1. Finances and Career Planning
Chapter 4
Finances and Career Planning

2. Choosing a Career What is the difference between a job and a career?
Can a job become a career?
Job: Work that you do mainly to earn money
Career: A commitment to work in a field that you find interesting and fulfilling, continued training with growth potential
Careers will also affect personal life
Choose a job based on money or choose based on satisfaction

3. Trade-offs of Career Decisions
Choice of career will affect the amount of money you make, people you meet, and amount of spare time
Standard of Living: A measure of quality of life based on the amounts and kinds of goods and services a person can buy. Also work to pay for hobbies and activities they enjoy
Others pursue jobs for money and personal fulfillment, careers reflect interests, values, and goals

4. Cont. Career will involve trade-offs or opportunity costs
People will often devote most of time and energy to their work
Flexibility (flex scheduling, cafeteria benefits)
Trends: Developments that mark changes in a particular area. Many people making decisions that allow more family time, time for hobbies, and interests. (turn down transfers and promotions)
More you know about your interests, goals, values and needs the easier it is to choose a career.

5. Career Training and Skill Development
Obtain as much education as possible, helps achieve goals
Potential Earning Power: the amount of money you earn over time. Having more education increases.
Field of education also will affect your salary
Must adapt to environment: Work well with others, strive to do best, creativity

6. Personal Factors
Can take special tests to learn about abilities, interests, and personal qualities
Aptitude Test & Interest Inventory
Aptitudes: Natural abilities that people possess
Interest Inventory: Tests that help you identify the activities you enjoy the most, along with those you dislike
Won’t lead you to the exact career, but guide you in the right direction. Want to find job that balances financial rewards and personal satisfaction

7. Making Career Decisions
Changes in personal life and in society will affect your work life
Fig. 1 (pg. 93) shows stages of career planning, changes, and advancements
If unsure about direction to take, talk to someone in your field. What do they like and dislike? How did they get into the field?

8. External Factors and Opportunities
How will the following factors affect you?
Social Influences:
Demographic Trends: Ways in which groups of people can change over time
Recent Demographic Trends: More working parents/single parents (increases food industry and child care), More leisure time (boosts health, physical fitness and recreation products), More elderly people in overall population (increase in retirement facilities, health care, and travel services), Demand for ongoing employment training (teachers and trainers in org.)
What effect will baby boomers have on you?

9. Cont.
Geographic Trends: Changes that occur when people move from one area of the country to another and its financial centers shift location
Fast growing markets: Arizona, Florida, Georgia, Nevada, North Carolina, New Jersey, Arkansas
Geographic Locations: Big Cities=Higher cost of living

10. Economic Factors
Career opportunities influenced by high interest rates, price increases, or decreased demand for certain goods and services
Major affect on construction, real estate, auto sales

11. Trends in Industry and Technology
Manufacturing jobs are on the decline, service and technology on the rise
International competition major factor for decline, automation also a factor
Technological advances can quickly make your product obsolete
Service Industry: Those that provide services for a fee will offer many opportunities
Need lots of computer/internet knowledge
Pg. 98 Examples of Service Industries
Pg. 99 Document Detective

12. Employment and Career Development
Section 4.2
Employment and Career Development

13. Employment Search Strategies
What experiences have you encountered that may help you get a job?

14. Obtaining Employment Experience
Important to have work experience, even at a young age
Part-Time Work: Summer or part time job, get experience in a field you may be interested, temporary positions
Volunteer Work: Learn new skills, develop work habits, make professional contacts
Internships and Cooperative Education: Internship- Position in which a person receives training by working with people who are experienced in a particular field. Can sometimes lead to full time employment

15. Cont.
Cooperative Education: Programs that allow students to enhance classroom learning with part-time work related to their majors or interests. Spend part of time in class other half on related job

16. Class Projects or After-School Activities: Benefits:
Managing, organizing, and coordinating people
Public Speaking
Goal setting, planning, and supervising
Financial planning and budgeting
Conducting Research

17. Using Career Information Sources
Sources to get up-to-date information
Libraries
Mass Media (newspapers)
The Internet (tips/suggestions, posting sites)
School Guidance office
Community organizations
Professional Organizations (esp. in college)
Contacts (teachers, family, friends)
Networking: Way of making and using contacts to get job information and advice
Informational Interview: Meeting with someone who works in your area of interest, used to get more information

18. Identifying Job Opportunities
Job Advertisements: From newspapers, internet, etc.
Job Fairs: Recruiters from local and national set up tables and booths to collect resumes and discuss job opportunities
Employment Agencies: Government ran agency that helps to find jobs for people. May charge a fee

19. Other ways to find a job Finding a job is a job in itself
Visit or call specific company you have an interest in
Check telephone directory for business names
Talk to people you know who work in the field (network)
Search Internet
Finding a job is a job in itself

20. Applying for a Job Most important tool in landing a job is your resume
Resume: 1-2 page summary of your education, training, experience, and qualifications. Provides perspective employers with an overview of the special contribution you may be able to make to their company
Two Basic Resume Types: Chronological and Skills

21. Résumé's
Chronological Resume: Outlines your education and work experience, and related information, year by year (or longer periods)
Useful for job hunters who have continuous work experience
Skills Resume: Highlights your skills and abilities in specific categories, such as communications supervision and research
Useful for recent graduates or those changing careers
Handout

22. More Job Searching Tips
Along with a resume, a cover letter must be included
Cover Letter: Personal letter that you present along with your resume
Cover letter tells a potential employer why you are interesting in a job and why you think that it would be worthwhile to interview you
See pg. 47 and 48

23. The Interview
Formal meeting with your potential employer that allows you to express why you think you’re the best person for the job
Do research first, know about the company
Potential Questions:
What education and training qualify you for this job?
Why are you interested in working for this company?
What are your major strengths? Weaknesses?
Where do you see yourself 5-10 years from now?
Most end saying when to expect to hear from them
Ask questions of them
Follow up with letter (see ex.)

24. Considering a Job Offer
Consider factors before accepting a job offer
Salary along with other financial benefits

25. The Work Environment Every workplace has its own unique style
Will notice difference between managers from interview to interview, personality and way they handle employees
Ex: Different Teachers
Ask about policies: How do you handle pay increases? How do you measure employee quality? How do you go about promotions?

26. Factors Affecting Salary
Beginning salary will depend on education, experience, company size, and average salary of the job you are considering
Talk to people in the field to make sure you are getting fair salary
Meet frequently with supervisor, asking for feedback and suggestions on improvement

27. Measuring Employee Benefits
What benefits are offered to you besides paycheck?
Base on needs of your family
Cafeteria-style benefits program: Allows workers to choose benefits that best fit their needs
Pension Plans: A retirement plan that is funded at least in part by your employer

28. Pension Plans Different Types:
Fixed amount of money is given to you at retirement
Profit-sharing, employer makes annual contribution to retirement fund each year. Money in fund builds up until you reach retirement age
401K, you set aside a portion of your salary from each paycheck to go into your 401K fund. Employer will often match a percentage of your contribution

29. Your Rights as an Employee
Have certain legal rights as an employee and during the hiring process
Can’t refuse to hire or terminate a woman because she is pregnant. Must be given full credit for previous service as well as credit for any retirement benefits and seniority she has accumulated
Can’t discriminate based on age, race, color, religion, gender, marital status, or disability
Must be given at least minimum wage, plus overtime if applicable
Employer must pay for unemployment insurance, contribute to social security, and provide workers compensation funds in case of a work related injury or illness

30. Long-Term Career Development
Skills to help assure that you are happy with your work in years to come:
Improve communication skills, look for ways to get along with coworkers
Develop good work habits, time-management skills
Be aware problems may arise, and take action when they do
Learn to anticipate problems

31. Training Opportunities
Technology advances are continuously changing, jobs now exist that didn’t a few years ago
Keep up with technology changes
Attend seminars, read magazines in your field, talk with experts in your field

32. Career Paths and Advancement
Personal interests, values, and goals with probably change with time
See Figure 5 pg. 112
Way to stay on track is through a mentor program
Mentor: Experienced employee who serves as a teacher and counselor for a less experienced person
Can answer many of the questions you encounter

33. Changing Careers
Most workers change jobs several times over the course of their lives
Some go to new field, others to entirely new career
To change jobs, sometimes minor adjustment is only needed other times start from scratch
How will the financial and personal costs and benefits of changing careers affect your needs and goals

34. Signs that it’s time to move on
You feel bored or depressed at work
Your job affects you in a negative way physically or emotionally
You receive a series of poor performance evaluations
You have little opportunity to win a raise or promotion
You have a poor relationship with your supervisor or coworkers