Career

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Unit 7 PP

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Career

  1. 1. Unit 7 – Your Career Relationship Between Career Choice and Earning Potential How Education and Training Affect Career Choices Value and Costs of Career Preparation Employee Benefits Factors Affecting Earning Potential and Financial Planning
  2. 2. “What Do You Think?” True or False Forty-four percent of teenagers worked last summer. Most of them worked full-time jobs (35 or more True hours a week). False, 18% full-time & 26% part-time Teens most often work in the food service and retail industries. True The average American will have had 10 jobs between the ages of 18 and 38. True Every year, about one-tenth of workers change jobs to take advantage of better opportunities. False, one-third
  3. 3. Job vs. Career What’s the difference between a job and a career?  A job provides you with some money and something to do.  A career provides you with a salary, opportunities to advance, and satisfaction.  You may have a part-time job right now, but your career is being a student.  Your part-time job provides you with money so you can enjoy things, but your full-time job is to go to class and study.  This job (being a student) doesn’t pay you right now, but it can pay off in a big way later. Going to school and studying is what you have to do to achieve your current “career” goal – graduation.
  4. 4. Why Do People Work? Brainstorm reasons why you think people work.
  5. 5. Why Do People Work? Studies show that the average working American will have 10 jobs between the ages of 18 and 38, about 1 job every 2 years. The average working American will have 3 to 5 careers during a lifetime.  Changing jobs is about growing and changing throughout your work life.  Traveling a lot may seem fun in your 20s, but you may dread it once married with children.  You might discover a passion or talent along the way that you decide to turn into a career.  People change jobs to make more money, advance their positions, or find more satisfying work environments.
  6. 6. Work Skills The skills you develop in each job go with you and continue to develop and grow as you advance through your career. Skills you learn aren’t always learned on the job and they are transferable from job to job.  These skills can include what you’ve acquired through volunteer work, hobbies, sports, school, and other life experiences.  These skills you may have picked up could be time management, working under pressure, and problem solving.
  7. 7. Rate Your Work Skills Rating Scale: 1-poor, 2-developing, 3-good Analytical  Leadership Communication  Motivation & Computer Initiative Detail-Oriented  Organizational Flexibility & Adaptability  Self-Confidence Honesty & Integrity  Strong Work Ethic Interpersonal  Teamwork
  8. 8. Marketable Skills Show employers that you’ve had some “real world” experience.  Volunteer work is a great way to get it.  Internships can provide connections at the company where you’re interning & possible help you land a job there or with another company.  An internship can also boost your starting salary when you’re ready to work full-time. Specific job education and training is highly desired by employers. You want to be perceived as being more prepared than others to understand what the job requires.
  9. 9. Entry-Level Skills What do you need to know and be able to do on your first entry-level job?  For example: Lifeguard  Skills Needed: strong swimming skills, active listening, communicate clearly, judgment and decision making, critical thinking, and monitoring.  Personal Qualities Needed: reliable, cooperative, integrity, initiative, attention to detail, able to handle stress, good eyesight, desire to help others, leadership.  Education Needed: at least 15 years old, have current certifications – lifeguard, CPR for professionals, basic first aid.  Possible Next-Level Job(s): Water Safety Instructor (WSI), Emergency Medical Technician (EMT)
  10. 10. Entry-Level Skills Write down an example of an entry-level job.  List the following:  Skills Needed  Personal Qualities Needed  Education Needed  One or two examples of a higher-level job related to the entry-level job you chose
  11. 11. Getting Educated about Education Education is the level of formal knowledge and training you have attained. The more you have, the higher the income you can attain. Continuing your education after high school takes time and usually costs a lot of money.
  12. 12. Getting Education about Education If you want to go to college, do you have any idea what it really costs?
  13. 13. Getting Education about Education If you want to go to college, do you have any idea what it really costs?
  14. 14. Getting Education about Education What are the benefits of spending all that money?  In addition to the education itself, you position yourself for future potential earnings that can positively impact your life.  Shows the average annual earnings for adults under age 65 based on their education status.
  15. 15. Education Funding Options Include college savings, scholarships and grants, federal education loans, private education loans, work-study programs, tuition assistance from an employer, and military programs.  College isn’t the only way to further our education - technical or trade school  These are typically one to two year programs that teach you the skills required by a particular type of job, such as a computer support technician, diesel mechanic, paralegal assistant, or hair stylist.
  16. 16. Work Skills How much a job pays depends on the skills, training, and knowledge needed to do the job.  Fast-food work requires little training in terms of specialized skills and knowledge, almost anyone can do the job, so these types of positions often pay minimum wage.
  17. 17. How Much is Attending Class Worth? Calculate how much getting that high school diploma is worth. 1. Figure the difference in potential income between a high school graduate and someone who did not finish 9th grade: $1,167,480 average lifetime earnings (hs diploma) - 787,400 average lifetime earnings (9th grade education or less) 370,080 = (a) $__________ Potential extra future earnings (PEFE) for a high school graduate 2. Divide the PEFE for a high school graduate (a) by the number of years typically spent in high school: 370,080 (a) $__________ PEFE earnings for a high school graduate / 4 years 92,520 = (b) $ __________ PEFE per year for a high school graduate
  18. 18. How Much is Attending Class Worth?3. Divide the PEFE per year for a high school graduate (b) by the average number of school days per school year: 92,520(b) $_________ PEFE per year for a high school graduate / 180 days per school year= (c) $______ value of a day’s education for a high school graduate 514
  19. 19. Compensation What an employer pays you in the form of employee benefits. Most common include:  Paid Leave – paid time off for holidays, vacation, illness, jury duty, and to attend a funeral (typically 9 days off a year).  Health Insurance – medical insurance and sometimes dental and vision insurance.  Retirement Plans – most popular is a 401(k) plan, you contribute some of your pay and employers contribute a small % as well.  Life Insurance and Disability Insurance – easier to get and less expensive through an employer.  Education Assistance – reimbursement for classes you take to further your education or job-related knowledge.
  20. 20. Compensation Paid leave and education assistance is usually provided at no cost.  Education assistance you usually have to front the money first then the company pays you back at a later date. Health insurance is very expensive for employers to provide, so most companies require their employees to cover a portion of their health insurance costs through payroll deductions.  This is still cheaper than buying insurance on your own. Retirement plans may have additional bonuses through your employer, free money in the form of matched contributions.
  21. 21. Nicholas, who is two years out of high school, is deciding between two job offers. Both jobsoffer the same salary, $25,000 a year, but the employee benefits are different.
  22. 22. Career Choices Career choices impact your financial plan. The jobs you hold over the years generate cash and other benefits that provide you with income and reduce your expenses. Your financial plan will provide guidance and direction as to which jobs you take and which you turn down, based on your values, career, and financial goals.
  23. 23. Career Choices Career choice, skills, education, and training have roles in determining your paycheck. Other factors include getting married and starting a family, which comes with a lot of additional costs. You need to factor your family plans and expenses in to your career choice.  Health insurance becomes critical when you have children.  Retirement benefits will help you and your spouse plan for your “golden years.”  Life and disability insurance will protect your family if anything were to happen to you.
  24. 24. Career Choices Keep in mind how pay can change based on the following things:  changing jobs  taking a break from working  moving up in a company  experience or training in a job  location of the job  cost of living
  25. 25. Rank the career factorsaccording to which are the mostimportant to you whenyou choose a job or career?
  26. 26. Vocabulary Job  Provides you with the basics – cash and something to do to earn it. Career  Chosen occupation – provides challenges, opportunities for advancement, and real satisfaction with what you do. Entrepreneur  A person who starts their own business because they can make a better product or provide a better service than what existing companies can do or provide.

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