Financial Aspects of Career Planing

Financial Aspects Of
Career Planning
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

Learning Objectives
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
Trade-offs Of Career Decisions

Career choices alternatives have risks and opportunity
costs

Career choices require periodic evaluation of trade-offs
related to personal, social, and economic factors

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.
Personal Factors

Aptitudes

Interests inventories

Your personality

Do you perform best in low-pressure or high-
pressure working environments?

Personal SWOT analysis

Stages of Career Planning and Advancement
Career Opportunities: Now and
in the Future
Objective 2: Evaluate factors that influence
employment opportunities

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

Economic Conditions

Career Opportunities are affected by:
High interest rates
Price increases
Decreased demand for goods and services

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
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

Employment Search Strategies
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
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

EVALUATING EMPLOYEE BENEFITS

Non salary 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
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

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
Long-Term Career Development

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
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

Developing a Resume
Personal data section

Career objective section

Education section

Experience section

Related information section

References section
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
Three Types of Resumes
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
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
THANKYOU

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