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2 Career Planning

YOU MUST BE KIDDING, RIGHT?

Alberto Duarte is contemplating going to graduate school at night for a master's degree so he can advance his career and earn more than his current $64,000 salary income. He is a sales account manager for a health care organization, and he has a small business maintaining aquariums for medical offices and other small offices. How much more income can Alberto expect over an anticipated 40-year career if he obtains the advanced degree?

A. $100,000

B. $300,000

C. $600,000

D. $900,000

The answer is C, $600,000. Over a 40-year working career, a person with a postgraduate degree can expect to earn more than $3 million, and this is about $600,000 more than a person with a bachelor's degree will earn. Getting an advanced degree is no guarantee of additional income, but the likelihood of such a reality is high!

LEARNING OBJECTIVES

After reading this chapter, you should be able to:

Identify the key steps in successful career planning.

Analyze the financial and legal aspects of employment.

Practice effective employment search strategies.

WHAT DO YOU RECOMMEND?

Nicole Linkletter, age 21, expects to graduate next spring with a bachelor's degree in business administration. Nicole's grades are mostly As and Bs, and she has worked part time throughout her college career. Nicole is vice president of the Student Marketing Association on her campus. She would like to work in management or marketing for a medium- to large-size employer. Because she loves the outdoors, Nicole thinks she would prefer a job in the Northwest, perhaps in northern California, Oregon, or Washington.

What would you recommend to Nicole on the importance of career planning regarding:

1. Clarifying her values and lifestyle trade-offs?

2. Enhancing her career-related experiences before graduation?

3. Creating career plans and goals?

4. Understanding her work-style personality?

5. Identifying job opportunities?

You can control much of your financial future with effective career planning. A career is the lifework chosen by a person using his or her personal talent, education, and training. Career planning can help you identify an employment pathway that aligns your interests and abilities with the tasks and responsibilities expected by employers. Career planning has always been important, but with today's level of unemployment and slow economy, it is absolutely crucial. You must plan your career because failure awaits those who do not.

career The lifework chosen by a person to use personal talent, education, and training.

career planning Can help you identify an employment pathway that aligns your interests and abilities with the tasks and responsibilities expected by employers over your lifetime.

Your focus should not be simply a “job” but a career. The general progression of one's career will include a number of related jobs. Indeed, the average tenure at a job for U.S. workers is about three years. A career translates into a base of income, employee benefits, additional educational experiences, advancement opportunities, and a secure financial future. Career planning is a high-priority, do-it-yourself project, allowing you to take control of where you are going and how you are going to get there.

2.1 DEVELOPING YOUR CAREER PLAN

LEARNING OBJECTIVE 1

Identify the key steps in successful career planning.

Your career plan provides a strategic guide for your career through short-, medium-, longer-, and long-term goals as well as future education and work-related experiences. You can't advance very far in planning your financial life without also planning a career that will earn you an adequate income. A career that suits you will give you opportunities to display your abilities in jobs you find satisfying while providing balance between work and your personal life.

career plan A strategic guide for your career through short-, medium-, longer-, and long-term goals as well as future education and work-related experiences.

In many parts of the country a slow job market may mean that neither the pay nor the geographic location opportunities for employment are quite what you expect. Realize, too, that the rest of your life will not be determined by your first professional job. No matter what job you choose, consider it a chance to do the required tasks effectively and learn more about yourself and your career field.

Career planning is a continuous process that lasts throughout your life. Every time your life circumstances change, you will likely reconsider your career plan. Figure 2-1 provides an illustration of the steps in career planning.

2.1a Clarify Your Values and Interests

Thinking about and discovering what you want out of life gives you guidance for what to do to lead a satisfying life. Understanding yourself enables you to select a career path that best suits you. This requires understanding your values and interests.

Values are the principles, standards, or qualities considered worthwhile or desirable. Values provide a basis for decisions about how to live, serving as guides we can use to direct our actions. For something to be a value, it must be prized, publicly affirmed, chosen from alternatives, and acted upon repeatedly and consistently. Values are not right or wrong, or true or false; they are personal preferences.

values The principles, standards, or qualities that you consider desirable.

People may place value on family, friends, helping others, religious commitment, honesty, pleasure, good health, material possessions, financial security, and a satisfying career. Examples of conflicting values are family versus satisfying career, privacy versus social networking, and material possessions versus financial security. When you make important decisions, you might be wise to think carefully to clarify your values before taking action. Consider making a list of your ten most important values.

Figure 2-1 Steps in Career Planning

YOUR NEXT FIVE YEARS

In the next five years, you can start achieving financial success by doing the following related to career planning:

1. Continue to enhance your education and professional training.

2. Seek out mentors and sponsors on the job and in other professional settings.

3. Join and be active in the professional associations relevant to your career.

4. Identify your career planning values and live them in your selection of jobs and in your performance at work.

5. Map out your career plan by setting benchmarks as you move up the career ladder.

Your professional interests are topics and activities about which you have feelings of curiosity or concern. Interests engage or arouse your attention. They reflect what you like to do. Interests, including occupational interests, are likely to vary over time.

professional interests Long-standing topics and activities that engage your attention.

You might consider making a list of your top ten interests. On that list will probably be some things you enjoy but have not done recently. Because of conflicting interests and alternative claims on your time, you cannot pursue all your interests. It is important in career planning to evaluate your interests; if you plan your career with your interests in mind, you will increase the likelihood of career satisfaction.

Interest inventories are measures that assist people in assessing and profiling the interests and activities that give them satisfaction. They compare how your interests are similar or dissimilar to the interests of people successfully employed in various occupations. The theory behind these interest inventories is that individuals with similar interests are often attracted to the same kind of work. These inventories can help you identify possible career goals that match your strongest personal interests.

interest inventories Scaled surveys that assess career interests and activities.

The Strong Interest Inventory assessment is considered by many to be the gold standard of career exploration tools. The opportunity to take one or more interest inventory assessments, usually for free or at a nominal cost, is available at most colleges and state-supported career counseling facilities. These assessments can also be completed online for a fee. (See, for example, www.cpp.com/products/strong/index.aspx.)

2.1b Identify One or More Desired Career Fields

People used to take a single job and remain at the same company until they retired. Now, people often change jobs five to ten times during their working years, about 4.4 years on average. Surveys show that 35 percent of employees change jobs at least every 5 years, 18 percent change between 6 and 10 years, and nearly half stay more than 10 years. In contrast, young adults average six jobs before age 26.

Thinking about a career goal helps you focus on what you want to do for a living. A career goal can be a specific job (e.g., cost accountant, teacher, human resources manager) or a particular field of work (e.g., health care, communications, green engineering). It helps guide you to do the kind of work you want in life rather than drift from job to job. You should focus on a series of jobs that form a career ladder. A career ladder typically describes the progression from entry-level positions to higher levels of pay, skill, responsibility, or authority. Formulating a career goal requires thinking about your interests, skills, and experiences and learning about different careers and employment trends. The process of establishing a career goal motivates you to consider career possibilities that you may not have thought of otherwise.

career goal Identifying what you want to do for a living, whether a specific job or field of employment.

career ladder Describes the progression from entry-level positions to higher levels of pay, skill, responsibility, or authority.

To create a career goal, explore the jobs, careers, and trends in the employment marketplace that fit your interests and skills. Ask people you trust about their careers. Search websites such as those for the Occupational Outlook Handbook (www.bls.gov/ooh/) and the Occupational Outlook Quarterly (www.bls.gov/opub/ooq/home.htm). Research the occupational groups that interest you, median pay, education, and projected growth.

Benefits and Costs When making career choices, you must weigh the benefits against the costs. The benefits could include a big salary, likelihood of personal growth and job advancements, and high job satisfaction. For some, the pluses might include the psychic benefit of a prestigious job with a high income. The costs might include living in a less desirable geographic area and climate, being far from friends and family, sitting at a desk all day, working long hours, and/or doing too much traveling.

Lifestyle Trade-offs A lifestyle trade-off is weighing the demands of particular jobs with your social and cultural preferences. When you consider a career, think about what lifestyle trade-offs are important to you. For example, if access to big-name live entertainment, museums, and artistic activities is important, then working and living in a rural area may not be appropriate. If you like to visit new places, you may choose a career that involves frequent travel or the chance to work overseas.

lifestyle trade-offs Weighing the demands of particular jobs with your social and cultural preferences.

Consider the following lifestyle options in your decision making:

• Urban/rural setting

• Close/far from work

• Own/rent housing

• City/suburban life

• Warm/cold climate

• Constant/variable climate

• Near/far from relatives

DO IT IN CLASS

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2.1c Review Your Abilities, Experiences, and Education

Reviewing your abilities, aptitudes, experiences, education, and work style are key steps in career planning. The purpose is to see how well they match up with your career-related interests.

DECISION-MAKING WORKSHEET

Your Career Field Research

Selecting a career field should be based on solid research. It helps to have a set of questions prepared in advance. Use this worksheet to gather data about one or more career fields and use the results to compare fields against your values and interests. Various sources of data for your research are located throughout this chapter.

Career field

Comments on research results

General nature of work performed

Working conditions such as typical hours, degree of travel required, physical activities, and work locations and surroundings

Educational level, certifications, and training required for an entry-level position

Typical employee benefits provided

Typical career ladder including any geographical relocations that are likely to be required as one advances up the ladder

Educational level, certifications, and training required for career advancement

Earnings initially and as career progresses

Career field outlook in terms of employment growth and likely technological advances

Abilities and Aptitudes Your professional abilities are the qualities that allow you to perform job-related tasks physically, mentally, artistically, mechanically, or financially. Most of us think of ability as a word describing how well we do something, a proficiency, dexterity, or technique, particularly one requiring use of the mind, hands, or body. Other examples of abilities include being skilled in working with people, being able to easily meet the public, and being good at persuading people.

professional abilities Job-related activities that you can perform physically, mentally, artistically, mechanically, and financially.

Employer surveys indicate that the single most important ability needed for career success in the twenty-first century is computer skills. Also very highly ranked are communication skills and honesty/integrity. Consider making a list of your top ten professional abilities.

Aptitudes are the natural abilities and talents that people possess. Aptitudes suggest that you have a tendency or inclination to learn and develop certain skills or abilities. Are you good with numbers? Do you find public speaking easy to do? Do you enjoy solving problems? What are your natural talents? Consider making a list of your top ten aptitudes.

aptitudes The natural abilities and talents that individuals possess.

Experiences Most college graduates have much more going for them than a degree and a string of part-time job experiences. Reviewing your experiences is a step in career planning. Evaluate what you have been doing in your life, including jobs, participation in student organizations and community and church groups, leadership on school projects, volunteer activities, and internships. Hiring managers say college grads need two internships to be competitive.

Those still in college can enhance their job opportunities by learning as much as possible in school, participating in clubs and other student organizations (including volunteering for committees and campus projects), getting involved in a faculty research project, and attending off-campus professional meetings related to their major. Academic advisers can provide suggestions.

Education and Professional Training Going to college is excellent preparation for your career and your life. But college may not have provided you with all the skills and abilities to be successfully employed. A review of your abilities, experiences, and education may suggest you need to seek additional education and professional training.

Know Your Preferred Work-Style Personality Every job requires the worker to function in relation to data, people, and things in differing work environments and corporate cultures. Your work-style personality is a unique set of ways of working with and responding to your job requirements, surroundings, and associates. When making a career selection, you must balance your work-style personality against the demands of the work environment.

work-style personality Your own ways of working with and responding to job requirements, surroundings, and associates.

You can begin by rating each work value as shown in the Decision-Making Worksheet “What Is Your Work-Style Personality?” Put a check mark in the appropriate column in terms of importance in your career. Armed with this information, you can now more clearly decide on careers that are most suitable for you.

Career planning should reflect your lifestyle preferences.

ADVICE FROM A PROFESSIONAL

Competencies of Successful People

People who are successful in their chosen careers, with their finances, and/or in life in general often possess and exhibit certain competencies.

1. Set goals in the various aspects of life and track progress toward attaining goals.

2. Use organizational tools such as making lists as well as using time management techniques.

3. Exhibit integrity.

4. Understand personal motives and behave ethically.

5. Make a quality effort every time.

6. Accept accountability for their decisions and actions.

7. Exhibit good written and oral communication skills.

8. Demonstrate strong computer skills.

9. Remain open to new ideas.

10. Adapt easily to change.

11. Share knowledge to assist and mentor others.

12. Acquire advanced education and technical training.

13. Be a life-long learner.

14. Willingly take on new assignments and capitalize on the new skills learned.

15. Anticipate problems and work proactively to implement solutions.

16. Work well in teams and know when to lead and when to follow.

17. Project an image consistent with organizational values.

18. Understand the operations, structure, and culture of the organization.

19. Are loyal to and supportive of the company and boss.

Caroline S. Fulmer

The University of Alabama

2.1d Take Advantage of Professional and Social Networking

Professional networking is the process of making and using contacts, such as individuals, groups, or institutions, to obtain and exchange information in career planning. Also use social-networking sites, including Facebook, LinkedIn, and Twitter. Spend a few minutes on the site each day making new connections, and keeping your profile up to date. Always send a personal message with all connection requests. Every person you know or meet is a possible useful contact. Don't forget that a single crude quote or photo on a social-networking site could eliminate you from a job interview, therefore, be thoroughly professional at all times.

professional networking Making and using contacts with individuals, groups, and other firms to exchange career information.

Job referrals are critical in professional networking. A job referral is the act of recommending someone to another for possible employment. This helps your résumé get a close look from a hiring manager. When you're referred for a position, and you mention it in your cover letter, you've got a built in recommendation for the job in the first paragraph of your cover letter. It's even better when the person referring you can take a couple of minutes to personally refer you for the job. A referral generally does not include a letter of recommendation. Companies find one-third of new hires through referrals. Thus you must make a conscious effort to use people you know and meet to maximize your job search process. Networking involves utilizing your social contacts, taking advantage of casual meetings, and asking for personal referrals. Most of your contacts will not be able to hire you, but they could refer you to the people who can, or they may be able to give you useful information about a potential employer.

job referral The act recommending someone to another by sending a reference for employment.

Maintain a continually growing list of people who are family, neighbors, friends, college associates, coworkers, previous supervisors, teachers, professors, alumni, business contacts, and others you know through civic and community organizations such as churches and business and social groups. Take note of where your contacts work and what types of jobs they have. Ask these people for 10 to 20 minutes of their time so you can share a copy of your résumé and in an effort to seek information and suggestions from them. Perhaps meet at their workplaces (where you might meet other potential networking contacts), and afterward send them thank-you notes.

DECISION-MAKING WORKSHEET

What Is Your Work-Style Personality?

It would be useful for you to consider a number of work values critical to the process of career selection, particularly in the areas of work conditions, work purposes, and work relationships. Rate how you value the following work values as either very important in your choice of career, somewhat important, or unimportant.

As many as three-quarters of all job openings may never be listed in want ads, so the people in your network become a vital source of information about employment opportunities. For this reason, expanding the number of people in your network is advantageous; some of the people you know will also likely share their networking contacts. Don't forget to keep them informed of your progress and eventual success in obtaining employment.

2.1e Align Yourself with Tomorrow's Employment Trends

What are the trends in employment? The aging U.S. population will create jobs in the service industries of finance, insurance, health care, recreation, and travel. Jobs are gravitating to existing population centers, particularly in warmer climates that have superior transportation systems. Jobs in manufacturing continue to go overseas to Mexico, Asia, Europe, and other countries, with the U.S. job market primarily demanding highly skilled workers in the service industries.

Table 2-1 Projected High-Growth Occupations

Job Title

Employment in 2017

Median Annual Income

Accountants/auditors

1,440,000

$76,000

Advertising promotions managers

77,000

$95,000

Business operations specialists

396,000

$79,000

Child and social workers

324,000

$51,000

Compensation benefits managers

70,000

$100,000

Computer system design

2,100,000

$100,000

Green construction

400,000

$75,000

Home health care services

1,900,000

$70,000

Human resource managers

72,000

$122,000

Industrial engineers

205,000

$98,000

Market research analysts

227,000

$81,000

Marketing managers

228,000

$153,000

Media and communications

46,000

$61,000

Medical/health service managers

305,000

$102,000

Property association managers

454,000

$60,000

Public relations specialists

231,000

$66,000

Sales managers

403,000

$122,000

Retail stores

2,100,000

$60,000

Social networking

400,000

$85,000

Training and development specialists

261,000

$74,000

Sources: Bureau of Labor Statistics, table 15, high-growth occupations, by educational attainment cluster and earnings; authors' income projections to 2017. www.bls.gov/ooh/fastest-growing.htm and www.bls.gov/news.release/ecopro.t05.htm; authors' projections to 2017.

High-demand occupations tend to pay high salaries and offer career advancement opportunities. Majors in engineering can yield starting salaries of $90,000 and above. Accountants, actuaries, nurses, pharmacists, and software engineers are also in high demand and they, too, are highly compensated. Your academic choices should, at least in part, be based upon employment trends. If you have the aptitude, you might pursue a degree in a field that pays well. Table 2-1 shows the projected job opportunities in high-growth occupations in the United States.