1. Finances and Career Planning
Chapter 2

2. Section 2.1 Objectives
Identify the personal issues to consider when choosing and planning your career
Explain how education and training affect career advancement
Discuss the factors that influence employment

3. Choosing a Career
Some people want job satisfaction
Some people just want to make money
What is difference between a job and a career?
Job is work you do to mainly make money
Career is commitment to a work field you find interesting and fulfilling
Whether a job or career, you want to be able to fulfill your personal and financial goals

4. 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?
Declining a promotion – Trade-off?
Job you like, low salary – Trade-off?
Job you don’t like, high salary – Trade-off?
Find a balance between personal satisfaction and financial reward

5. 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
Avoid conflict
Creative
Problem solver
Communicate well
Understand people

6. 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 for the type of job and with the people and environment at the workplace

7. 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

8. External Factors and Opportunities
Social Influences
Economic Factors
Industry Trends
Complete the External Factors Affecting Careers worksheet

9. 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

10. 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

11. 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 assistants, salespeople, technical support people

12. Planning for Your Career
Complete the following two assignments which can be downloaded from Moodle
Analyze Your Career Goals
Pros and Con of Careers

13. Employment and Career Development
Section 2.2

14. Section 2.2 Objectives
Describe effective strategies to obtain employment
Identify sources of career opportunities
Identify the financial and legal issues to consider when looking for employment

15. 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

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

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

18. 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

19. 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

20. 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

21. 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

22. 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