FIN 3140 Ch 2
The (3) main sources of networking include:
1. Community Organizations 2. Professional Associations 3. Business Contacts
Two methods used to assess the monetary value of employee benefits are: 1. 2
1. Market Value Calculations 2. Future Value Calculations
Workforce Readiness may be viewed in two main categories:
1. Technical Skills 2. General Skills
_____% of professionals find jobs through personal contacts and networking, while _____% find them through job ads
70%; 15%
Job Vs Career
Job- an employment position to earn money but without regard for interests or opportunities for advancement Career- commitment to a profession that requires continued training and offers a clear path for occupational growth
Informational Interview
a meeting at which you gather information about a career or an organization
Flexible Employee Benefits Programs
allow workers to base their job benefits on a credit system and personal needs
Future Value Calculations
allow you to assess the long-term worth of employee benefits, such as a retirement plan
Flexible Spending Plans (also called expense reimbursement accounts)
allow you to set aside part of your salary for paying medical or dependent care expenses these funds are not subject to income or social security taxes money not used for these specified purposes are forfeited
Medical Spending Account (Archer MSA) or a health savings account (HAS
allows paying healthcare costs with pretax dollars Money in this account can be used for other purposes but the amount is taxed (along with a tax penalty based on age and health condition)
Market Value Calculations
determine the specific monetary value of employee benefits aka- the cost of benefits if you had to pay them
Vesting refers only to the ________'s pension contributions
employer's
Interest
inventories determine the activities that give you satisfaction
Aptitudes
natural abilities that people possess
A tax-exempt benefit
one you don't pay income tax on
You should try to use __________ questions in an informational interview
open-ended
Career planning is enhanced by ______
relevant information
Technical Skills
specialized career training refers to technical skills for a specific profession
Employability Skills (also called transferable skills)
the basic capabilities necessary for obtaining, maintaining, and advancing in a work situation
The Work Environment
the corporate culture refers to management styles, work intensity, dress codes, and social interactions within an organization
The skills gap
the difference between skills needed by employers and the skills possessed by applicants
Vesting
the point at which retirement payments made by the organization on your behalf belong to you even if you no longer work for the organization
Networking
the process of making and using contacts to obtain and update career information
General Skills
traits adaptable to most work situations, sometimes called social intelligence
A common concern among people seeking employment is a lack of ____
work experience
A tax-deferred benefit
you pay income tax at some future time