Atkinson Personal Finance Chapter 2

Career Paths and Advancement

A commitment to a profession that requires continued training and offers a clear path for occupational growth.

Functional Resume

A resume suggested for people with diverse skills and time gaps in their experience. This format emphasizes abilities and skills in categories such as communication, supervision, project planning, human relations, and research. Each section provides information about experiences and qualifications. This type of resume is appropriate when changing careers or if your recent experiences are not directly related to the position for which you are applying

Targeted Resume

A resume that is designed for a specific job and highlights the capabilities and experiences most appropriate to the available positions. The format is usually similar to the chronological or functional along with a very specific career objective.

Chronological Resume

A resume that presents your education, work experience, and other information in a reverse time sequence (the most recent item first). Many people find it to be the best vehicle for presenting their career qualifications.

3. ECONOMIC CONDITIONS

High interest rates, price increases, or decreased global demand for goods and services can affect career opportunities. For example, high interest rates reduce employment in housing-related industries, since people are less likely to buy homes when interest rates are high.

1. APTITUDES

Natural abilities that people possess. The ability to work well with numbers, problem-solving skills, and physical dexterity are examples of aptitudes.

Training Opportunities

Opportunities to learn a new skill usually while on the job. This could include reading and discussing with colleagues and informal meetings with co-workers.

Career Portfolio

Provides tangible evidence of your experience and competencies. Using a print or digital format, you might include a resume, cover letter, answers to sample interview questions, letters of recommendation. In addition, research reports, presentations, creative works, and published articles for class projects or school activities that can effectively communicate your abilities.

SOCIAL INFLUENCES

Various demographic (age, race, economic status) and geographic trends influence employment opportunities. For example; continuing growth in the number of single and working parents expands the demand for food service and child care. As people live longer, the demand for travel services, health care, and retirement facilities increases. In considering geographic areas, be sure to assess salary levels. Average incomes are high in bigger cities; however, the prices of food, housing and other living expenses are also high.

Informational Interview

A company visit or meeting at which one gathers information about a career or an organization.

Cafeteria-Style Employee Benefits

Employee benefit programs that allow workers to base their job benefits on a credit system and personal needs

Social Resume

Involves posting your resume on-line to LinkedIn, Twitter, Pinterest, or other social media networks to communicate your career competencies.

5. EMPLOYMENT SEARCH STRATEGIES

Part-time employment, volunteer work, internships, campus projects, networking, library, media, online sources, guidance counselors, employment agencies.

Networking

The process of making and using contacts for obtaining and updating career information.

Market Value

The specific monetary value of employee benefits—the cost of the benefits if you had to pay for them. For example the value of one week's vacation as 1/52 of your annual salary, or you may view the value of a life insurance benefit as it would cost you to obtain the same coverage. Use this method to determine the difference between two job offers The specific monetary value of employee benefits—the cost of the benefits if you had to pay for them. For example the value of one week's vacation as 1/52 of your annual salary, or you may view the value of a life insurance benefit as it would cost you to obtain the same coverage. Use this method to determine the difference between two job offers with different salaries and employee benefits.

4. INDUSTRY TRENDS

While career opportunities have dwindled in some sectors of the economy, opportunities in other sectors have grown. Service industries that are expected to continue to have the greatest employment potential include: Information technology, health care, medical technology, environmental services, business services, social services, sales and retailing, hospitality and food services, management and human resources, education, financial services

Future Value

Enables you to assess the long-term worth of employee benefits such as pension programs and retirement plans. For example, you can compare the future value of payments contributed to a company retirement fund to that of other saving and investment options.

Employment Rights

For example, an employer cannot refuse to hire a woman or terminate her employment because of pregnancy, nor can it force her to go on leave at an arbitrary point during her pregnancy. You cannot be discriminated against in the employment selection process on the basis of age, race, color, religion, sex, marital status, national origin, mental or physical disabilities, or sexual orientation. Minimum-wage and overtime pay legislation apply to individual in certain work settings. Worker's compensation (for work-related injury or illness), Social Security, and unemployment insurance are required benefits.

Targeted Application Letter

A letter describing specific experiences and accomplishments, can be used in some situations. After researching a position and the organization, communicate how your specific skills will benefit the organization. Within your letter or email, present a bulleted list with short descriptions of your specific experiences that relate to the available position.

Cover Letter

A letter that accompanies a resume and is designed to express interest in a job and obtain an interview

Changing Careers

A life decision when you want a different career. Usually from low motivation toward your current work, physical or emotional distress, poor performance evaluations, lack of social interactions with co-workers, limited opportunity for salary or advancement, and poor relationship with your supervisor.

Resume

A summary of a person's education, training, experience, and other job qualifications.

Tax-Deferred

A tax-deferred benefit is one that requires the payment of income tax at some future time, such as at retirement. When assessing employment compensation and benefits, consider their taxability, since an untaxed benefit of lower value may be worth more than a benefit of high value that is subject to taxation.

Tax-Exempt

A tax-exempt benefit is one on which you won't have to pay income tax.

Mentor

An experienced employee who serves as a teacher and counselor for a less experienced person in

Screening Interview

An initial, usually brief, meeting with applicants that reduces the pool of job candidates. Processed on the basis of overall impression and a few general questions.

Behaviorial Interview

An interview used to better evaluate an applicant's on-the-job potential. In these situations, prospective employees are asked how they might handle various work situations. Typically begin with "describe" or "tell me about...." To encourage interviewees to better explain their work style.

Selection Interview

An interview which is reserved for the finalists in the job search, may involve a series of activities, including responses to questions, meetings with several people on the staff, and a seminar presentation.

Opportunity Costs

Selecting an alternative means you give up something else. For example; spending money or current living expenses reduces the amount you can use for saving and investing for long-term financial security, savings and investing for the future reduce the amount you can spend now, buying on credit results in payments later and reduces the amount of future income available for spending, using savings for purchases results in lost interest earnings and an inability to use savings for other purposes, comparison shopping can save you money and improve the quality of your purchases but uses up something of value you cannot replace: your time.

Job Creation

The development of an employment position that matches your skills with the needs of an organization.