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Finances and Career Planning

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

  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