Financial Aspects of

1
Chapter 2

• Financial Aspects of
• Career Planning

2
Job or Career?

• 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

3
Tradeoffs of Career Decisions

• Money
• Personal satisfaction
• Family time
• Leisure time
• Freedom
• 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
• Categories of training
• Technical skills
• General skills

5
Personal Factors

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

6
Making Career Decisions

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

7
Social Influences

• Demographic trends
• More single and working parents
• More leisure time
• More elderly people
• Expanded demand for employment training services
• 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
• 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
• Volunteer work
• Internships-receiving training by working with
  people who are experienced in a particular field
• Campus projects

11
Career Information Sources

• Library materials
• Media career information
• Online sources
• Career development office
• 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

12
Identifying Job Opportunities

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

13
Applying for Employment

• 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
• 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 wont 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
• Workers 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