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  Opportunity costs/Trade-offs Busy, travel, long hours – Trade-off? Busy, travel, long hours – Trade-off? Declining a promotion – Trade-off? Declining a promotion – Trade-off? Job you like, low salary – Trade-off? Job you like, low salary – Trade-off? Job you don’t like, high salary – Trade-off? Job you don’t like, high salary – Trade-off?  Find a balance between personal satisfaction and financial reward

Career Training and Skill Development  More education increases your potential earning power, the amount of money you may earn over time  Employability skills are also needed for success Work well with others Work well with others Avoid conflict Avoid conflict Creative Creative Problems solvers Problems solvers Communicate well Communicate well Understand people Understand people

Personal Factors  What do you do best? Aptitudes and natural abilities Aptitudes and natural abilities  What do you enjoy? Outdoors, indoors, hobbies, interests Outdoors, indoors, hobbies, interests  The right fit Personality 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  Complete the External Factors Affecting Careers worksheet Complete the External Factors Affecting Careers worksheet Complete the External Factors Affecting Careers worksheet

Social Influences  Demographic trends More working parents means more jobs in child care and food services 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 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 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 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 Certain areas growing fasters, cost of living goes up, influences salaries

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

Industry Trends  Increased competition from other countries Affects American made products Affects American made products Car salesman, car factory workers Car salesman, car factory workers  Automation Affects workers in manufacturing replaced by machines Affects workers in manufacturing replaced by machines  Service industries have risen in demand Need more service providers Need more service providers Administrative assts, salespeople, technical support people 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 Managing, organizing, and coordinating people Public speaking Public speaking Goal setting, planning, and supervising Goal setting, planning, and supervising Financial planning and budgeting Financial planning and budgeting Conducting research 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 Newspaper, Internet  Job Fairs  Employment agencies  Other ways Visit businesses and companies Visit businesses and companies Call Call Network Network

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