Career Planning Financial Aspects PDF

Chapter 02 Financial Aspects Of Career Planning Chapter 2 Learning Objectives LO2-1 Describe activities associated with career planning and advancement. LO2-2 Evaluate factors that influence employment opportunities. LO2-3 Implement employment search strategies. LO2-4 Assess fina...

Chapter 02 Financial Aspects Of Career Planning Chapter 2 Learning Objectives LO2-1 Describe activities associated with career planning and advancement. LO2-2 Evaluate factors that influence employment opportunities. LO2-3 Implement employment search strategies. LO2-4 Assess financial and legal concerns related to obtaining employment. LO2-5 Analyze techniques available for career growth and advancement. Career Choice Factors Learning Objective 2-1: Describe the activities associated with career planning and advancement.  Career selection requires planning  The average person changes jobs more than five times over a lifetime  Job is an employment position obtained mainly to earn money  Career is a commitment to a profession that requires continued training Career Choice Factors TRADE-OFFS OF CAREER DECISIONS – Career choice alternatives have risks and opportunity costs – Career choices require periodic evaluation of trade-offs related to personal, social, and economic factors  Career Choice Factors  CAREER TRAINING AND SKILL DEVELOPMENT – Level of formal training affects financial success – more education increases your potential earning power and reduces your chances of being unemployed. – Skills gap - the difference between skills needed by employer and skills possessed by applicants. – Employability skills- refer to the basic capabilities necessary for obtaining, maintaining and advancing in work situation.  Career Choice Factors  CAREER TRAINING AND SKILL DEVELOPMENT -Training may be viewed in two main categories: 1. Technical Skills – refers to specialized career training for a specific profession 2. General Skills are traits adaptable to most work situations – some can be acquired at school while others require experience Career Choice Factors Education and Income  Career Choice Factors PERSONAL FACTORS –Aptitudes: natural abilities that people possess. –Interests inventories: activities that give satisfaction. –Your personality –Personal SWOT analysis Career Choice Factors  CAREER DECISION MAKING Career Opportunities Now and in the Future Learning Objective 2-2: Evaluate factors that influence employment opportunities. Career Opportunities Now and in the Future  SOCIAL INFLUENCES Demographic trends Working Parents More food service and childcare Leisure time More interest in health and recreation Longer life spans Demand for travel, health care, and retirement facilities Employment training Demand for teachers, trainers, and related careers Geographic trends Where jobs are; salaries, and living costs Career Opportunities Now and in the Future  ECONOMIC CONDITIONS Career Opportunities are affected by:  High interest rates  Price increases  Decreased global demand for goods and services High interest rates reduce employment in housing- related industries, since people are less likely to buy homes when interest rates are high. Career Opportunities Now and in the Future  INDUSTRY TRENDS Service Industries with Greatest Employment Potential – Information technology – Health care and Medical technology – Environmental services – Business services – Social services – Sales and Retailing – Hospitality and Food services – Management and Human resources – Education – Financial services Employment Search Strategies Learning Objective 2-3: Implement employment search strategies.  OBTAINING EMPLOYMENT EXPERIENCE Part-time employment develop contacts Volunteer work develop organizational skills Internships experience helps obtain employment Campus projects obtain career skills Employment Search Strategies  USING CAREER INFORMATION SOURCES Employment Search Strategies  IDENTIFYING JOB OPPORTUNITIES – Job advertisements – Career fairs – Employment agencies – Job creation – Visit organizations – Internet searches – Be in contact with alumni in your field Employment Search Strategies  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 Financial and Legal Aspects of Employment Learning Objective 2-4: Assess the financial and legal concerns related to obtaining employment.  ACCEPTING AN EMPLOYMENT POSITION Research the job and the company before accepting an employment position – THE WORK ENVIRONMENT o Corporate culture o Company policies and procedures (different company have different policies) – FACTORS AFFECTING SALARY o Education, training, company size, and salaries for comparable positions Financial and Legal Aspects of Employment  EVALUATING EMPLOYEE BENEFITS Meeting employee needs Non salary benefits include childcare, leaves of absence, elder care and others Cafeteria-style benefits (e.g. coupon) allow workers benefit credits that they can choose to meet their needs Comparing benefits Compare job offer benefits based on market value or future value  YOUR EMPLOYMENT RIGHTS - Employee have legal right both the hiring process and on the job. (minimum wage, overtime pay legislation, workers compensations) Long-Term Career Development Learning Objective 2-5: Analyze the techniques for career growth and advancement.  A career can be for a lifetime  Skills and attitudes that can lead to a fulfilling work life:  Communicate well with others  Flexible and open to new ideas  Develop efficient work habits  Use lists, goal setting, and time management techniques  Anticipate problems and areas for actions  Creativity and a willingness to assist others Long-Term Career Development  TRAINING OPPORTUNITIES – Continue to learn about new technology, diverse cultures, and the global economy – Formal methods for expanding knowledge: o company programs, webinars, seminars, and college courses – Informal methods: o reading and discussions with colleagues o meetings with employees from other companies Long-Term Career Development  CHANGING CAREERS – About 10 million career moves occur each year – Changing jobs can be more difficult than selecting the first job (because the new company work culture, location ,… is different from the old company) – Carefully assess the financial and personal costs and benefits of changing careers – Determine whether a career change will serve your needs and goals Long-Term Career Development To cope with job termination while seeking new employment (e.g. look for a part time job), you should: o Maintain appropriate eating, sleep, and exercise habits o Involve yourself in family and community activities o Improve your skills through classes and volunteer work o Target your search towards high growth industries o Consider opportunities with non-profit organizations o Target your skills to the needs of an organization Appendix: Developing a Resume  Personal data section (full name, email, address)  Career objective section  Education section  Experience section  Related information section  References (e.g. ex employment  put someone who have position) Appendix: Types of Resumes  Chronological Resume  Most common; focuses on experience and education in reverse-time sequence  Functional Resume  Focuses on your skills  Combination  Blends chronological and functional  Targeted Resume  Prepared for a specific job  Social/Online Resume  Involves LinkedIn, Twitter, and other social media networks Appendix: Creating a Cover Letter  INTRODUCTORY PARAGRAPH  Get reader’s attention  Communicate the qualifications you offer  DEVELOPMENT PARAGRAPH  Highlight specific qualifications  Refer employer to resume for more details  Elaborate on experiences and training  CONCLUDING PARAGRAPH  Ask for interview  Include how to contact you  Summarize how you can help the company Appendix: The Job Interview  Prepare for the interview by getting information about your prospective employer  Library resources such as annual reports or recent articles  Internet searches of company and industry information  Observations during company visits  Prepare questions to ask about your interests, the organization, policies, and benefits  Practice interview skills (go for a formal speech) Appendix: The Job Interview-Interview Questions The End