1. Chapter 2 Financial Aspects of Career Planning

2. Job or Career? Job--an employment position obtained mainly to earn money Job--an employment position obtained mainly to earn money Career--a commitment to a profession that requires continued training and offers a clear path for occupational growth Career--a commitment to a profession that requires continued training and offers a clear path for occupational growth

3. Tradeoffs of Career Decisions Money Money Personal satisfaction Personal satisfaction Family time Family time Leisure time Leisure time Freedom Freedom People you meet and work with People you meet and work with

4. Career Training and Skill Development Potential earning power (the amount of money you may earn over time) increases with your education, your field of study and the job market Potential earning power (the amount of money you may earn over time) increases with your education, your field of study and the job market Categories of training Categories of training –Technical skills –General skills

5. Personal Factors What do you do best? What do you do best? –Aptitudes are the natural abilities that people possess What do you enjoy? What do you enjoy? –Interest inventories determine the activities that give you satisfaction Does your dream job exist? Does your dream job exist?

6. Making Career Decisions Assess and research personal goals, abilities and career fields. Assess and research personal goals, abilities and career fields. Evaluate the employment market and identify specific employment opportunities. Evaluate the employment market and identify specific employment opportunities. Develop a resume and cover letter; apply for available positions. Develop a resume and cover letter; apply for available positions. Interview for available positions; assess your interview performance. Interview for available positions; assess your interview performance. Evaluate financial and other factors of positions you are offered. Evaluate financial and other factors of positions you are offered. Plan and implement a program for career development. Plan and implement a program for career development.

7. Social Influences Demographic trends Demographic trends –More single and working parents –More leisure time –More elderly people –Expanded demand for employment training services Geographic trends Geographic trends –Influences earning level, cost of living and standard of living

8. Economic Conditions Interest rates Price changes Demand for goods and services

9. Trends in Industry and Technology Decline in manufacturing employment Decline in manufacturing employment More opportunities in service industries More opportunities in service industries –Information technology –Health care –Business services –Social services –Sales and retailing –Hospitality and food services –Management and human resources –Education –Financial services

10. Obtaining Employment Experience Part-time employment Part-time employment Volunteer work Volunteer work Internships-receiving training by working with people who are experienced in a particular field Internships-receiving training by working with people who are experienced in a particular field Campus projects Campus projects

11. Career Information Sources Library materials Library materials Media career information Media career information Online sources Online sources Career development office Career development office Networking-the process of making and using contacts to obtain and update career information Networking-the process of making and using contacts to obtain and update career information –Community organizations –Professional associations –Business contacts Informational interview-a meeting at which you gather information about a career or an organization Informational interview-a meeting at which you gather information about a career or an organization

12. Identifying Job Opportunities Job advertisements Job advertisements Career fairs Career fairs Employment agencies Employment agencies Job creation--developing an employment position that matches your skills with the needs of an organization Job creation--developing an employment position that matches your skills with the needs of an organization Visit the company Visit the company Telephone directory Telephone directory Web searches Web searches Talk to people Talk to people

13. Applying for Employment Resume--a summary of education, training, experience and qualifications Resume--a summary of education, training, experience and qualifications Cover letter--the correspondence you send with a resume to communicate your interest in a job and to obtain an interview Cover letter--the correspondence you send with a resume to communicate your interest in a job and to obtain an interview Interview--the formal meeting used to discuss your qualifications in detail Interview--the formal meeting used to discuss your qualifications in detail

14. Accepting an Employment Position Corporate culture--refers to management styles, work intensity, dress codes and social interactions within an organization Salary is influenced by your education and training, company size and salaries for comparable positions

15. Evaluating Employee Benefits Child care benefits and leaves of absence Elder care benefits Flexible work schedules Telecommuting Legal assistance Counseling for health, emotional and financial needs Exercise and fitness programs Cafeteria-style employee benefits allow workers to base their job benefits on a credit system and personal needs

16. Tax Considerations Tax-exempt benefit is one on which you won’t have to pay income tax Tax-deferred benefit requires the payment of income tax at some future time, such as at retirement

17. Employment Rights A person may not be discriminated against in the employment selection process Minimum-wage and overtime pay legislation apply to individuals in certain work settings Worker’s compensation, social security and unemployment insurance are required benefits

18. Changing Careers Low motivation toward your current work Physical or emotional distress caused by your job Consistently poor performance evaluations A lack of social interactions with coworkers Limited opportunity for salary or position advancement A poor relationship with your superior

19. Job Termination Maintain appropriate eating, sleep and exercise habits Get involved in family and community activities Improve your career skills through personal study, formal classes, or volunteer work Target your job search to high-growth industries or small businesses Consider opportunities with nonprofit organizations, government agencies, temporary employment, or consultant work Target your skills and experience to the needs of an organization