NEFE: Unit 2 Career: Labor You Love

What do you think (True/False)? 40% of teenagers worked last summer. Most of them worked full-time. Teenagers most often work in the food service and retail industries. The average American will have 10 jobs between the ages of 18 and 38. Every year, about 1/10 th of workers change jobs to take advantage of better opportunities (Mark from LaCrosse)

The Greatest Asset We Have is our Earning Power! Job Relatively short-term work that “pays the bills” Relatively short-term work that “pays the bills”Career Long-term chosen profession or occupation that provides income Long-term chosen profession or occupation that provides income

Human Capital The knowledge, talent and skills that people possess People are able to invest in their own human capital by going to school, pursuing additional training, and developing skills People’s income, in part, reflect the choices they have made in these areas People’s income, in part, reflect the choices they have made in these areas People with fewer skills are more likely to be poor People with fewer skills are more likely to be poor

Employability Skills Skills required to acquire and retain a job Includes foundational academic skills as well as a variety of attitudes and habits What employability skills are required to be a waitress? Construction worker? Teacher?

Personal Branding What do we know about Nike? Your personal brand is a snapshot of the product you offer (your employability skills), your image, and how they combine to create the whole package. Would you hire this person?

Entrepreneurial Spirit Entrepreneur A person in business for him or herself A person in business for him or herself Becoming an entrepreneur requires the ability to: See an opportunity See an opportunity Take the initiative Take the initiative Develop plans Develop plans What characteristics do most entrepreneurs have in common? Who are some famous entrepreneurs? “As long as you are going to be thinking anyway, think big” – Donald Trump Sam Walton Biography/Entrepreneur Profile

Educational Achievement and Earnings Education The level of formal knowledge and training attained The level of formal knowledge and training attained Are your grades indicative of future success? Does your level of education have an impact? What other factors come into play? 86% of all adults (25 or older) have completed high school 28% of all adults (25 or older) have at least a bachelor’s degree

Cost vs. Value of Education Cost Average annual cost for a full time student at a 4 year school: Private $33,301; State (non-resident) $26,304; State (resident) $16,357 Average annual cost for a full time student at a 4 year school: Private $33,301; State (non-resident) $26,304; State (resident) $16,357Value High school drop out, no degree$19, 915 High school drop out, no degree$19, 915 High School Diploma$29, 448 High School Diploma$29, 448 Associates Degree$36, 395 Associates Degree$36, 395 Bachelors Degree$54, 689 Bachelors Degree$54, 689 Post-Graduate Degree$79, 946 Post-Graduate Degree$79, 946 Is it worth it?

7-F Education and Experience NEFE High School Financial Planning Program Unit 7 – Your Career: Doing What Matters Most Some high school, no degree High school diploma, or equivalent Associate Degree Professional Degree Doctoral Degree Master’s Degree Bachelor’s Degree Some college, no degree Millions of 2006 dollars Work life earnings estimates by highest level of educational attainment Source, US Census Bureau, current population survey, educational attainment in the US

Education Funding Options College Savings Scholarships and Grants Federal Education Loans Private Education Loans Work Study Programs Tuition Assistance from an Employer Military Programs

Cost of Living The average cost of the basic necessities of life What is typically included in that? Why is it important when relocating? Relocation Calculator Relocation Calculator Relocation Calculator Relocation Calculator When else might it be important to consider cost of living?

Employee Pay Gross Pay Total rate of pay before deductions Total rate of pay before deductions Hourly Wage Overtime Monthly Salary Bi-Weekly Salary vs. Bi-Monthly Salary Annual Salary What are the advantages/disadvantages to being salaried (no overtime)? What are the advantages/disadvantages to being salaried (no overtime)?

Deductions Any amount subtracted from your gross pay Some are required by law Some are required by lawExamples? Some are optional Some are optionalExamples? Net Pay Often referred to as take home pay Often referred to as take home pay This is what you actually get This is what you actually get How do banks determine what you can afford to borrow?

“There’s More to Work Than Just Money” Job satisfaction is equally, if not more important. What “satisfies” employees? Employee benefits Additional benefits offered by employers Additional benefits offered by employers Typically cost and employer 20-50% of your pay Typically cost and employer 20-50% of your pay Figuring out the value of the benefit Figuring out the value of the benefit What benefits do you think are most important? Benefits and the part time worker 30 Days on Minimum Wage

Workplace Trends to Consider Increasing Technology Use Environmental Concerns “Early Mid-Life Crisis” Company Loyalty Demographics (Aging Population, Increasing Population) Global Economy

Labor Unions: What do they do? Engage in collective bargaining Negotiate for everybody Negotiate for everybody Strength in numbers Strength in numbers Handle Grievances Support political candidates Provide support services for members Help find jobs Help find jobs Financial Planning Financial Planning Discounts Discounts Recruit new members Why is this important? Why is this important? Industrial Action Strikes Strikes Work “to contract” Work “to contract”

Labor Unions: Good Stuff “With all their faults, trade unions have done more for humanity than any other organization of men that ever existed. They have done more for decency, for honesty, for education, for the betterment of the race, for the developing of character in men, than any other association of men.” Clarenece Darrow Improved working conditions Reasonable working hours Better Pay

Labor Unions: Bad Stuff “Unions can have the power to impede a company's ability to compete and thrive. A firm might be in desperate trouble, yet its unions may be unwilling to bend or compromise in order to help the company survive. Many employers find themselves left very inflexible when they have union contracts to abide by.” Selena Maranjian Selena Maranjian

Bad Stuff Continued… Anti-Competitiveness According to The Socialstudieshelp.com website "unions… are victims of their own success. Unions raised their wages substantially above the wages paid to nonunion workers. Therefore, many union-made products have become so expensive that sales were lost to less expensive foreign competitors and nonunion producers." According to The Socialstudieshelp.com website "unions… are victims of their own success. Unions raised their wages substantially above the wages paid to nonunion workers. Therefore, many union-made products have become so expensive that sales were lost to less expensive foreign competitors and nonunion producers." Decline in Merit Value Workers can't advance much or at all on their merits, Workers can't advance much or at all on their merits, Career progression/promotion is only available within the the limits defined by union contracts. Career progression/promotion is only available within the the limits defined by union contracts. Ineffective employees cannot be fired if they belong to unions. In Ineffective employees cannot be fired if they belong to unions. In Unionized workers might become so comfortable and protected that they lose the incentive to work hard for their employer. Unionized workers might become so comfortable and protected that they lose the incentive to work hard for their employer. There is no incentive to excel and outstanding employees become unmotivated or pressured by the union to not go the extra mile. There is no incentive to excel and outstanding employees become unmotivated or pressured by the union to not go the extra mile.