Business and Personal Finance Unit 1 Chapter 2

Section 2. 1 Planning Your Career job work that you do mainly to earn money career a commitment to work in a field that you find interesting and fulfilling Choosing a Career You can choose whether to: § Get a job just to earn money. § Prepare for a career. Ensuring that your career will fulfill your personal and financial goals requires planning. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 1

Section 2. 1 Planning Your Career standard of living a measure of quality of life based on the amounts and kinds of goods and services a person can buy Choosing a Career People make career decisions based on whether they want to: § Simply maintain a standard of living § Pay for the hobbies and activities they enjoy § Pursue careers that provide them with both money and personal fulfillment § Select careers that reflect their interests, values, and goals Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 2

Section 2. 1 Planning Your Career trends developments that mark changes in a particular area Opportunity Costs Choosing a career will involve trade-offs, or opportunity costs. Recent trends indicate that some people are making career decisions that allow them to: § Spend more time with their families § Enjoy their hobbies and interests § Run their own business The more you know about your own interests, values, needs, and goals, the better you will be able to choose a career that will provide a balance between personal satisfaction and financial rewards. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 3

Section 2. 1 Planning Your Career potential earning power the amount of money you may earn over time Career Training and Skill Development Acquiring more education will help you to: § Increase your potential earning power. § Meet your financial goals. § Increase your chances for success. Your field of study will also affect your salary. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 4

Section 2. 1 Planning Your Career Checklist for Success You will be an asset to any employer if you: § Work well with others § Strive to do your best § Are creative when solving problems § Communicate well § Understand yourself and other people § Don’t let conflict affect work These basic qualities and skills make success more likely in most job situations. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 5

Section 2. 1 Planning Your Career aptitudes the natural abilities that people possess interest inventories tests that help you identify the activities you enjoy the most Personal Factors You can take special tests to learn more about your: § Abilities § Interests These tests—called aptitude tests and interest inventories—may give you an edge in choosing a career. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 6

Section 2. 1 Planning Your Career Stages of Career Planning Before you make any decisions about your career, you should review your situation. Your progress will depend on: § Your opportunity costs § The choices that are available to you § Your career area Talking to people in your field of interest can help you with your career planning. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 7

Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 8

Section 2. 1 Planning Your Career External Influences on Your Career When you consider your career options, you need to focus on: § Your skills § Your training § Your experience § Social influences § Economic conditions § Industry trends You may have no control over the “big picture” factors, but you can make some personal decisions based on real-world influences. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 9

Section 2. 1 Planning Your Career demographic trends tendencies of people grouped by age, gender, ethnicity, education, or income that change over time Social Influences Demographic trends can affect your employment opportunities. § More working parents § Increases child care and food services § More leisure time § Interest in health and recreation § More elderly people in the overall population § Retirement facilities, health and travel services § Greater demand for ongoing employment training § Getting masters and etc Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 10

Section 2. 1 Planning Your Career geographic trends tendencies of people moving from one area of the country to another as financial centers shift location Geographic Trends Geographic location also influences earning level. Makes for faster growing job markets § Florida § Nevada § Arizona § Arkansas § New Jersey § California Remember to consider differences in earning levels and costs of living as you decide where to look for employment. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 11

Section 2. 1 Planning Your Career Economic Factors Since the job market changes as the economy does, the demand for certain types of jobs changes. Some economic factors that can reduce career opportunities are: § High interest rates § Affects housing related industry § Price increases § Decreased demand for certain goods and services Being aware of current economic trends will help you to choose a career so that you can achieve your financial goals. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 12

Section 2. 1 Planning Your Career service industries businesses that provide services for a fee, offer employment potential in coming years Trends in Industry and Technology Changes in industry and technology also affect the job market. While opportunities have dwindled in some areas of the economy, such as manufacturing, opportunities in other areas—such as service industries—have grown. § Computer or telecommunications technology § Health care § Social services § Hospitality services § Management § Education § Financial services Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 13

Section 2. 2 Employment and Career Development Obtaining Employment Experience § Part-time work § Any is good § Volunteer work in interested area § Internships and cooperative education § Class projects or after-school activities Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 14

Section 2. 2 Employment and Career Development Volunteer Work You can: § Learn new skills § Develop good work habits § Make professional contacts Working as a “temp” is valuable Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 15

Section 2. 2 Employment and Career Development internship a position in which a person receives training by working with people who are experienced in a particular field cooperative education programs that allow students to enhance classroom learning with parttime work related to their majors and interests Internships and Cooperative Education Internship: § Give you the experience you need to obtain employment § Lead to permanent employment § Allow you a chance to practice your application and interviewing skills Cooperative education use what learn in class in related workplace CTE Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 16

Section 2. 2 Employment and Career Development Class Projects or After-School Activities They can help you gain valuable career skills such as: § Managing, organizing, and coordinating people § Public speaking § Goal setting, planning, and supervising § Financial planning and budgeting § Conducting research Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 17

Section 2. 2 Employment and Career Development Career Information Sources § § Mass media The Internet School guidance offices Community organizations § Business or civic groups § Attend meetings to meet local business people § Professional organizations § AMA (American Medical Association) § NEA (National Education Association) Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 18

Section 2. 2 Employment and Career Development Contacts Sometimes; “Not what you know, but who you know!” § Family § Friends § Coworkers § Teachers § Professors § Former employers Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 19

Section 2. 2 Employment and Career Development networking a way of making and using contacts to get job information and advice informational interview a meeting with someone who works in your area of interest who can provide you with practical information about the career or company you are considering Networking Your contacts may: § Know someone who can hire you § Be able to arrange an informational interview Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 20

Section 2. 2 Employment and Career Development Job Advertisements Classifieds Internet § Use a search engine to find a company’s Web site and learn more about it § Find a company’s list of current job openings § Use job-search Web sites with job advertisements, advice, and résumé services Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 21

Section 2. 2 Employment and Career Development Job Fairs At a job fair, recruiters from local and national companies set up tables or booths where you can: § Discuss job opportunities § Submit your résumé To make the most of a job fair, be prepared to make your best impression on several recruiters in a short amount of time. They may call you in for an in-depth interview at a later date. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 22

Section 2. 2 Employment and Career Development Employment Agencies Employment agencies are businesses that match job hunters with employers. Don’t pay unless guarantee of a job Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 23

Section 2. 2 Employment and Career Development Other Ways to Find a Job Your ability to find a job is limited only by your imagination and energy. Other ways to find a job include: § Visiting specific companies where you would like to work § Calling local businesses in your field of interest § Talking to people with similar interests who have already graduated from your school Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 24

Section 2. 2 Employment and Career Development résumé a one- or twopage summary of your education, training, experience, and qualifications Applying for a Job Making the best possible presentation of your skills and experience is the key to landing a job. Your résumé is your most important tool. The two basic types of résumés are the: § Chronological résumé § Skills résumé Your résumé provides prospective employers with an overview of the special contribution you may be able to make to their companies. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 25

Section 2. 2 Employment and Career Development cover letter the personal letter that you present along with your résumé Cover Letters You will want to include a cover letter with your résumé when you send it to an employer by: § Regular mail § E-mail § Fax The cover letter tells a potential employer why you are interested in a particular job and why you think that it would be worthwhile for him or her to interview you. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 26

Section 2. 2 Employment and Career Development interview a formal meeting with your potential employer that allows you to express why you think you are the best person for the job Preparing for the Interview If you are granted an interview, you should obtain as much information as you can about the company or industry before your interview. Possible resources include: § The library § The Internet § Informal interviews with people who are familiar with that company or industry Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 27

Section 2. 2 Employment and Career Development The Interview Here are some typical questions an employer might ask: § What education and training qualify you for this job? § Why are you interested in working for this company? § Other than past jobs, what experiences have helped prepare you for this job? § What are your major strengths? Major weaknesses? After the interview, send your interviewer a note reiterating your interest and expressing your thanks for the opportunity to interview. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 28

Section 2. 2 Employment and Career Development Considering a Job Offer Before you accept an offer, you have to consider several factors. Find out all you can about: § The company § The job itself § The working environment § The salary § Any other benefits Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 29

Section 2. 2 Employment and Career Development The Work Environment As you go on interviews, you will notice differences in workplaces. Ask about official company policies: § How does the company handle pay increases? § How does it measure the quality of employees’ work? § How does it decide which employees to promote? Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 30

Section 2. 2 Employment and Career Development Factors Affecting Salary Your beginning salary will depend on: § Your education and experience § The size of the company § The average salary for the job you are considering To make sure that you are starting with a fair salary, talk to people with similar jobs at other companies or look for related information on the Internet. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 31

Section 2. 2 Employment and Career Development Measuring Employee Benefits You should also evaluate the types of benefits the company offers besides a paycheck and pay particular attention to: § Health care § Retirement benefits § The specific needs of your family Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 32

Section 2. 2 Employment and Career Development cafeteria-style employee benefits programs that allow workers to choose the benefits that best meet their personal needs Meeting Employee Needs Changes in society have brought about changes in the types of benefits that employees receive. Some of these changes include: § Cafeteria-style employee benefits § Social Security benefits § Pension plans pension plan a retirement plan that is funded at least in part by an employer Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 33

Section 2. 2 Employment and Career Development Your Rights as an Employee As an employee, you have certain legal rights; you also have certain legal rights during the hiring process: § An employer cannot refuse to hire a woman or terminate her employment because she is pregnant. § An employer cannot discriminate against a person for any reason related to age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities. § An employer must pay for unemployment insurance, contribute to Social Security, and provide for workers’ compensation funds in case of a work-related injury or illness. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 34

Section 2. 2 Employment and Career Development Long-Term Career Development A job is for today, but a career can last a lifetime. As you enter the world of work, ask yourself: § Will you always enjoy the work that you do today? § Will you be successful in the career you select? You cannot predict the future, but you can develop skills and attitudes that will increase your chances of being satisfied with your work in years to come. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 35

Section 2. 2 Employment and Career Development Guidelines for Career Success Here are some basic guidelines to follow for career success: § Make a point of improving your communication skills—both written and oral. § Do your best to get along with your coworkers. § Remain flexible and open to new ideas. § Develop good work habits. § Be creative in solving your own problems. § Be willing to learn new techniques and technologies. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 36

Section 2. 2 Employment and Career Development Training Opportunities A key to your ongoing success will be your ability to keep up with changes in technology and to adapt to the global economy. Take advantage of your company’s: § Regular training programs § Professional seminars § Help with payment for college courses You should also continue to read and learn as much as you can on your own. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 37

Section 2. 2 Employment and Career Developmentor an experienced employee who serves as a teacher and counselor for a less-experienced person Mentors One way to make sure that your career develops in the right direction is to gain support from a mentor. A mentor can: § Give you one-on-one training § Help you to meet other knowledgeable people § Provide you with emotional support during difficult times at work Some of the best mentors are retired people who are eager to share a lifetime of knowledge and experience. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 38

Section 2. 2 Employment and Career Development Changing Careers Most workers change jobs several times over the course of their lives. The following are some signs that it may be time to move on: § You feel bored or depressed at work. § Your job adversely affects you physically or emotionally. § You receive a series of poor performance evaluations. § You have little opportunity to obtain a raise or promotion. § You have a poor relationship with your supervisor or coworkers. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 39

Section 2. 2 Employment and Career Development The Time Between Jobs Being out of work can cause emotional and financial stress. While you are looking for a job: § Continue to eat, sleep, and exercise as usual. § Stay involved in family and community activities. § Improve your skills through personal study, classes, or volunteer work. § Think about opportunities with nonprofit or government organizations. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 40

Chapter 2 Finances and Career Planning Reviewing Key Concepts 1. List some of the personal issues you will need to consider when planning your career. § § Aptitudes Interests Personality Current financial situation Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 41

Chapter 2 Finances and Career Planning Reviewing Key Concepts 2. Describe factors that affect your potential earning power. § § Your level of education and training The field of study you select Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 42

Chapter 2 Finances and Career Planning Reviewing Key Concepts 3. § § Explain how current demographic trends might influence your choice of career. More working parents More leisure time More elderly people in the overall population Greater demand for ongoing employment training Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 43

Chapter 2 Finances and Career Planning Reviewing Key Concepts 4. List some ways you might obtain job-related experience. § § § Part-time work Volunteer work Internships Cooperative education Class projects Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 44

Chapter 2 Finances and Career Planning Reviewing Key Concepts 5. Identify sources of information to find out more about the career in which you are interested. § § § The Internet Libraries Newspapers School guidance offices Community organizations Networking with people working in the field you choose Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 45

Chapter 2 Finances and Career Planning Reviewing Key Concepts 6. Explain your rights as an employee. § § § An employer cannot refuse to hire a woman or terminate her employment because she is pregnant. An employer cannot discriminate against a person for any reason related to age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities. An employer must pay for unemployment insurance, contribute to Social Security, and provide for workers’ compensation funds in case of a work-related injury or illness. Business and Personal Finance Unit 1 Chapter 2 © 2007 Glencoe/Mc. Graw-Hill 46