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Unit 1CareerDecisionsCHAPTERS

1 Choosing Your Career

2 Planning Your Career

3 Getting the Job

4 Adapting to Work

5 Work Laws andResponsibilities

CASE: Coretta Scott King

PROJECT: Career Development

2

Copyright 2010 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part.

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Unit 1 prepares you to make career plans and todevelop the tools you‘ll need to get and keeptemporary, part-time, or full-time employment,now and in the future. Wise career decisions are akey part of financial success.

The chapters in this unit explore career optionsand ways to cope with market changes that willaffect your job choices. You will learn why people

work, how to begin career planning, and whereto find up-to-date information. You also will findout how to compete successfully in the job appli-cation and interviewing processes. Finally, you willlearn how to adapt to a changing work environ-ment, reinvent yourself as necessary, and stayemployable—important life skills that will helpyou meet your future goals.

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Chapter 1Choosing YourCareer

1.1 Jobs and Careers

1.2 Coping with Change and Reinventing Yourself

Consider THIS

“To be truly happy in what you do for a living, there are three basicrequirements: You must be good at what you do, it must come easily foryou, and you must enjoy it. And for those going into a caring profession,a fourth requirement: You must care!”

—Unknown

Rafael was a junior in high school who worked every afternoon sorting anddelivering packages. He didn’t like going to work and was always complainingabout his job. His friends told him it was because he wasn’t paid enoughmoney. But Rafael knew that there was more to it. He was bored with thework itself, and he found himself dreading going to work. To keep himselfmotivated, he would remind himself that the job was just part time, afterschool, to earn spending money—it wasn’t permanent.

“When I choose my career, I’ll be sure to pick something that I enjoydoing so I can look forward to going to work,” he told himself. Now Rafaelmust begin the process of planning his future career.

4 Unit 1 Career Decisions



1.1

Jobs and CareersGOALS

n Discuss career and job trends, anddescribe sources of jobinformation.

n Complete a job analysis, listingpositive and negative features ofpotential career choices.

TERM

S

n job analysis, p. 9n salary, p. 10n benefits, p. 10n promotion, p. 10

n employee expenses, p. 11n work characteristics, p. 11n entrepreneur, p. 11

CAREERS OF THE FUTURE

Work enables you to earn a living. It provides money to buy food, clothing,shelter, and other important things, such as education and medical care.Your career path will likely look much different from that of your parents.New products and services, together with an expanding global economy andrapidly changing technology, have created new and challenging pathways forcareer development. Career-oriented people will need toretrain, upgrade, and reinvent themselves many timesduring their working lives. Today’s technology opens upmany options. More and more people are finding itpossible to work from home while interacting with col-leagues in other countries. Many choose the excitingpath of self-employment.Technology creates better and faster ways of getting

things done. In today’s global economy, businesses seekways to improve quality, increase output, and lowercosts. To stay in business, companies must offer prod-ucts that meet diverse and changing needs of customersnear and far. The Internet has opened worldwide mar-kets, and it has also created global competition forbusinesses of all sizes. Employers today look differentfrom the past as they explore diverse ways to meetchanging demand. For example, many companies existonly in cyberspace and have no brick-and-mortarbuilding. Others specialize in efficiently providing tocompanies the services that were traditionally done byinside employees. No matter what career path youchoose, technology and the world economy will affectthe way you work. They will also affect your job choicesand how you must prepare for your future.

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Why is it likely that you will retrain, upgrade, andreinvent yourself many times during your working life?

Chapter 1 Choosing Your Career 5



MAJOR OCCUPATIONAL GROUPSMany of today’s growing occupations focus on the collection, use, and distri-

bution of information. Computers and the Internet are key tools for gathering,transmitting, and storing data. The skills required to succeed in today’s jobschange rapidly.

One of the highest paying career groups iscalled professional, where being knowledgeableis a key job skill. For professionals (such aslawyers, economists, and teachers), much ofthe job involves creating, processing, storing,retrieving, and transmitting information. Astechnology continues to evolve, new profes-sional careers will emerge. Consider howmedical records have changed from the hard-copy file system to an electronic distribution ofdata. Today, your medical information cantravel around the world with the click of amouse. A technician in India can read the CT-scan just taken at a clinic in your hometown.Service jobs are a large and increasing sector ofthe market. They also are dominated bytechnology and information needs that deter-mine what will be produced and how it willbe made available. Service employees usehighly sophisticated information storage andretrieval devices, from point-of-sale computersto optical scanners for inventory managementand customer databases.This extraordinary transformation of occupa-tions has been variously labeled the “electronicera,” “global village,” “technological revolution,”

and “information age.” All of these terms refer to technology and the rapidincrease of knowledge that affect virtually all career choices today.

JOB TITLES AND DESCRIPTIONSCareful research into descriptions of potential careers will help you make

good career choices. Several U.S. government publications, available onlineand in most libraries, provide detailed job descriptions:

n Dictionary of Occupational Titles (DOT), available online as O*NET(http://online.onetcenter.org)

n Occupational Outlook Handbook (OOH) (http://www.bls.gov/oco)n Monthly Labor Review (http://stats.bls.gov/opub/mlr/mlrhome.htm)

O*NET is the DOT in the form of an online searchable database. At theO*NET site, you can search the database in several ways. You can look foroccupations by entering keywords or selecting from a list of job families. Or,you can enter your skills into a checklist to search for occupations that matchthe skills you have. Figure 1.1 shows a portion of the “Tasks” in an O*NETjob summary. As you can see, O*NET also provides links to knowledge, skills,and other information about this job.

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Why are service jobs increasing while manufacturing jobsare disappearing?




The Occupational Outlook Handbook provides in-depth job descriptions andinformation about job opportunities nationwide. It gives job descriptions ineleven categories (2008-09), as follows:

n Managementn Professionaln Servicen Salesn Administrativen Farming

n Constructionn Installationn Productionn Transportationn Armed Forces

Additional statistics and graphic information are available in the MonthlyLabor Review. Articles in this publication provide current information aboutspecific occupation clusters (groups of similar occupations) across the nation.You can continue your research with the subject headings in your library’s

catalog, as well as magazine indexes such as the Business Periodicals Index andthe Readers’ Guide to Periodical Literature. Libraries typically provide Internetaccess and online research assistance. Online career sites, such as Monster(www.monster.com), provide career advice and information about differentjobs.

FIGURE 1.1 O*NET Job Description

Source: Excerpted from O*NET Online, U.S. Department of Labor, Dictionary of Occupational Titles, 5th Edition, http://online.onetcenter.

org/link/summary/21-1014.00, accessed June 3, 2008.




Figure 1.2 illustrates the kinds of information you will find in the OOH. TheOOH is very helpful in conducting industry- or career-specific research.

FIGURE 1.2 Portions of a 2008–09 Occupational Outlook Handbook Job Description

Counselors

Significant Points• A master’s degree is required to become alicensed counselor.

• Job opportunities should be very good becausejobopenings are expected to exceed thenumberof graduates from counseling programs.

• The health care and social assistance fields em-ploy about 47 percent of counselors; state andlocal governments employ about 11 percent.

Nature of the WorkCounselors assist people with personal, family,educational, mental health, and career pro-blems. Their duties vary greatly dependingon their occupational specialty. For example,educational or school counselors providecareer and academic advising. Marriage andfamily therapists help families prevent familycrises through enhancing communication andunderstanding among family members.

Work EnvironmentWork environment can vary widely dependingon occupational specialty. School counselorswork in schools where they usually have anoffice. Other counselors may work in a privatepractice, community health organization, orhospital. Many work in an office where theysee clients throughout the day.

EmploymentCounselors held about 635,000 jobs in 2006.About 260,000 were school counselors,141,000 were rehabilitation counselors, and100,000 were mental health counselors.

Licensure and Other RequirementsSome states require licensure; school counselorsusually must have a state school counselingcertification. Requirements for licensure often

include a master’s degree and 3,000 or morehours of supervised clinical experience. Peopleinterested in counseling should have a strongdesire to help others and the ability to inspirerespect, trust, and confidence. They shouldwork well independently or on a team.

Job OutlookOverall employment in counseling is expectedto increase by 21% between 2006 and 2016,which is much faster than the average for alloccupations. Employment for school counse-lors is expected to grow at 13%, which is aboutas fast as all occupations. Employment forsubstance abuse and mental health counselorsis expected to grow by 34%, which is muchfaster than all occupations. Other types ofcounselors can expect growth from 23–30%in areas of mental health, rehabilitation, andmarriage and family therapists.

EarningsMedian annual earnings of full-time schoolcounselors were about $47,530. Median annualearnings in the other areas of counseling for2006 were as follows:

Substance abuse counselors ...... $34,040Mental health counselors........... 34,380Rehabilitation counselors .......... 29,200Marriage and familytherapists .................................. 43,210Self-employed therapists andcounselors ................................ Highest

OOH ONET Codes21–1011.00, 21–1012.00, 21–1013.00,21–1014.00, 21–1015.00, 21–1019.99

Source: Abridged from the U.S. Department of Labor,

Occupational Outlook Handbook, 2008–09 Edition, Counselors,

on the Internet at http://www.bls.gov/oco/ocos067.htm

(visited April 10, 2008).




JOB ANALYSIS

A job analysis is an evaluation of the positive and negative attributes of agiven type of work. An example of a job analysis form is shown in Figure 1.3.A job analysis can help you identify types of work that would be a good fit foryou. Gaining the skills you need for a career costs money. You may have toattend college or a training program. By taking the time now to identify acareer that is right for you, you won’t have to spend additional money later tochange direction.Preparing for your chosen career is worth the cost. The salary you will earn

depends on your skills, experience, and education. These factors are underyour control. You must be willing to obtain the training and needed skills to besuccessful on the job. Your salary also depends on the supply and demand forworkers in your chosen field. Supply and demand are not constant, but changewith the economy. While you cannot control these factors, you can look for

FIGURE 1.3 Job Analysis Form

JOB ANALYSIS

Job title: ____________________ Beginning salary: __________________

Skills required: __________________________________________________

Education required: _____________________________________________

Experience required: ____________________________________________

Positive Features: Negative Features:

Benefits: Employee expenses:

________________________________ ________________________________

________________________________ ________________________________

________________________________ ________________________________

________________________________ ________________________________

Promotion opportunities: Work requirements:

________________________________ ________________________________

________________________________ ________________________________

________________________________ ________________________________

________________________________ ________________________________

Other considerations*: Other considerations*:

________________________________ ________________________________

________________________________ ________________________________

________________________________ ________________________________

________________________________ ________________________________

*Such as travel, expense accounts, bonuses, working hours, training programs, etc.



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career paths in which demand for workers is expected to grow. You can findout what skills are needed for entry-level work. You also need to plan forupgrading your skills while you are working. How well you are able and willingto do this will affect your income and your job security well into the future.

POSITIVE FEATURES OF EMPLOYMENTYour chosen career will provide you with many positive features. The most

important is usually the salary, which is the amount of monthly or annual paythat you will earn for your labor. You should also consider whether there arescheduled salary increases after a month, six months, or a year. Some com-panies offer frequent evaluations, merit raises, bonuses, and pay schedules thatallow you to advance. Benefits are also important. Benefits are company-provided supplements to salary, such as sick pay, vacation time, profit-sharingplans, and health insurance, as will be discussed in Chapter 6.Another important feature is the opportunity for promotion—the ability to

advance to positions of greater responsibility and higher pay. Promotions give yourecognition for your achievements, provide more challenging work, and oftencome with greater authority and prestige. For example, a retail clerk will want towork for a company in which advancement to store manager is possible.You may also want to consider commuting distance and parking, company

stability in the community, work hours and flexibility, and personnel policies.It’s important to examine all features of a field of work and specific jobs, soyou will have some idea where the career path may lead you. You shouldevaluate both rewards and additional investments you may need to make.These investments can include retraining and upgrading, moving to a newlocation, and advanced education or specialized skill development, such as

VIEW PointsTo cut costs, many businessesare seeking outside help.Insourcing, near-sourcing, and

outsourcing are three ways ofgetting the work done outside

the company that used to be doneby employees. Internal cost centers are

the most likely to be eliminated. Cost centersare departments within companies that do notgenerate profits, but merely provide supportservices. With insourcing, businesses pay forwork to be done by another U.S. company thatprovides a specialized service, such as PayChexor ADP (U.S. companies that provide payrollservices). Insourcing can also be done internallywithin an organization by a stand-alone entity,such as a subcontractor, that specializes in theservice being provided. With near-sourcing,companies pay for work done in countriesclose by, such as Canada or Mexico. With

outsourcing, companies pay for work to bedone in countries far away, such as India orChina. In many cases, American companies arehiring firms outside of the United States tohandle work that inside employees used to do,from managing customer service call centersto manufacturing the products to be sold.Companies argue that they must control costsand provide shareholder value in the form ofhigher profits. Workers argue that goodjobs are being lost to foreign workers andAmericans are unable to find jobs to pay thehigh cost of living in America.

THINK CRIT ICALLY

Do you agree with the claims of each side?What point could you make to support eachside? How do you think this trend will affectyour job prospects in the future?




learning how to use new computer programs, new electronic equipment, andother industry-specific technology.

NEGATIVE FEATURES OF EMPLOYMENTEvery job also has negative features. Try to see these negatives as challenges

that go along with the positive aspects of employment.Employee expenses include any costs of working paid by the employee that

are not reimbursed by the employer. Examples include the costs of parkingand transportation, such as gasoline or bus fare. Other costs include uniformsand the expense of cleaning, maintaining, and replacing them. Although suchexpenses may be tax deductible, they can be very costly and can make the jobless attractive. It is important to carefully balance employee expenses againstbenefits for a prospective job.Work characteristics are the daily activities of the job and the environment

in which they must be performed. They might include working indoors versusoutdoors, working alone versus working on a team, and having a high or lowdegree of stress. Time between breaks, supervisory relationships, time spent ata computer terminal, and company rules and policies are all work character-istics to consider. Because you will do this work for eight or more hours a dayin a full-time job, it is important to match work characteristics to your ownpreferences.

ENTREPRENEURSHIPAn entrepreneur is someone who organizes, manages, and assumes the

ownership risks of a new business. For many people, owning their own businesswould be a dream come true. There are many opportunities for businessownership. You could continue a family business, purchase an existing businessor franchise, or start a new business from scratch. While long hours of work anddedication usually accompany such an undertaking, the rewards can be great.You would get to make the decisions and be your own boss, instead of workingfor someone else. You would feel in control of your own future. And, youwould get to keep the profits.But owning your own business requires a large amount of planning and

consulting, as well as a large investment of money. It’s risky too, sincestatistics show that most new small businesses do not succeed. The two mostcommon reasons for failure are a lack of financing (not enough money to geta good start) and a lack of skills to know how to effectively run a smallbusiness.You can learn more about how to start and run a successful small business

by taking entrepreneurial and business management classes in high school orcommunity college. You can get information and assistance from localbusiness organizations, such as Junior Achievement. Local nonprofitorganizations, such as Small Business Development Centers, can also provideassistance. For example, they can connect you with government-run incu-bator projects that provide reduced-cost space to help you get your businessup and running. These centers are funded through the Small BusinessAdministration (SBA), an agency of the federal government. The SBA website is a valuable resource for new and small businesses. Visit the SBA onlineat www.sba.gov.




Planning a Career in... Transportation

Every time you board an airplane,you are putting your life into thehands of many professional workers,such as air traffic controllers.

The air traffic control system isa complex network of people andmachines. The monitoring of airtraffic is critical to ensure thatairplanes stay a safe distanceapart, whether they are on theground, in the air, landing, ortaking off.

Air traffic controllers directeach plane. A flight plan tells thecontroller when to expect the plane;radar allows tracking of planes.When the path is clear, the control-ler directs the pilot to a runway.Controllers are watching the planes,monitoring runways, delayingdepartures that might interferewith take offs or landings,and directing planes to assignedgates.

Employment Outlookl As fast as average rate of

employment is expected.

Job Titlesl Airport tower controllerl Terminal controllerl Radar controllerl Flight service specialist

Needed Skillsl Must complete FAA-approved

program.

l Must pass pre-employmenttest, physical exam, drugscreening.

l Must have security clearance.

What's it like to work in. . .TransportationMark finished jogging at 6 a.m. andreported for work by 6:30 a.m. Heunderstands the need to have a clearmind to be able to work rapidlyand efficiently and to work underextreme mental stress.

He works the busiest day shift,early morning, when most flightsoriginate. He is able to concentrateand keep track ofmultiple instructionsat the same time. Being responsiblefor the safety of numerous aircraftand their passengers is challenging.

Today the temperature is lowerthan average and Mark needs to doadditional monitoring to be sure thatdeicing is being used when needed.Although he works a 40-hour week,he often is asked to work morehours when other controllers taketime off for various reasons.

What About You?Are you willing to stay in top physicaland mental condition so you canconcentrate and perform criticaltasks? Are you willing to beresponsible for the lives of otherpeople? Would you like to becomean air traffic controller?




1.1

Assessment

KEY TERMS REVIEWMatch the terms with the definitions. Some terms may not be used.

1. Daily activities of the job and theenvironment in which they must beperformed

2. An evaluation of the positive andnegative attributes of a given careerchoice

3. Any costs of working paid by theemployee and not reimbursed bythe employer

4. Advancement to a position ofgreater responsibility and higherpay

5. The amount of monthly or annual pay that you will earn for your labor

6. Someone who assumes the ownership risks of a new business

CHECK YOUR UNDERSTANDING7. How is today’s job market different from what it was 10 or 20 years ago?

How can you prepare for the new and rapidly changing environment?

8. What are some U.S. government publications to help you researchcareers?

9. What are some positive features of employment? What are some negativefeatures?

APPLY YOUR KNOWLEDGE10. Describe a new technology or invention that has been introduced in the

last few years. How has it changed your life? Then describe a technologicaladvance that was considered groundbreaking a few years ago, but thatis obsolete today. As you think of your future career choice, how mightchanges such as these affect you?

THINK CRIT ICALLY

11. How can you start preparing today for your future career? Assess howyour career plans will be different from the career plans of your parents.

12. Does the idea of owning your own small business appeal to you? Why orwhy not?

a. benefits

b. employee expenses

c. entrepreneur

d. job analysis

e. promotion

f. salary

g. work characteristics




1.2

Coping with Change andReinventing Yourself

GOALS n Explain techniques for coping with

change and reinventing yourself.n Discuss the need for job network-ing for long-term career success. T

ERM

S n lifelong learner, p. 14n upgrading, p. 15n retraining, p. 15n advanced degrees, p. 15

n self-assessment inventory,p. 16

n placement centers, p. 16n networks, p. 18

COPING WITH CHANGE

With rapidly advancing technologies, change is certain. You have three optionswhen it comes to change: you can accept it, reject it, or ignore it. If you acceptchange, you can help shape it. If you reject change, you will be run over by it,because progress cannot be stopped. If you ignore change, you will be left behind.By rejecting or ignoring change, you will end up frustrated, unemployed, orboth. By staying informed, becoming a lifelong learner, and taking classes, youcan be aware of changes. By completing a self-assessment, you can make anaction plan that will enable you to cope and reduce the stress of uncertainty.

STAY INFORMEDA variety of resources follow national and international trends, from general

technology to specific industries. Computer magazines or online technologynews sources, such as CNET and WIRED magazine, can keep you informed oftechnological advances. You can read newspapers and magazines in order tokeep up with what is going on in the United States and around the world. Youcan watch the news and pay attention to what’s happening with the economy,with job fields, and with businesses. You can also go to shows, expos, and otherevents that discuss emerging trends and cutting-edge technology. Participateand be active in the changes.

BE A LIFELONG LEARNERThe knowledge and skills required in the workplace change over time. Being

a lifelong learner means actively seeking new knowledge, skills, and experi-ences that will add to your professional and personal growth throughout yourlife. You can join professional associations and service organizations that willkeep you informed of what’s new in specific job areas. You can attendworkshops and seminars to learn about current trends. Attending these eventswill help make you a more knowledgeable and interesting person, as well asincrease your opportunities to interact with others in your profession. Lifelonglearning is essential to your successful career development.




TAKE CLASSESSometimes technology brings change that requires new skills—skills you

cannot learn by yourself. When this happens, it’s time to actively seek newknowledge by taking classes.Upgrading means advancing to a

higher level of skill to increase yourusefulness to an employer. Many jobs,especially those affected by techno-logical improvements, will requireregular upgrading by employees.Retraining involves learning new

and different skills so that anemployee can retain the same level ofemployability. Community collegeand vocational training is geared asmuch to retraining displaced employ-ees as to preparing employees for entry-level positions. There are numeroussources of retraining:

n Many companies offer technicalcourses to retrain their ownemployees. Those who volunteerand are eager to learn will position themselves for advancement.

n Training is available through technical schools, vocational centers, jobplacement services, business colleges, and community colleges. Manyemployers reimburse employees for the cost of classes related to their jobs.

n Training over the Internet (online learning) is becoming increasinglycommon. Employer-sponsored training is often free for employees.

For many careers, applicants will need a college or technical degree and skillsbefore they will be considered for employment.Many young people are staying in college longer before entering the work-

force. Advanced degrees are specialized, intensive programs (taken afterobtaining the first college degree) that prepare students for higher-level workresponsibilities with more challenges and higher pay. An advanced degree mayinclude any of the following:

n Master’s degreen Doctorate in a specialized fieldn Professional degree in medicine, law, engineering, and so on

A master’s degree often requires one year beyond the first college degree. APh.D. may require an additional three years after a master’s degree. It is alsopossible to earn a Ph.D. without first obtaining a master’s degree. This pathusually takes longer (up to five years).

COMPLETE A SELF-ASSESSMENTAs you go through life, your needs and values will change. It is important to

look inward to define what is important to you and then use this knowledgeto plan your future. You should think about what you like doing, what you dowell, and what skills and knowledge you want to enhance.

The Princeton Review Career Quiz helps you match yourinterests and personality with a career that is right foryou. Access school.cengage.com/pfinance/mypf and clickon the link for Chapter 1. Read the overview of the quizand identify the four behavioral dimensions measured bythe test. Then click the link Take the Princeton ReviewCareer Quiz to take the short quiz. What were yourresults? What careers were recommended? Do theresults seem accurate? Why or why not?

www.cengage.com/school/pfinance/mypf




A self-assessment inventory lists your strong and weak points along withplans for improvement as you prepare for a career. As you improve your weakpoints, they become strengths in your inventory.Figure 1.4 is a self-assessment inventory that lists a typical high school student’s

strengths and weaknesses, along with a plan of action. Completing a similarinventory based on your personal characteristics as compared to the requirementsof your desired career area can help you determine areas that need work.You might also ask another person to objectively assess your strengths and weak-

nesses. A different point of view can sometimes help clarify your self-assessment.You can find many self-assessment questionnaires at online career sites or by

searching with the keyword “self-assessment.”Many high schools, colleges, and technical training institutes have placement

centers that offer services related to careers and employment. In addition toassisting with self-assessment inventories, they provide the following services:

n Advice and counseling to help you determine a career direction.n Vocational, interest, and personal testing. You can compare your interestswith those of successful people in various professions. A values clarifica-tion test will help you determine what is important to you both personallyand professionally.

n Notification of job openings and assistance with applying and interviewing.

Private career counselors are listed in The Yellow Pages. They offer their servicesfor an hourly or fixed fee. A less expensive approach is to do your own research,using the sources listed in this chapter as well as in The American Almanac of Jobsand Salaries. This book evaluates job opportunities in many career fields and

FIGURE 1.4 Self-Assessment Inventory

Strengths Weaknesses Plan of Action

Education:High school diploma,

including business

courses

Education:Weak in basic math

skills; need to learn

more software

packages such as Excel

Take extra classes in

algebra; learn Excel

and other software

Experience:Internship in office—

part-time summer job as

administrative assistant;

volunteer at church

Experience:Need experience

using database

programs

Look for part-time job

that involves using

database applica-

tions; take an online

course in Access

Aptitudes and Abilities:Good hand-eye

coordination; work

well with people

Aptitudes and Abilities:Poor public speaker

Practice speaking in

small groups; lead

a class at church;

attend more social

functions

Appearance:Neat and clean

Appearance:Wardrobe needs

more professional

work clothes

Start buying clothes

that are appropriate

for work




gives a full range of salaries for positions and levels. You can do industry researchand look into major job categories (service, professional, and so on).Specific company research will help

you determine which companies canoffer you the best career opportunities.

n Check your library for sourcessuch as Standard & Poor’s Regis-ter of Corporations, Directors, andExecutives—United States andCanada or The 100 Best Compa-nies to Work for in America. Inthese publications, you can readabout major American companiesand why they are successful.

n Visit company web sites and readeach company’s description ofitself. Check out the company’sonline job postings and read therequirements of positions thatinterest you.

n Do field research. Talk to peopleworking in careers that interestyou. These informal discussionsmay reveal positive and negativefeatures of a career that youmight not have anticipated.

n Talk to friends and relatives whohave or are working in positionsthat interest you.

All this information is crucial indetermining your needs and matchingthem to an appropriate career.

CHANGING CAREER OPPORTUNITIES

Career planning is a process that never ends. Your first career may not bepermanent, even if you want it to be. All occupations, all types of businesses,and all career fields are subject to rapid and often unpredictable change. Tounderstand how the job market will be affected, let’s examine some of themajor trends sweeping the country and the world.

LONG-TERM SUSTAINABILITYBusinesses must continually reinvent themselves to meet changing market

needs. Individuals also must develop long-term plans to protect themselvesfrom the effects of rapidly changing technology. You must embrace changeand adapt to it. Your career plans should span several decades and be broad,diversified, and open to future opportunities and challenges. When you planfor changes and reinvent yourself, you will continue to be of value in thechanging workplace.

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How could a self-assessment inventory help you prepare for changein your career and work life?




A WORLD ECONOMYWe are part of a worldwide, interdependent economy. The Internet has

opened the world market to companies of all sizes. To survive, Americancompanies must find ways to compete successfully with businesses around theworld. Competition will likely intensify for new markets in developing

countries. Developing countries arenations that currently have littleindustry and a low standard of liv-ing. These places represent oppor-tunities for international businessesto invest.The 20 fastest-growing econo-

mies of the 21st century are allin developing nations, includingthe oil-exporting countries, SouthKorea, India, Singapore, theDominican Republic, Taiwan,Mexico, and Brazil.NAFTA (the North American

Free Trade Agreement) hasopened doors for American busi-nesses to move their productionfacilities to Mexico and Canadaand to hire their workers. This hascaused the loss of thousands ofU.S. jobs. But it isn’t all bad news.Economists expect that in thefuture, because citizens in thesecountries have increased purchas-ing power, they will be able to buyour products, broadening themarket for American goods.

Should we try to recapture our role as leader of a modern IndustrialRevolution? Many experts say no. Instead, we should adapt and move forwardin the area in which we are the leader—information—as we develop newtechnologies, jobs, and products for the future.

NETWORKINGNetworking is an effective way to obtain useful information. Networks are

informal groups of people with common interests who interact for mutualassistance. Networking includes making phone calls, sharing lunch, and cre-ating opportunities to share ideas with your group of acquaintances. To getinto and advance in a career, you will need to establish a network of contacts—people you know who have information you need. Through networking, youcan get inside information without being an “insider.”You can begin now to create your network by making a master list of people

you know through your parents, school and business acquaintances, andpersonal friends and associates. By communicating within your network, youwill learn how to prepare for a job, where job openings exist, and how topursue them.

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Our nation is part of a worldwide, interdependent economy. How doesthis affect the U.S. job market? How will it affect your future job?




ISSUES IN YOUR WORLD

BEING A LIFELONG LEARNERGraduating from high school or its equivalent is a major milestone. It is the first steptoward securing your financial future. You may choose additional or specializedtraining, an apprenticeship program, an associate’s degree, a bachelor’s degree, orbeyond. Regardless of the highest level of formal education you attain, your oppor-tunities for learning will continue throughout your life.

Lifelong learning is a commitment to professional and personal growth. It involvesgaining new knowledge, skills, and experiences. Upgrading your skills will do thefollowing:

n Keep you marketable, both in your current job and in future jobs.n Enhance your resume, showing you are interested and actively pursuing new

skills, talents, or enrichment.n Empower you to change direction when you feel it is time to move on, try new

things, or pursue a different path.n Open new opportunities for growth and fulfillment.

Your choices are virtually unlimited! You can learn a new hobby, improve andmaintain your health, polish your leadership skills, discover new opportunities youwould never have considered, meet new people who will become your friends, or getinvolved in community service. Lifelong learning will provide you with a versatility thatwill allow you to explore new directions, discover hidden talents and interests, andenrich your life.

Lifelong learning will keep you active—mentally as well as physically—as you find newpaths to explore and add to your base of knowledge. When times change, you’ll beready!

THINK CRIT ICALLY

1. Is there something you’d like to explore that is not your major career objective,such as playing an instrument, learning a new sport, making something, orlearning a new skill?

2. How has lifelong learning been a significant part of the life of someone youknow?

3. Why would a prospective employer be impressed with an applicant who wasinvolved in community activities?




1.2

Assessment

KEY TERMS REVIEWMatch the terms with the definitions. Some terms may not be used.

1. Informal groups of people withcommon interests who interact formutual assistance

2. A list of your strong and weak pointsalong with plans for improvement

3. Organizations that offer servicesrelated to careers and employment

4. Specialized, intensive programs thatprepare students for higher-levelwork responsibilities

5. Advancing to a higher level of skill toincrease your usefulness

6. Learning new and different skills to retain the same level ofemployability

CHECK YOUR UNDERSTANDING7. What steps can you take today, and as you go through life, to deal with

change and reduce uncertainty in your career?

8. What is meant by a world economy that is based on interdependence?How can we benefit if our country loses jobs to developing countries withcheaper labor?

APPLY YOUR KNOWLEDGE9. Describe a business that you have observed making changes over the years

to meet the changing needs and wants of consumers. (Hint: Look at howMcDonald’s has changed.) How might you reinvent yourself to meetchanging demands in the workplace?

THINK CRIT ICALLY

10. Explain the concept of a one-world economy. How has it affected you andyour family?

11. Do you have friends, business associates, employers and coworkers, andothers who act as your information network? What have you done, andwhat can you do in the future, to expand your network?

a. advanced degrees

b. lifelong learner

c. networks

d. placement centers

e. retraining

f. self-assessmentinventory

g. upgrading




1

Chapter Assessment

SUMMARY

1.1n Careers of the future will be based on technology and information man-

agement and will change rapidly in regards to requirements and skills.

n Service jobs will grow, while manufacturing and cost center jobs will beinsourced, near-sourced, and outsourced.

n Sources of job information include the DOT, O*NET, OOH, and MonthlyLabor Review.

n A job analysis can help you identify types of work that would be a good fitfor you.

n When making job and career choices, evaluate the positive features, suchas salary, benefits, and opportunities for promotion.

n When making job and career choices, also consider the negative features,such as employee expenses and work characteristics that do not matchyour preferences.

n You may aspire to be an entrepreneur because of the many advantages ofbeing your own boss, but running your own small business is also veryrisky.

1.2n You can stay informed of current trends by reading widely, watching the

news, and attending shows, expos, and other events.

n You can be a lifelong learner by joining professional associations andservice organizations that will keep you informed of what’s new in specificjob areas and provide learning opportunities.

n Lifelong learning involves taking classes as a means of upgrading,retraining, and obtaining advanced degrees.

n Completing a self-assessment inventory can help you to pinpoint yourstrengths and weaknesses and to plan a long-term strategy.

n Placement centers, online career sites, and private career counselors canprovide tools to help you determine a career direction.

n You should recognize the dynamics of a worldwide, interdependenteconomy and take steps to stay competitive and reinvent yourself on anongoing basis.

n To help achieve your career goals, you should develop a network ofcontacts with which you share interests and interact for mutual assistance.




APPLY WHAT YOU KNOW

1. What is the focus of most jobs and careers in the United States today,from professionals to service employees?

2. What are some of the highest-paying career groups today? How do youprepare for these types of jobs?

3. List three publications of the U.S. government that will assist you withcareer choices. Access one of them online and print out a job descriptionthat interests you.

4. Describe the types of information listed in a job analysis. Prepare a jobanalysis based on a part-time job that you are considering.

5. List some negative features you have observed in the jobs of your parentsand others. Then list some positive features of the same jobs, notincluding the paycheck.

6. What can a person do about change? List three ways you can cope withand be successful in preparing for career moves based on change.

7. Based on three potential career choices that interest you, how mucheducation and specialized training will you need to achieve?

8. Do online research to discover the current employment picture in theUnited States, along with rates of insourcing, near-sourcing, andoutsourcing. Explain how the results of your research will affect yourcurrent and future job choices and your career planning.

MAKE ACADEMIC CONNECTIONS

9. Research Look up three career choices in the Dictionary of OccupationalTitles. Summarize your findings in one paragraph about each choice.Look up the same three occupations in the Occupational OutlookHandbook and add a second paragraph about each. If you have Internetaccess, use the online versions of these publications.

10. Economics Write a one-page essay on interdependence, comparativeadvantage, and absolute advantage. Explain why, in terms of scarce anddiminishing world resources, nations should focus on producing thosethings they can do most efficiently. Connect your research to our studyof jobs being near-sourced and outsourced to other countries.

11. Communication Review recent newspaper and business magazinearticles about the U.S. economy and what’s happening in the job market.Are businesses hiring, holding steady, or laying off workers? What arethe reasons given? What career fields are growing? Shrinking? Explainhow this type of information will affect your job and career choices andyour career planning, now and in the future.

12. International Studies Identify three countries that are receiving largeamounts of near-sourced or outsourced work from the United States. In aone-page report, explain the impact on their economies (jobs for theirworkers) and standards of living. Use Internet sources and be sure toproperly cite them.




SOLVE PROBLEMS AND

EXPLORE ISSUES

13. Visit the Monthly Labor Review Online at the following web address:http://www.bls.gov/opub/mlr/welcome.htm. Click on the Index link tofind published articles since 1981. Choose the most recent year, and lookup an article or report that discusses earnings and wages, economicgrowth, or job earnings based on education level. Write a one-pagereport on your findings.

14. Complete a job analysis, using Figure 1.3 as a guide, for three differentoccupations. To get this information, consult resources listed in thischapter or interview persons who work in these fields. List your source(s)of information on the job analysis form.

15. In writing, explain to a friend why it is necessary to be aware of whatis happening technologically in the world. Give suggestions as to whatshe or he can do to keep up with changes.

16. Choose a large company for which you believe you would like to workin the future. Do some research to learn more about the company.(Suggestions: Check Standard & Poor’s The 100 Best Companies to Workfor in America. Also, access the company’s web site and read thecompany’s description of itself.) Summarize your findings in one ortwo paragraphs.

17. Develop a networking plan—a list of all your possible communicationsources—and add to it each time you make a new contact. List contactsyou plan to set up, people you would like to meet, and places you wouldlike to visit.

18. Choose three career choices that might interest you, each from adifferent career field. Use print or online resources to find typical salariesfor each career. Write a paragraph explaining possible reasons salariesdiffer among these career choices.

EXTEND YOUR LEARNING

19. Ethics Networking involves making contacts and forming a group ofpeople who mutually benefit and help each other. When you makecontacts with people for the sole purpose of getting something butgiving nothing in return, are you taking advantage of them? Networksprovide valuable support and assistance, but when a person becomeslabeled as a “user” (person who takes but never gives), the networkcontacts may refuse to lend a hand. Explain why it is important to bea contributing member of your network and not simply a user, or aperson who benefits but does not contribute.

For related activities and links, go to www.cengage.com/school/pfinance/mypf



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