities you enjoy most. Matches your interests with various kinds of work.

Stages of Career Planning 1. Assess personal goals, abilities and interests. Research Career matches. 2. Identify job opportunities in chosen field. 3. Develop a resume and cover letter. Apply for jobs. 4. Interview for available positions. 5. Consider job offers. Accept job that meets your financial/personal needs. 6. Plan a program for career development.

Trends  Demographic Trends: tendencies of people grouped by age, gender, ethnicity, education or income. Trends that have affected the job market: 1. Increase in working parents—expands the supply of jobs in child care 2. More elderly people in population— produces need for workers in retirement homes and health care facilities.

 Geographic Trends: tendencies of people moving from one area of the country to another.  EX: job markets increase in Florida, California, etc.  Earning levels change with location (San Francisco, NYC offer higher salaries to accommodate the cost of living.

Key Terms  Internship  Cooperative education  Networking  Informational interview  Resume  Cover letter  Cafeteria-style employee benefits  Pension plan  mentor

Obtaining Employment Experience  Part-time work  Volunteer work  Internships and cooperative education  Class projects or after-school activities

 Internship: position where a person receives training by working with people who are experienced in a particular field.  Cooperative Education: program that allows students to enhance classroom learning with par-time work related to their majors and interests. (am-school, pm-work)

How do class assignments help?  Manage, organize and coordinate people  Public speaking  Goal setting, planning and supervising  Financial planning and budgeting  Conducting research

Career Information Source  Libraries (OOH)  Mass media  The internet  School guidance office  Community organizations  Contacts Networking: making contacts to help Informational Interview: meeting with someone in your area of interest

Identify Job Opportunities  Job advertisements (online, newspaper)  Job fairs  Employment agencies  Personal visit  Call business of interest  Network

Applying for a Job  Resume: 1-2 page summary of your education, training, experience and qualifications. General overview. #46 Chronological: year-by-year Skills: skills and abilities in categories  Cover letter: personal letter that tells why you are interested and why it would be worthwhile for the employer to interview you. #47

Considering a job offer  A work environment (look around)  Factors affecting salary (beginning-end)  Employee benefits (healthcare, 401k) cafeteria-style plan: allows worker to choose benefits that fit their needs. (married with kids vs single no kids) pension plan: retirement plan funded in part by the employer. (401k is a type)

Your rights as an employee  Employer cannot refuse to hire a woman or fire her because she gets pregnant.  Employer cannot discriminate on the basis of gender, religion, race, marital status, age, national origin or disability.  Employer must pay at least minimum wage  Employer must pay unemployment insurance and provide worker’s comp.

Steps to make your career a success  Improve communication skills—written/oral  Get along with coworkers  Be flexible and open to new ideas  Develop good work habits  Use lists: short/long term goals  Be ready for problems to arise  Be creative when solving your own issues  Be willing to learn new things

Career Paths and Advancement  Mentor: experienced employee who serves as a teacher and counselor for a less-experienced person.  Family/friends as role models and supporters

Changing Careers  Signs it is time to move on: feel bored or depressed at work job affects you physically or emotionally receive series of poor evaluations little opportunity for raise or promotion poor relationship with boss

Review 1. Name 3 ways to gain employment experience 2. What factors can affect your salary 3. 2 methods you might use to grow and develop your career