Chapter 02
Financial Aspects of
Career Planning
McGraw-Hill/Irwin
Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
2-1
Chapter 2
Learning Objectives
1.
Describe activities associated with career
planning and advancement
2.
Evaluate factors that influence employment
opportunities
3.
Implement employment search strategies
4.
Assess financial and legal concerns related to
obtaining employment
5.
Analyze techniques available for career growth
and advancement
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Career Choice Factors
Objective 1: Describe the activities associated
with career planning and advancement
Career selection requires planning
The average person changes jobs more than seven
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
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Career Choice Factors (continued)
TRADE-OFFS OF CAREER DECISIONS
Career choices alternatives have risks and
opportunity costs
Career choices require periodic evaluation of tradeoffs related to personal, social, and economic factors
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Career Choice Factors (continued)
CAREER TRAINING AND SKILL DEVELOPMENT
Level of formal training affects financial success
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.
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Career Choice Factors (continued)
PERSONAL FACTORS
Aptitudes
Interests inventories
Your personality
Do you perform best in low-pressure or high-pressure
working environments?
Personal SWOT analysis
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Stages of Career Planning and Advancement
7
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Career Opportunities: Now
and in the Future
Objective 2: Evaluate factors that
influence employment opportunities
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Career Opportunities: Now and in
the Future (continued)
SOCIAL INFLUENCES
Demographic trends
Working Parents
More food service and child care
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
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Career Opportunities: Now and in
the Future (continued)
Economic Conditions
Career Opportunities are affected by:
High interest rates
Price increases
Decreased demand for goods and services
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Service Industries Expected to Have
the Greatest Employment Potential
Information technology
Health care
Business services
Social services
Sales and Retailing
Hospitality and food services
Management and human resources
Education
Financial services
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Employment Search Strategies
Objective 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
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13
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Employment Search Strategies
(contd)
Networking is the process of making and using
contacts to obtain and update career information
The main sources of networking include:
Community Organizations
Professional Organizations
Business Contacts
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Employment Search Strategies
(contd)
Effective networking means:
Preparing a 30-second summary of abilities
Volunteering for committees and events of
professional organizations
Asking questions to get others to talk about
themselves and their experiences
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Employment Search Strategies
(cont)
IDENTIFYING JOB OPPORTUNITIES
Job advertisements
Career fairs
Employment agencies
Job creation
Visit organizations
Telephone and business directories
Web search
Talk with alumni in your field
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Employment Search Strategies (cont)
APPLYING FOR EMPLOYMENT
Resume
Cover letter
Interview
See Chapter 2 Appendix for
detailed help in these areas
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Financial and Legal
Aspects of Employment
Objective 4: Assess the financial and legal
concerns related to obtaining employment
***Research the job and the company before
accepting an employment position
THE WORK ENVIRONMENT
Corporate culture
Company policies and procedures
FACTORS AFFECTING SALARY
Education, training, company size, and salaries for
comparable positions
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Financial and Legal
Aspects of Employment (continued)
EVALUATING EMPLOYEE BENEFITS
Nonsalary benefits include: child care, leaves of
absence, and elder care
Cafeteria-style benefits allow workers benefit
credits that they can choose to meet their needs
Flexible spending and medical savings accounts
Compare job offer benefits based on market value
or future value
Know your employment rights
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Financial and Legal
Aspects of Employment
(continued)
Objective 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
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Stages of career development
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Long-Term Career Development
(contd)
TRAINING OPPORTUNITIES
Continue to learn about new technology and the
global economy
Formal methods for expanding knowledge:
company programs, seminars, and college courses
Informal methods:
reading and discussions with colleagues
meetings with employees from other companies
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Long-Term Career Development
(contd)
CAREER PATHS AND ADVANCEMENT
Career choices must be evaluated in light of
changing values, goals, and economic conditions
A mentor is an experienced employee who serves
as a teacher and counselor for a less experienced
person
Mentors are attracted to those who show initiative
Mentors should be receptive to assisting others,
and help in both technical and social areas of
their careers
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Long-Term Career Development
(contd)
CHANGING CAREERS
About 10 million career moves occur each year
Changing jobs can be more difficult than selecting
the first job
Carefully assess the financial and personal costs
and benefits of changing careers
Determine whether a career change will serve your
needs and goals
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Long-Term Career Development
(contd)
To cope with job termination while seeking new
employment you should:
Maintain appropriate eating, sleep, and exercise
habits
Involve yourself in family and community activities
Improve your skills through classes and volunteer
work
Target your search towards high growth industries
Consider opportunities with non-profit
organizations
Target your skills to the needs of an organization
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Developing a Resume
Personal data section
Career objective section
Education section
Experience section
Related information section
References section
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Three Types of Resumes
Chronological
- Most common; focuses on experience and
education in reverse-time sequence
Functional
- Focuses on your skills
Targeted
- Prepared for a specific job
E-resumes for applying for a job online
- Use a simple format and no attachments
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Resume Preparation
Presented in a professional manner
Limit your resume to one page
Use the STAR principle to highlight experiences
and achievements:
Situation, or the setting
Task, your duties
Actions you took
Result, the outcome
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Creating a Cover Letter
Introductory paragraph
Get readers attention
Overview your qualifications
Development paragraph
Specific qualifications
Refer to details on resume
Experiences and training
Concluding paragraph
Ask for interview
Include how to contact you
Summarize how you can help the company
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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
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