SCJNY BUS 219 - Financial Aspects of Career Planning Ch 2

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Chapter 2Financial and Personal Aspects of Career ChoiceHow Education Relates to IncomePersonal Factors Affecting Career SelectionCareer ActivityStages of Career Planning and AdvancementSocial Influences on Career OpportunitiesEconomic Conditions Affect Career OpportunitiesTrends in Industry and Technology Affect Career OpportunitiesService Industries Expected to Have the Greatest Employment Potential IncludeEmployment Search StrategiesIdentifying Job OpportunitiesApplying for EmploymentResume activityFinancial and Legal Aspects of EmploymentFinancial and Legal Aspects of Employment (continued)Long-Term Career DevelopmentStages of Career DevelopmentOnline Career PlanningElements of Developing a ResumeThree Types of ResumesCreating a Cover LetterThe Job InterviewThe Interview ProcessChapter 2Financial Aspects of Career PlanningFinancial Aspects of Career PlanningMcGraw-Hill/IrwinCopyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.Financial and Personal Aspects of Career Choice•Consider the trade-offs of career decisions.Evaluate the trade-offs related to personal, social and economic factors.•Formal training affects financial success.•Competencies of successful people include willingness to cope with conflict and adapt to change.2-2How Education Relates to IncomeTwo-year vocational degreeBachelor’s degreeMaster’s degreeProfessional ordoctorate degreeEstimated lifetime earnings (40 years) from Bureau of Labor Statistics$2 million$2.3 million2-32-3$2.8 million$1.5 millionPersonal Factors AffectingCareer Selection•Aptitudes - What natural abilities, such as working well in team settings, do you possess?•Interests inventories - Help you determine what gives you satisfaction.•Your personality - How much structure do you like? Do you perform best in low-pressure or high-pressure working environments?2-4Career Activity•Visit your campus Career Center. •Take an assessment such as the Strong Interest Inventory or the Myers Briggs Type Indicator•See if your Career Center has career resource information that can be helpful to you2-5Stages of Career Planning and Advancement•Assess and research personal goals, abilities, and career fields.•Evaluate the employment market, identify employment opportunities.•Develop a resume and cover letter. Apply.•Interview. Assess your performance.•Evaluate the positions you are offered.•Plan and implement a program for career development.2-6Social Influences on Career Opportunities•Demographic trendsIncrease in working parents means more demand for food service and child care.More leisure time means more interest in health, and recreation products and services.An increase in the number of older people raises demand for travel, health care services, and retirement facilities.Increased demand for further employment training creates opportunities for teachers and trainers.•Geographic trendsWhere jobs are, salaries, and living costs.2-7Economic Conditions AffectCareer Opportunities•Career opportunities are affected by…High interest rates.Price increases.Decreased demand for goods and services.2-8Trends in Industry and Technology Affect Career Opportunities•Increased competition from Asia, Europe, and other regions has reduced demand for American-made products.•Automated production methods have decreased the need for many entry-level employees in factories.•Some service industries are expected to have the greatest potential employment in the 21st century...2-9Service Industries Expected to Have the Greatest Employment Potential Include•Computer technology.•Health care.•Business services.•Social services.•Sales and Retailing.•Hospitality and food services.•Management and human resources.•Education. •Financial services.2-10Employment Search Strategies•Obtaining employment experience.Part-time employment. - do you like the work?Volunteer work - develop organizational skills.Internships - experience helps obtain employment.Campus projects - helps obtain career skills.•Using career information sources.Library materials.Mass media career information.World wide web.Campus career development office.2-11Identifying Job Opportunities•Job advertisements.•Career fairs.•Employment agencies.•Job creation.•Visit companies.•Telephone and business directories.•Web search.•Talk with alumni in your field.2-12Applying for Employment•Resume.•Cover letter.•Interview•See Chapter 2 Appendix for detailed help in these areas.2-13Resume activity•If you do not already have a resume-prepare one.•Trade resumes with another student in the class•Evaluate your partner’s resume •Discuss each other’s resumes and offer suggestions for improving them2-14Financial and Legal Aspects of 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 comparable salaries, responsibilities2-15Financial 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 rights2-16Long-Term Career Development•Training opportunities.•Career paths and advancement.•Changing careers.2-17Stages of Career Development2-18Pre-entry and career exploration.Establishment and professional growth.Advancement and mid-career adjustment.Late-career and pre-retirement stage.Online Career Planning•Career planning assistance.www.hotjobs.com•Identifying employment opportunities.www.careerbuilder.com, www.hotjobs.com, www.monster.com, and www.ajb.dni.us•Posting your resume on the web.www.monster.com and www.careerpath.com.•Cyber-interviews.www.careerbuilder.com, www.jobtrak.com.•Salary and benefit information.www.salary.com, www.benefitnews.com.2-19Elements of Developing a Resume •Personal data section.•Career objective section.•Education section.•Experience section.•Related information section.•References section.2-20Three Types of Resumes•Chronological.Most common. Focuses on experience and education in


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