Finances and Career Planning Chapter 2. Section 2.1 Objectives Identify the personal issues to...

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Finances and Finances and Career Planning Career Planning Chapter 2 Chapter 2

Transcript of Finances and Career Planning Chapter 2. Section 2.1 Objectives Identify the personal issues to...

Page 1: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Finances and Career Finances and Career PlanningPlanning

Chapter 2Chapter 2

Page 2: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Section 2.1 ObjectivesSection 2.1 Objectives

Identify the personal issues to consider when Identify the personal issues to consider when choosing and planning your careerchoosing and planning your career

Explain how education and training affect career Explain how education and training affect career advancementadvancement

Discuss the factors that influence employmentDiscuss the factors that influence employment

Page 3: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Choosing a CareerChoosing a Career

Some people want job satisfactionSome people want job satisfaction Some people just want to make moneySome people just want to make money What is difference between a job and a career?What is difference between a job and a career?

Job is work you do to mainly make moneyJob is work you do to mainly make money Career is commitment to a work field you find Career is commitment to a work field you find

interesting and fulfillinginteresting and fulfilling Whether a job or career, you want to be Whether a job or career, you want to be

able to fulfill your personal and financial able to fulfill your personal and financial goalsgoals

Page 4: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Career Decision Trade-OffsCareer Decision Trade-Offs

Standard of living – measure of quality of life Standard of living – measure of quality of life based on amounts and kinds of goods and based on amounts and kinds of goods and services a person buysservices a person buys

Opportunity costs/Trade-offsOpportunity costs/Trade-offs Busy, travel, long hours – Trade-off?Busy, travel, long hours – Trade-off? Declining a promotion – Trade-off?Declining a promotion – Trade-off? Job you like, low salary – Trade-off?Job you like, low salary – Trade-off? Job you don’t like, high salary – Trade-off?Job you don’t like, high salary – Trade-off?

Find a balance between personal satisfaction Find a balance between personal satisfaction and financial rewardand financial reward

Page 5: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Career Training and Skill Career Training and Skill DevelopmentDevelopment

More education increases your potential earning More education increases your potential earning power, the amount of money you may earn over power, the amount of money you may earn over timetime

Employability skills are also needed for successEmployability skills are also needed for success Work well with othersWork well with others Avoid conflictAvoid conflict CreativeCreative Problem solverProblem solver Communicate wellCommunicate well Understand peopleUnderstand people

Page 6: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Personal FactorsPersonal Factors

What do you do best?What do you do best? Aptitudes and natural abilitiesAptitudes and natural abilities

What do you enjoy?What do you enjoy? Outdoors, indoors, hobbies, Outdoors, indoors, hobbies,

interestsinterests The right fitThe right fit

Personality for the type of job Personality for the type of job and with the people and and with the people and environment at the workplaceenvironment at the workplace

Page 7: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Stages of Career PlanningStages of Career Planning 1) Assess personal goals, abilities, and 1) Assess personal goals, abilities, and

interests. Research careersinterests. Research careers 2) Identify job opportunities in chosen field2) Identify job opportunities in chosen field 3) Develop a resume, cover letter, and apply for 3) Develop a resume, cover letter, and apply for

jobsjobs 4) Interview for available positions, improve 4) Interview for available positions, improve

interviewing skillsinterviewing skills 5) Consider job offers, accept a job that meets 5) Consider job offers, accept a job that meets

financial and personal requirementsfinancial and personal requirements 6) 6) Plan and implement a program for career Plan and implement a program for career

developmentdevelopment

Page 8: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

External Factors and OpportunitiesExternal Factors and Opportunities

Social InfluencesSocial Influences Economic FactorsEconomic Factors Industry TrendsIndustry Trends Complete the Exter

nal Factors Affecting Careers worksheet

Page 9: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Social InfluencesSocial Influences Demographic trendsDemographic trends

More working parents means more jobs in child care More working parents means more jobs in child care and food servicesand food services

More leisure time boosts interest in health, physical More leisure time boosts interest in health, physical fitness, and recreational activitiesfitness, and recreational activities

More elderly means greater need for workers in More elderly means greater need for workers in retirement facilities, health care, and travel servicesretirement facilities, health care, and travel services

Greater demand for ongoing employment training, Greater demand for ongoing employment training, increased careers opportunities for teachers and increased careers opportunities for teachers and trainerstrainers

Geographic trendsGeographic trends Certain areas growing fasters, cost of living goes up, Certain areas growing fasters, cost of living goes up,

influences salariesinfluences salaries

Page 10: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Economic FactorsEconomic Factors High interest ratesHigh interest rates

Reduce employment in housing-related Reduce employment in housing-related industries, such as construction and real industries, such as construction and real estateestate

Price increasesPrice increases May be layoffs in certain industries, less May be layoffs in certain industries, less

raises, less hiringraises, less hiring Decreased demand for good and servicesDecreased demand for good and services

May be layoffs in certain industries, less May be layoffs in certain industries, less raises, less hiring, businesses closeraises, less hiring, businesses close

Page 11: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Industry TrendsIndustry Trends

Increased competition from other Increased competition from other countriescountries Affects American made productsAffects American made products Car salesman, car factory workersCar salesman, car factory workers

AutomationAutomation Affects workers in manufacturing Affects workers in manufacturing

replaced by machinesreplaced by machines Service industries have risen in Service industries have risen in

demanddemand Need more service providersNeed more service providers Administrative assistants, salespeople, Administrative assistants, salespeople,

technical support peopletechnical support people

Page 12: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Planning for Your CareerPlanning for Your Career

Complete the following two assignments Complete the following two assignments which can be downloaded from Moodlewhich can be downloaded from Moodle Analyze Your Career GoalsAnalyze Your Career Goals Pros and Con of CareersPros and Con of Careers

Page 13: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Employment and CareerEmployment and CareerDevelopmentDevelopment

Section 2.2Section 2.2

Page 14: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Section 2.2 ObjectivesSection 2.2 Objectives

Describe effective strategies to obtain Describe effective strategies to obtain employmentemployment

Identify sources of career opportunitiesIdentify sources of career opportunities Identify the financial and legal issues to consider Identify the financial and legal issues to consider

when looking for employmentwhen looking for employment

Page 15: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Obtaining Employment ExperienceObtaining Employment Experience

Part-time workPart-time work Volunteer workVolunteer work Internships and cooperative educationInternships and cooperative education Class projects/after school activitiesClass projects/after school activities

Managing, organizing, and coordinating Managing, organizing, and coordinating peoplepeople

Public speakingPublic speaking Goal setting, planning, and supervisingGoal setting, planning, and supervising Financial planning and budgetingFinancial planning and budgeting Conducting researchConducting research

Page 16: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Career Information SourcesCareer Information Sources

LibrariesLibraries Mass mediaMass media InternetInternet School guidance School guidance

officeoffice

Community Community organizationsorganizations

Professional Professional organizationsorganizations

Contacts/NetworkingContacts/Networking

Page 17: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Finding Job OpportunitiesFinding Job Opportunities

Job Ads Job Ads Newspaper, InternetNewspaper, Internet

Job FairsJob Fairs Employment agenciesEmployment agencies Other waysOther ways

Visit businesses and companiesVisit businesses and companies CallCall NetworkNetwork

Page 18: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Considering a Job OfferConsidering a Job Offer Work environmentWork environment Factors affecting salaryFactors affecting salary

Education and experienceEducation and experience Size of the companySize of the company Average salary for the jobAverage salary for the job

Measuring employee benefitsMeasuring employee benefits Cafeteria style – choose based on needCafeteria style – choose based on need Pension – partially funded by employer – could be Pension – partially funded by employer – could be

fixed amount, profit sharing, or 401kfixed amount, profit sharing, or 401k Tax exempt vs. tax deferred Tax exempt vs. tax deferred

Page 19: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Pension TypesPension Types

Fixed amount – plan that gives you a fixed Fixed amount – plan that gives you a fixed amount at retirementamount at retirement

Profit sharing – annual contributions are made to Profit sharing – annual contributions are made to employee retirement accounts based on employee retirement accounts based on company profitscompany profits

401(k) – employee sets aside set amount from 401(k) – employee sets aside set amount from each paycheck, employer may match employee each paycheck, employer may match employee contributionscontributions

Page 20: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Rights as an EmployeeRights as an Employee

Refuse to hire or determine woman for Refuse to hire or determine woman for pregnancypregnancy

Cannot discriminate for age, race, color, Cannot discriminate for age, race, color, religion, gender, marital status, mental or religion, gender, marital status, mental or physicalphysical

Must pay minimum wageMust pay minimum wage Employer must pay unemployment, Employer must pay unemployment,

contribute to Social Security, provide contribute to Social Security, provide workers compensationworkers compensation

Page 21: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Long-Term Career DevelopmentLong-Term Career Development

Improve communication skillsImprove communication skills Get along with coworkersGet along with coworkers Remain flexible and open to ideasRemain flexible and open to ideas Develop good work habitsDevelop good work habits Use lists, goal setting, time-management Use lists, goal setting, time-management

techniquestechniques Take action with problemsTake action with problems Be creative with problem solvingBe creative with problem solving Learn new techniques and technologiesLearn new techniques and technologies

Page 22: Finances and Career Planning Chapter 2. Section 2.1 Objectives  Identify the personal issues to consider when choosing and planning your career  Explain.

Changing CareersChanging Careers

You feel bored or depressedYou feel bored or depressed Job affects you physically or emotionallyJob affects you physically or emotionally Receive poor performance evaluationsReceive poor performance evaluations Little opportunity to obtain a raise or Little opportunity to obtain a raise or

promotionpromotion Poor relationship with your supervisor or Poor relationship with your supervisor or

coworkerscoworkers