Final PDF to printer chapter 2 Financial Aspects of Career Planning R I C A R D , A D R I E N N E 2 4 7 9 T S kap61647_ch02_046-074.indd 46 16/10/13 1:48 PM Final PDF to printer Learning Objectives What will this mean for me? LO2-1 Describe activities associated with career planning and advancement. Financial planning involves spending, saving, and sharing your economic resources. Your ability to obtain these funds will depend on your career planning activities. Preparing for and obtaining work has become an ongoing need as a changing job market creates new opportunities and challenges. Development of a portfolio of career skills and technical competencies will help ensure continuing employment success. LO2-2 Evaluate factors that influence employment opportunities. LO2-3 Implement employment search strategies. LO2-4 Assess financial and legal concerns related to obtaining employment. LO2-5 Analyze techniques available for career growth and advancement. my life e R I C A R D , A D Few decisions in life will affect you to a greater extent than your choice of employment. Your R and the people with whom you associate income, amount of leisure time, travel opportunities, will be greatly influenced by your work situation. I As you start (or expand) your career planningEactivities, consider the following statements. For each, indicate if you “agree,” are “neutral,” or “disagree” related to your current situation N regarding career planning activities. N 1. I understand my personal interests and abilities Ethat could WORK TO LIVE, OR LIVE TO WORK? create a satisfying work life. 2. My actions keep me informed of various factors that influence employment opportunities in our society. 2 3. I have the ability to ask other people questions that provide 4 me with information about career planning activities and employment opportunities. 7 4. Salary would be the important factor for me when 9 accepting an employment position. 5. I sometimes think about what type of employment T situation I would like to have three or five years from now. S Agree Neutral Disagree Agree Neutral Disagree Agree Neutral Disagree Agree Neutral Disagree Agree Neutral Disagree As you study this chapter, you will encounter “My Life” boxes with additional information and resources related to these items. kap61647_ch02_046-074.indd 47 16/10/13 1:48 PM Final PDF to printer 48 Part 1 PLANNING YOUR PERSONAL FINANCES Career Choice Factors LO2-1 Describe activities associated with career planning and advancement. job An employment position obtained mainly to earn money, without regard for interests or opportunities for advancement. career A commitment to a profession that requires continued training and offers a clear path for occupational growth. “Only two days until the weekend.” “Just ten more minutes of sleep!” “Oh no!” “Excellent!” These are some common responses to “It’s time to get up for work.” Have you ever wondered why some people find great satisfaction in their work while others only put in their time? As with other personal financial decisions, career selection and professional growth require planning. The average person changes jobs, or even careers, five or more times during a lifetime. Most likely, therefore, you will reevaluate your choice of a job on a regular basis. The lifework you select is a key to your financial well-being and personal satisfaction. You may select a job, an employment position obtained mainly to earn money. Many people work in one or more jobs during their lives without considering their interests or opportunities for advancement. Or you may select a career, a commitment to a profesR and offers a clear path for occupational growth. sion that requires continued training I TRADE-OFFS OF CAREER DECISIONS C A habits and financial choices, your employment probWhile many factors affect living ably affects daily decisions the Rmost. Your income, business associates, and leisure time are a direct result of the work you do. D choice and professional development alternatives have Like other decisions, career risks and opportunity costs. ,In recent years, many people have placed family and per- sonal fulfillment above monetary reward and professional recognition. Career choices require periodic evaluation of trade-offs related to personal, social, and economic factors. For example: A • Some people select D employment that is challenging and offers strong personal satisfaction rather than employment in which they can make the R most money. I a transfer or a promotion that would require moving • Some people refuse their families toEa new area or reducing leisure time. • Many parents opt N for part-time employment or flexible hours to allow more time with children. N up secure job situations because they prefer to operate • Many people give their own businesses. E CAREER TRAINING AND SKILL DEVELOPMENT 2 Time with family members may be an important influence on career decisions. Your level of formal4training affects financial success. Exhibit 2-1 shows the influence of education 7 on lifetime earnings. The statistics in this exhibit do not mean you will automatically earn a certain amount because you have a college 9 increases your potential earning power and reduces degree. More education your chances of being T unemployed. Other factors, such as field of study, experiences, and the job market, also influence future income. S difference between skills needed by employers and the The skills gap—the skills possessed by applicants—is an ongoing concern. Also missing in many job hunters are employability skills, which refer to the basic capabilities necessary for obtaining, maintaining, and advancing in a work situation. The training you obtain may be viewed in two main categories: 1. Technical skills. Specialized career training refers to technical skills for a specific profession. This training includes competencies in fields such as information technology, accounting, law, engineering, health care, education, real estate, insurance, and law enforcement. kap61647_ch02_046-074.indd 48 16/10/13 1:48 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning Exhibit 2-1 Earning a professional or doctorate degree could be worth over $3.6 million in income over 40 years: Two-year degree Education and income BR - 549 $1.7 million 2 2 Bachelor’s degree 2 B BR - 549 2 BR - 549 2 2 $2.3 million 2 B BR - 549 2 R $2.6 million I C A Professional or doctorate B R $3.6 million degree D , Source: Georgetown University, Center on Education and the Workforce Master’s degree 49 BR - 549 2 2 2 B BR - 549 2 BR - 549 2 2 BR - 549 2 2 A employers, and career 2. General skills. In addition to technical training, managers, counselors stress the importance of traits adaptable to most D work situations, sometimes called social intelligence. While some of these abilities can be acquired in R school, others require experience in work or organizational settings. The general competencies that successful people commonly possessIinclude: • • • • • • • • • • E An ability to work well with others in a variety of settings. Taking initiative to overcome obstacles and meet challenges. N An interest in reading and continuing learning. N A willingness to cope with conflict and adapt to change. E An awareness of accounting, finance, and marketing fundamentals. A knowledge of technology and computer software. 2 An ability to solve problems creatively in team settings. 4 A knowledge of research techniques and resource materials. Effective written and oral communication skills. 7 An understanding of both personal motivations and the 9 motivations of others. These competencies give people flexibility, making it easier T to move from one organization to another and to successfully change career fields. How are you working to S develop these traits? PERSONAL FACTORS You may identify a satisfying career using guidance tests that measure abilities, interests, and personal qualities. Aptitude tests, interest inventories, and other types of career assessment tests are available at school career counseling offices and online. kap61647_ch02_046-074.indd 49 DID YOU KNOW? Prospective workers who are most successful possess technical skills (such as computer use and financial analysis), have the ability to communicate effectively, and work well in team settings. 16/10/13 1:48 PM Final PDF to printer Financial Planning for Life’s Situations DEVELOPING A CAREER ACTION PLAN Your career plan might start with a personal S-W-O-T analysis, in which you identify your: Strengths, which are the skills and experiences that set you apart from others. Next, for one of the following career development activities, describe your plans and actions using the steps below. • Assess your personal and career interests. Weaknesses involve personal areas in need of improvement. • Identify and expand career skills. Opportunities are social, economic, technological, global, and organizational trends for employment. • Apply for a potential employment position. Threats are factors that limit employment opportunities, such as changing technology and global competition. Step 1 Describe your current situation Step 2 Set a specific goal • Obtain required education and career training. R I C A R D , A D R I E N N E Step 3 Identify the time frame for this goal Step 4 List actions to be taken to achieve this goal Aptitudes are natural abilities 2 that people possess. The ability to work well with numbers, problem-solving skills, and physical dexterity are examples of aptitudes. 4 inventories determine the activities that give you satInterest isfaction. 7 These instruments measure qualities related to various types of work. People with strong social tendencies may be best my liffe 1 9 careers that involve dealing with people, while peosuited for ple withTinvestigative interests may be best suited for careers in research areas. I understand my personal interests and abiliTest S results will not tell you which career to pursue. Howties that could create a satisfying work life. ever, these assessments will indicate your aptitudes and interYou might ask people who know you well to ests. Another important dimension of career selection is your point out some of your interests and abilities. personality. Do you perform best in structured or high-pressure This information may be used to start your career situations, or do you prefer unstructured or creative work enviplanning activities using the “Financial Planning ronments? Sample career assessments may be located through an for Life’s Situations: Developing a Career Action Plan” feature. online search for “career interest inventory” and “career interest survey.” 50 kap61647_ch02_046-074.indd 50 16/10/13 1:48 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning 51 Exhibit 2-2 B. Change to different career Stages of career planning and advancement A. Career entry 1 Assess and research personal goals, abilities, and career fields Research the employment market and identify specific employment opportunities C. Change employment within same career field 2 Develop a 6 Plan and implement a program for career development 5 R résumé and Stages cover letter; I apply for of Career available C positions Planning and A Advancement R D , Interview for 3 Evaluate financial and other factors of positions you are offered available positions; assess your interview performance A D R D. Career I advancement E N CAREER DECISION MAKING N Changing personal and social factors will require you to continually assess your work E 4 situation. Exhibit 2-2 provides an approach to career planning, advancement, and career change. As you can see, the different entry points depend on your personal situation. For example, people established in a certain career field may 2 start at point C (Change employment within same career field) or D (Career advancement). 4 Your career goals will also affect how you use this process. If you desire more 7 responsibility on the job, for example, you may obtain advanced training or change career fields. This process is a suggested framework for planning, changing, or advanc9 ing in a career. T S PRACTICE QUIZ 2-1 1 How does a job differ from a career? 2 What opportunity costs are associated with career decisions? 3 What skills would be of value in most employment situations? kap61647_ch02_046-074.indd 51 16/10/13 1:48 PM Final PDF to printer 52 Part 1 PLANNING YOUR PERSONAL FINANCES Career Opportunities: Now and in the Future LO2-2 Evaluate factors that influence employment opportunities. Your job search should start with an assessment of the career choice factors shown in Exhibit 2-3. SOCIAL INFLUENCES Various demographic and geographic trends influence employment opportunities. Demographic trends affecting the job market include the following: • Continuing growth in the number of single and working parents expands the demand for food service and child care. • Increases in leisure time among various segments of the population, resulting in an increased interest in R personal health, physical fitness, technology, and recreational products and services. I • As people live longer, the demand for travel services, health care, and retirement C facilities increases. A • Expanded demand for employment training services increases opportunities for teachers, corporate trainers, and related careers. R In considering geographicDareas, be sure to assess salary levels. Average incomes are high in such metropolitan areas as Boston, New York, and Chicago; however, the prices of food, housing, and ,other living expenses are also high. What appears to be a big salary may actually mean a lower standard of living than in a geographic area with lower salaries and lower living costs. For example, in recent years, the cost of living for A a single employee earning $30,000 annually was 60 percent higher in the District of Columbia than the national city average. In contrast, the cost of living in Fayetteville, D Arkansas, was only 90 percent of the national city average. R I EXAMPLE: Geographic E Cost of Living Differences To compare living costs and salaries in different cities, you may use the followN formula: ing “Geographic Buying Power” N Index number 3 Salary City 1 ______________________ 5 $ buying power E Index number City 2 For example, Chicago 2 Omaha 123 3 $30,000 ______________ 5 $39,550 93.3 4 A person earning $30,000 in7Omaha, Nebraska, would need to earn $39,550 in Chicago to have comparable buying power. Information to compare geographic cost-of-living differences is 9 available at www.bls.gov and www.erieri.com. T S ECONOMIC CONDITIONS DID YOU KNOW? In recent years, nearly 80 percent of new jobs in the U.S. economy occurred in companies with fewer than 100 employees. kap61647_ch02_046-074.indd 52 High interest rates, price increases, or decreased global demand for goods and services can affect career opportunities. While you cannot eliminate the effects of economic factors on employment trends, these factors affect some businesses more than others. For example, high interest rates reduce employment in housing-related industries, since people are less likely to buy homes when interest rates are high. 16/10/13 1:48 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning 53 Exhibit 2-3 Factors influencing your career opportunities INDUSTRY TRENDS While career opportunities have dwindled in some sectors of our economy, opportunities in other sectors have grown. Service industries that are expected to continue to have the greatest employment potential include • Information technology—systems analysts, • • • • • • • R I C A R D , A D R I E N N E database administrators, web and software developers, network operations managers, and repair personnel and service technicians. Health care—medical assistants, physical therapists, home health workers, biotech analysts, laboratory technicians, registered nurses, dental hygienists, and health care administrators. Medical technology—microbiologists, food and drug inspectors, pharmaceutical salespersons, Technology influences career 2 opportunities and required public health specialists, medical laboratory managers, clinical pathologists, and 4 employment skills. toxicologists. 7 Environmental services—environmental auditors, environmental consultants, water quality analysts, sustainability analysts, energy analysts, and urban planners. 9 Business services—social media consultants, foreign language translators, T employee benefit managers, operations consultants, and research data analysts. S my liffe 2 Social services—child care workers, elder care coordinators, family counselors, and social service agency administrators. Sales and retailing—social media promotion developers, My actions keep me informed of various marketing representatives, and sales managers with technifactors that influence employment opportucal knowledge in the areas of electronics, medical products, nities in our society. and financial services. What are some personal, social, economic, and Hospitality and food services—resort and hotel adminitechnological factors you might consider when strators, food service managers, online customer service planning the direction for your career? representatives, and meeting planners. kap61647_ch02_046-074.indd 53 16/10/13 1:48 PM Final PDF to printer Financial Planning for Life’s Situations ENTREPRENEURIAL CAREER OPTIONS People start their own businesses for two main reasons: (1) reduced career opportunities in their field and (2) a desire for greater control of their work environment. Over 20 million people in the United States operate their own businesses. These range from home-based sales and consulting services to small manufacturing enterprises and technology support. In recent years, a strong interest in social entrepreneurship has surfaced. Social entrepreneurs mix traditional business practices with innovation to address social concerns such as hunger, disease, poverty, and education. GETTING STARTED If you are planning to start a business, consider three main issues. First, become knowledgeable about your product or service. Next, identify potential customers, select an appropriate location, and study competitors. Finally, consider your financial resources. Most entrepreneurs use a combination of personal funds and loans. QUALITIES OF SUCCESSFUL ENTREPRENEURS Would running your own business be an appropriate career for you? That depends on your personality and abilities. Are you a highly motivated, confident individual? Do you have the ability to manage different phases of a business? Are you someone who enjoys challenges and is willing to take risks? • • In addition, skills commonly viewed as vital for entrepreneurial success include: sales and marketing knowledge; effective written and oral communication ability; an understanding of accounting and financial management of cash flows; an ability to motivate and coordinate the work of others; effective and efficient management of your time; and a creative vision for success. BUSINESS PLAN ELEMENTS R The foundation for success is a business plan, which is used to communicate the vision and purpose of an Ienterprise. This document, containing detailed financial C projections, product information, and a marketing plan, is a vital tool for business planning and operations. A Websites with information on business plans include www.bplans.com , www.businessplans.org, and entreR preneurs.about.com. D To obtain assistance about starting a business, contact , a lawyer, local banker, accountant, or insurance agent. Additional information about running your own business may be obtained from the Small Business Administration (www.sba.gov), the Association for the A Self-Employed (www.nase.org), Startup Journal (www. startupjournal.com), and SCORE (www.score.org). D R I E Nresources—clerical supervisors, recruiters, interviewers, Management and human employee benefit administrators, and employment service workers. N Education—corporate trainers, special education teachers, adult education E instructors, educational administrators, and teachers for elementary, secondary, and postsecondary schools. • Financial services—risk2assessment managers, actuaries, accountants, investment brokers, and others with a knowledge of accounting, finance, economics, and taxes. 4 Future business demands will include expanded reading and communication skills. 7 More and more employees are being required to read scientific and technical journals and financial reports and to 9 write speeches and journal articles. Your career success is likely to depend on communication skills, computer skills, and the ability to communiT cate in more than one language. S PFP Sheet 6 Career area research sheet PRACTICE QUIZ 2-2 1 What are some demographic and economic factors that affect career opportunities? 2 How does technology affect available employment positions? 54 kap61647_ch02_046-074.indd 54 16/10/13 1:48 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning 55 Employment Search Strategies Most people have heard about job applicants who sent hundreds of résumés with very little success, while others get several offers. What are the differences between these two groups? The answer usually involves an ability to expand one’s experiences and use job search techniques effectively. LO2-3 Implement employment search strategies. OBTAINING EMPLOYMENT EXPERIENCE A common concern among people seeking employment is a lack of work experience. Many opportunities are available to obtain work-related training. PART-TIME EMPLOYMENT Summer and part-time R work can provide experience along with the chance to see if you enjoy a particular career field. The increased use of temporary employees has opened up opportunities toI obtain experience in different career areas. More and more workers are taking advantage C of temporary job assignments as a channel to a full-time position. Working as a “temp” can give you valuable A experience as well as contacts in various employment fields. R VOLUNTEER WORK Involvement in communityDorganizations can provide excellent opportunities to acquire skills, establish good work habits, and make contacts. , Volunteering to work at the gift shop of a museum, for example, gives you experience in retailing. You may participate in a recycling project, assist at a senior center, or help supervise youth activities at a park district. These activities will help you obtain orgaA nizational skills. D R available jobs. Applying experience. During an internship, you can make contacts about for an internship is similar to applying for a job. Most colleges and universities offer I internships as part of their academic programs. E CAMPUS PROJECTS Class assignments and campus N activities are frequently overlooked as work-related experience. You can obtain valuable career skills on campus N from experience in E • Managing, organizing, and coordinating people and activities as an officer or a INTERNSHIPS In very competitive fields, an internship can give you needed • • • • committee chairperson of a campus organization. Public speaking in class, campus, and community presentations. 2 Goal setting, planning, supervising, and delegating responsibility in community 4 service and class team projects. 7 fund-raising Financial planning and budgeting gained from organizing projects, managing personal finances, and handling funds 9 for campus organizations. T Conducting research for class projects, community organizations, and campus S activities. USING CAREER INFORMATION SOURCES Career planning, like other financial decisions, is enhanced by relevant information. Exhibit 2-4 provides an overview of the main career information sources. Most libraries offer many career information sources. The Occupational Outlook Handbook covers all aspects of career planning and provides detailed information on kap61647_ch02_046-074.indd 55 11/22/13 5:07 PM Final PDF to printer 56 Exhibit 2-4 Career information sources Part 1 PLANNING YOUR PERSONAL FINANCES CAREER INFORMATION SOURCES Library • Career publications • Government materials • Industry brochures Media • Newspaper and magazine articles and columns • Television and radio news reports Online Sources • Websites • E-mail contacts • Phone apps • Online videos • Networking sites Campus Career Development Office • Career planning publications • Listings of available jobs Community Organizations • Business and civic groups • Job training and employment services Professional Associations • Career preparation information • Meetings and publications Business Contacts R • Friends, relatives, and colleagues I • Teachers, employers, and business contacts C A R D various career clusters. This, and other government publications are available online. Most newspapers offer articles and columns about job searches and career trends. News sources also report on economic and social influences on careers. Extensive information related to job opportunities, A preparing a résumé, interviewing, and other career planning topics may be found online. Your school probably has a career development D on career planning topics, creating a résumé, and office with resources and services preparing for an interview. R I CAREER DEVELOPMENT OFFICE This office will have services for career planning and can assist you in Ecreating a résumé and preparing for an interview. networking The process of making and using contacts for obtaining and updating career information. N N obtain and update career information. Every person you talk to is a potential contact who may provide career assistance. These activities can be especially valuable, because E NETWORKING Networking is the process of making and using contacts to about 70 percent of professionals find positions through personal contacts and networking, while responding to job ads accounts for only about 15 percent of jobs. The main sources of networking include: 2 1. Community organizations. 4 Every community has business and civic groups you can use in your career search. Public meetings featuring industry leaders 7 opportunities to become acquainted with local and business owners provide businesspeople. 9 2. Professional associations. TAll professions have organizations to promote their career areas. These organizations include the American Marketing Association, the Council of Supply Chain S Management Professionals, the Association of Women in International Trade, and the National Restaurant Association. The Encyclopedia of Associations, as well as an online search, can help you identify organizations related to careers in which you are interested. Many of these organizations have a reduced membership fee for students. 3. Business contacts. Professional contacts can advise you about career preparation and job opportunities. Friends, relatives, people you meet through community and professional organizations, and people you meet through school, work, religious services, or other activities are all potential business contacts. kap61647_ch02_046-074.indd 56 16/10/13 1:48 PM Final PDF to printer HOW TO. . . Update Your Career Activities While many career planning actions from the past are still valid, you should consider others to compete in a changing employment market. When you want to. . . Previously, people would. . . Today, you can also. . . Obtain career planning assistance. Talk with others in career fields in I which you are interested. Acquire guidance from online contacts, videos, and webinars. Develop potential career contacts. Go to professional meetings, A events. seminars, and community Follow up with networking contacts Gain entry-level career experience. R C R Talk by phone or sendD an e-mail. , Use social media, such as LinkedIn, to connect with professional contacts. Stay in contact on LinkedIn and through other social media networks. Part-time employment, volunteer work, and communityA service activities. D Participate in virtual volunteering, online communities, and online tutorials. R Obtain leads from contacts, media, and positions in I your current organization. Connect through your online network to enhance other sources of employment. Create a cover letter. Highlight experiences related to N the specific job or organizational needs. N Create a Q letter with bulleted items to communicate your specific experiences for a position. Communicate your key skills on a résumé. Include a career objective on their résumé. Use a career profile or summary of skills and abilities. 2 Mail or drop off at a company’s office to make a personal 4 contact. Send by e-mail or posting on a website. Identify employment opportunities. E Submit a résumé. E Prepare for an interview. 7 tips; Talk to others for interview participate in mock interviews. 9 Conduct company research. Talk to people who have worked S at the organization or who have done business with them. Use LinkedIn, Twitter, Facebook, blogs to study the company and people who will interview you. Participate in an interview. Meet face to face. Take part in a Skype interview or a video conference. T Create a video to have others critique your poise and professionalism. (continued) 57 kap61647_ch02_046-074.indd 57 16/10/13 1:48 PM Final PDF to printer HOW TO. . . Continued When you want to. . . Previously, people would. . . Today, you can also. . . Follow up after an interview. Send a handwritten note or e-mail to express appreciation and to reinforce your interest in the available position. Send a work sample, evidence of your experience, such as a news article or report, or link to your e-portfolio. Achieve career advancement training. Participate in on-the-job training, I professional seminars, graduate study. Develop and promote a personal brand. R C Use business cards to A communicate your organization R and title. D , Participate in webinars and online courses. Develop an online presence with a summary of unique experiences and competencies; use a personal website to convey your potential work contribution. Your online presence can be a valuable asset for your career planning activities. Be sure to avoid actions that might present you in less than a professional manner. To communicate an appropriate online image, consider these actions: A Dprofessional networking sites. • DO get connected to various LinkedIn.com and other Rimage; search your name to assess online • DON’T put items online that create an inappropriate presence. I E DON’T post your résumé online arbitrarily; select websites appropriate for your specific job search. N DO regular follow-ups with online contacts; share current news and ideas on industry trends. N DON’T join online groups in which you will not be an active participant. E • DO use keywords for capabilities and experiences expected in the industry in which you work. • • • • DO create a blog to enhance your online image and to communicate areas of expertise. Additional career planning information is available at: www.jobhuntersbible.com www.rileyguide.com 2www.careerbuilder.com www.careerpath.com jobsearch.about.com college.monster.com www.monster.com www.find-your-dream-career.com www.career-success-for-newbies.com 4 “Smart Career Planning” and “Career Planning Forum” on LinkedIn.com 7 9 (Note: about.me allows you to connect a personal website, blog, and social media sites in one location.) T S For effective networking: (1) prepare and practice a 30-second summary of your abilities and experience; (2) volunteer for committees and events of professional organizations; and (3) ask questions to get others to talk about themselves and their experiences. 58 kap61647_ch02_046-074.indd 58 16/10/13 1:48 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning Although contacts may not be able to hire you, if jobs are available they might refer you to the right person. They can also help you get an informational interview, a meeting at which you gather information about a career or an organization. When planning and using informational interviews, consider the following: • Prepare a list of industries and organizations for which you would like to work. • • • • 59 informational interview A company visit or meeting at which one gathers information about a career or an organization. Talk to family, friends, co-workers, and others for names of people you might contact. Prepare a list of open-ended questions that will help you obtain information about current trends in the industry and potential employment opportunities. my liffe 3 Make an appointment for a 20-minute meeting; emphasize to the person that the meeting is for information only. I have the ability to ask other people Try to interact with the person at his or her place of work R to questions that provide me with informagain better awareness of the work environment. tion about career planning activities and I Follow up with a thank-you note and, if possible, send some employment opportunities. C to information (such as an article) that might be of interest Develop some questions that you might ask in an your contact. informational interview. These questions should A An e-mail informational “interview” may be used inRsome settings. Be sure your questions are open-ended and focused on D to a various career and industry topics. Send your e-mail request specific person. As a follow-up to the e-mail response, you , may also want to meet in person or talk by telephone. reflect your current knowledge of a career field and should lead the person you interview to provide additional information. The best questions usually start with “How,” “What,” “Why,” “Describe,” or “Explain.” A D EXAMPLE: Business Cards in an Age of Social Media R While several apps are available as an alternative to business cards, these networking tools are still expected in many settings. Some I things to remember: E • Keep the format simple with necessary contact information. N • Create a brief, yet descriptive, tagline to communicate your unique skills. N • Use the back of your card to list competencies and accomplishments, or to E have a translation of your card for international business activities. • Several apps are available to scan and store business cards. 2 4 IDENTIFYING JOB OPPORTUNITIES 7 9 openings that match your Before you apply for employment, you need to identify job interests and abilities. T JOB ADVERTISEMENTS Advertisements for S D I D Y O U K N O W ? employment opportunities were previously found in newspapers and other print media. While some still exist, nearly all job listings are now online. In addition to newspaper websites, also check for available positions offered through professional organizations, trade associations, and other online sources. For opportunities in a specific career field, refer to the website of specialized publications such as Advertising Age, Marketing kap61647_ch02_046-074.indd 59 An elevator speech, also called an elevator pitch, is a short, persuasive, focused summary of your unique experiences and skills used when networking. This talk should be conversational (not forced), memorable, and sincere. The use of an engaging idea or question can help keep the conversation going. 16/10/13 1:48 PM Final PDF to printer 60 Part 1 PLANNING YOUR PERSONAL FINANCES News, the Journal of Accountancy, and American Banker. Since a large portion of available jobs may not be advertised to the general public, other job search techniques are critical. DID YOU KNOW? When encountering unemployment and other difficult career situations, take these actions: (1) acknowledge stress, anxiety, frustration, and fear; (2) eat properly and exercise; (3) determine sources of emergency funds; cut unnecessary spending; (4) maintain a positive outlook to communicate confidence; (5) connect with others in professional and social settings; (6) consider part-time work, consulting, and volunteering to expand your contacts and career potential. CAREER FAIRS Career fairs, commonly held on campuses and at convention centers, offer an opportunity to contact several firms in a short time span. Be prepared to quickly communicate your potential contributions to an organization. By making yourself memorable to the recruiter, you are likely to be called for a follow-up interview. Be ready to ask specific questions about the organizations in which you are interested. Additional information on career fairs may be obtained at www.nationalcareerfairs.com. R I C EMPLOYMENT AGENCIES Another possible source of job leads is employA organizations match job hunters with prospective ment agencies. These for-profit employers. Often the hiring company pays the fee charged by the employment agency; R however, be careful when you are asked to pay a fee and have no guarantee of a job. Be D before signing them. sure you understand any contracts Government-supported employment services are also available. Contact your state , employment service or your state department of labor for further information. JOB CREATION AfterAresearching a particular organization or industry, prejob creation The development of an employment position that matches your skills with the needs of an organization. sent how your abilities would D contribute to that organization. Job creation involves developing an employment position that matches your skills with the needs of an R organization. As you develop skills in Iareas you enjoy, you may be able to create a demand for your services. For example, a person who enjoyed researching business and economic trends was hired by E a major corporation to make presentations for its managers at various company offices. Or people with an ability to design promotions N and advertising might be hired by a nonprofit organization that needs to enhance its N public visibility. E OTHER JOB SEARCH METHODS Your ability locate existing and potential employment positions is 2to limited only by your imagination and initiative. Com4monly overlooked sources of jobs include the following: 7 • Visit organizations where you would like to work, 9 and make face-to-face contacts. Create an impression that you are someone who can contribute. Calling or T visiting before 8 a.m. or after 4 p.m. increases your S chance of talking to someone who is not busy. • Successful organizations continually look for quality A career fair provides an opportunity to contact many prospective employers. kap61647_ch02_046-074.indd 60 employees. An online search can provide names of organizations that employ people with your qualifications. • Be in contact with alumni who work in your field. Graduates who are familiar with your school and major can help you focus your career search. 16/10/13 1:48 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning 61 To improve your job search efforts, work as many hours a week getting a job as you expect to work each week on the job. Maintaining an ongoing relationship with contacts can be a valuable source of information about future career opportunities. APPLYING FOR EMPLOYMENT Many qualified people never get the job they deserve without a presentation of skills and experiences. This process usually involves three main elements. 1. The résumé, a summary of education, training, experience, and qualifications, provides prospective employers with an overview of your potential contributions to an organization. 2. A cover letter is the correspondence you send with a résumé to communicate your interest in a job and to obtain an interview. R 3. The interview is the formal meeting used to discuss yourI qualifications in detail. When connecting your background and potential contributions C to the needs of an organization in a résumé, cover letter, or interview, consider how these examples achieve A that purpose: résumé A summary of a person’s education, training, experience, and other job qualifications. cover letter A letter that accompanies a résumé and is designed to express interest in a job and obtain an interview. R A prospective employer requires that you have: Experiences, competencies, you have: AD connection you might make on a résumé or in , interview: an • Research experience • Class research project for case study in Eastern Europe. • Researched potential markets in Eastern A Europe for company D expansion. • Leadership skills • Summer camp coordinator for youth sports. •R Coordinated camp Ivolunteers for youth sports program. • Marketing background • Prepared marketing proposal during internship. • Developed marketing N proposal for community service N organization. E E Most important is to communicate how your experiences will contribute to the future needs and success of the organization. 2 For expanded coverage of résumés, cover letters, and interview strategies, see the 4 appendix at the end of this chapter. 7 9 P R A C T I C E Q U I Z 2 - 3T S 1 How can a person obtain employment-related experiences without working PFP Sheet 7 Making career contacts in a job situation? 2 What types of career information sources can be helpful in identifying job opportunities? 3 How does the information in a cover letter differ from the information in a résumé? kap61647_ch02_046-074.indd 61 16/10/13 1:49 PM Final PDF to printer 62 Part 1 PLANNING YOUR PERSONAL FINANCES Financial and Legal Aspects of Employment LO2-4 Assess financial and legal concerns related to obtaining employment. “We would like you to work for us.” When offered an employment position, you should examine a range of factors. Carefully assess the organization, the specific job, and the salary and other benefits. ACCEPTING AN EMPLOYMENT POSITION Before accepting a position, do additional research about the job and the company. Request information about your specific duties and job expectations. If someone currently has a similar position, ask to talk to that person. If you are replacing a person who is no longer with the company, obtain information about the circumstances of that person’s departure. R THE WORK ENVIRONMENT Investigate the work environment. The term corporate culture refers to management styles, work intensity, dress codes, and social I interactions within an organization. For example, some companies have rigid lines of communication, while othersC have an open-door atmosphere. Are the values, goals, and lifestyles of current employees A similar to yours? If not, you may find yourself in an uncomfortable situation. Consider company policiesRand procedures for salary increases, evaluations of employees, and promotions. Talking D with current workers can help you obtain this information. , SALARY Your initial salary will be influenced by FACTORS AFFECTING your education and training, company size, and salaries for comparable positions. To ensure a fair starting salary, talk to people in similar positions and research salary levels. To improve your value onA the job and to enhance your salary potential: • • • • Ask your supervisor forD professional development suggestions. R request additional duties. Obtain additional training; Take initiative to exceedI performance expectations. Talk with co-workers toEobtain ideas for contributing to team and organizational success. DID YOU KNOW? The main factors college graduates consider when choosing an employer are: enjoyment of the work, integrity of the organization, potential for advancement, benefits, and job location. N N EVALUATING EMPLOYEE E BENEFITS Escalating health care costs, changing family situations, and concerns about retirement have increased the attention given to supplementary compensation benefits. 2 4 MEETING EMPLOYEE NEEDS In recent 7 years, nonsalary employee benefits have expanded to 9 meet the needs of different life situations. The increasT ing number of two-income and single-parent households has resulted in a greater need for child care benefits and leaves of absence. The S employees with dependent parents or grandparents has need for elder care benefits for also increased. Other common employee benefits designed to meet varied life situation needs include: • • • • • kap61647_ch02_046-074.indd 62 Flexible work schedules. Work-at-home arrangements (telecommuting). Legal assistance. Counseling for health, emotional, and financial needs. Exercise and fitness programs. 16/10/13 1:49 PM Final PDF to printer Financial Planning for Life’s Situations SELECTING EMPLOYEE BENEFITS Commonly recommended employee benefits for various life situations are shown here: Single, No Children Young Family Single Parent Married, No Children Mixed-Generation Household • Disability income insurance • Comprehensive health insurance • Health insurance • Health insurance • Life insurance • Health insurance • Life insurance • Retirement program • Retirement program • Child care services • Disability income insurance • Health and disability insurance • Maternity • Child care services R coverage and • Elder care benefits • Dependent care parental leave I • Educational benefits (young couple) assistance, C such as tuition • Long-term health reimbursement care (older couple) A R Based on your current life situation or expectations for the future, list the employee benefits that would be most D important to you. , Life Situation Desired Employee Benefits A D R I E N N E Such benefits not only enhance the quality of an employee’s life but are also profitable for organizations because happier, healthier workers have fewer absences and a higher level of productivity. 2 Cafeteria-style employee benefits are programs that allow workers to base their job benefits on a credit system and personal needs. Flexible4selection of employee benefits has become common. A married employee with children 7 may opt for increased life and health insurance, while a single parent may use benefit credits for child care 9 services. The Financial Planning for Life’s Situations box on this page can help you plan benefits. As with any financial decision, employee benefits T involve a trade-off, or opportunity cost. S Many organizations offer flexible spending plans, also called expense reimbursement accounts. This arrangement allows 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. However, money not used for the specified purpose is forfeited. Therefore, you must carefully plan the amount to be designated for a flexible spending plan. Similarly, a medical-spending account (Archer MSA) or a health savings account (HSA) allows paying health care costs with pretax dollars. These have two components: (1) health insurance coverage with a high deductible, and (2) a tax-deferred cafeteria-style employee benefits Programs that allow workers to base their job benefits on a credit system and personal needs. 63 kap61647_ch02_046-074.indd 63 16/10/13 1:49 PM Final PDF to printer 64 Part 1 PLANNING YOUR PERSONAL FINANCES my liffe 4 Salary would be the important factor for me when accepting an employment position. While salary is important, research findings consistently rate several other factors higher for a person deciding to accept a position. Talk to people in various stages of their careers to obtain information about factors they have considered when selecting an employment position. savings account for medical expenses. Money in this account may be used for other purposes; however, the amount is taxed, along with a tax penalty based on age and health condition. While MSAs and HSAs have tax-saving implications, the high deductible may not be affordable for many households. When matching dependent health care needs and medical insurance plans, consider the following: • Types of services available and location of health care providers. • Direct costs (insurance premiums) to you. • Anticipated out-of-pocket costs (deductibles and coinsurance amounts). R retirement programs are increasing in importance. In As people live longer, various addition to Social Security benefits, some employers contribute to a pension plan. VestI ing is the point at which retirement payments made by the organization on your behalf belong to you even if you noClonger work for the organization. Vesting schedules vary, but all qualified plans (those for A which an employer may deduct contributions to the plan for tax purposes) must (1) be 100 percent vested on completion of five years of service or R three years and full vesting, in stages, after seven years. (2) have 20 percent vesting after Vesting refers only to the employer’s pension contributions; employee contributions D belong to the employees regardless of the length of their service with the organization. Workers are commonly ,allowed to make personal contributions to companysponsored retirement programs. These plans usually involve a variety of investments, making it easy for employees to create a diversified portfolio for their retirement funds. A D Two methods used to assess the monetary value of COMPARING BENEFITS employee benefits are market value calculations and future value calculations. R Market value calculations determine the specific monetary value of employee I benefits—the cost of the benefits if you had to pay for them. For example, you may view the value of one week’sEvacation as 1/52 of your annual salary, or you may view the value of a life insurance benefit as what it would cost you to obtain the same coverage. You can use this methodNto determine the difference between two job offers with different salaries and employee N benefits. Future value calculations, as discussed in Chapter 1, enable you to assess the longE such as pension programs and retirement plans. For term worth of employee benefits example, you can compare the future value of payments contributed to a company retirement fund to that of other saving and investment options. 2 You should also take tax considerations into account 4when you assess employment benefits. A tax-exempt benDID YOU KNOW? is one on which you won’t have to pay income tax, but 7efit a tax-deferred benefit requires the payment of income tax Many employers use credit reports as hiring tools. 9at some future time, such as at retirement. When assessing Federal law requires that job applicants be told if compensation and benefits, consider their credit histories are being used in the hiring Temployment taxability, since an untaxed benefit of lower value may be process. You can check your credit report Sworth more than a benefit of higher value that is subject at www.annualcreditreport.com. to taxation (see the Financial Planning Calculations box). YOUR EMPLOYMENT RIGHTS Employees have legal rights both during the hiring process and on the job. 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. In addition, a woman who stops working due to pregnancy must get full credit kap61647_ch02_046-074.indd 64 16/10/13 1:49 PM Final PDF to printer Financial Planning Calculations TAX-EQUIVALENT EMPLOYEE BENEFITS Employee benefits that are nontaxable have a higher financial value than you may realize. A $100 employee benefit on which you are taxed is not worth as much as a nontaxable $100 benefit. This formula is used to calculate the tax-equivalent value of a nontaxable benefit: Value of the benefit ___________________ ( 1 2 Tax rate ) A variation of this formula, which would give the aftertax value of an employee benefit, is Taxable value of the benefit (1 2 Tax rate) For the above example, the calculation would be $486 (1 2 0.28) 5 $486(0.72) 5 $350 In other words, a taxable benefit with a value of $486 For example, receiving a life insurance policy with a would have an after-tax value of $350 since you would nontaxable annual premium of $350 is comparable to have to pay $136 ($486 3 0.28) in tax on the benefit. R receiving a taxable employee benefit worth $486 if you These calculations can help you assess and compare are in the 28 percent tax bracket. This tax-equivalentI different employee benefits within a company or in amount is calculated as follows: different jobs. Remember to also consider C considering $350 $350 the value of employee benefits in terms of your per________ 5 _____ 5 $486 0.72 1 2 0.28 A sonal and family needs and goals. R D , for previous service, accrued retirement benefits, and accumulated seniority. Other employment rights include the following: A D national origin, on the basis of age, race, color, religion, sex, marital status, mental or physical disabilities, or sexual orientation. R Minimum-wage and overtime pay legislation apply toI individuals in certain work settings. E Worker’s compensation (for work-related injury or illness), Social Security, and N unemployment insurance are required benefits. N E PRACTICE QUIZ 2-4 1 How does a person’s life situation determine the2importance of certain employee benefits? 4 2 What methods can be used to measure the monetary value of employee 7 benefits? 9 T S • A person may not be discriminated against in the employment selection process • • PFP Sheet 12 Employee benefits comparison Long-Term Career Development A job is for today, but a career can be for a lifetime. Will you always enjoy the work you do today? Will you be successful in the career you select? These questions cannot be answered right away; however, certain skills and attitudes can lead to a fulfilling work life. Every day you can perform duties that contribute to your career success. Communicating and working well with others will enhance your chances for financial advancement and promotion. Flexibility and openness to new ideas will expand your abilities, knowledge, and career potential. LO2-5 Analyze techniques available for career growth and advancement. 65 kap61647_ch02_046-074.indd 65 16/10/13 1:49 PM Final PDF to printer 66 Part 1 PLANNING YOUR PERSONAL FINANCES Develop efficient work habits. Use lists, goal setting, and time management techniques. Combine increased productivity with quality. All of your work activities should reflect your best performance. This extra effort will be recognized and rewarded. Finally, learn to anticipate problems and areas for action. Creativity and a willingness to assist others can help the entire organization and contribute to your work enjoyment and career growth. TRAINING OPPORTUNITIES Many technology-work situations did not exist a few years ago. Many of the job skills you will need in the future have yet to be created. Your desire for increased education is a primary determinant of your career success and financial advancement. Continue to learn about new technology, diverse cultures, and the global economy. R and expanding your knowledge are available. ForVarious methods for updating mal methods may include company programs, seminars and webinars offered by proI fessional organizations, and graduate and advanced college courses. Some companies C education. encourage and pay for continuing Informal methods for updating A and expanding your knowledge include reading and discussion with colleagues. Online sources offer a wealth of information on business, economic, and social trends.RInformal meetings with co-workers and associates from other companies can also be D a valuable source of career information. , CAREER PATHS AND ADVANCEMENT mentor An experienced employee who serves as a teacher and counselor for a less experienced person in a career field. As with other financial decisions, A career choices must be reviewed in light of changing values, goals, economic conditions, and social trends. As Exhibit 2-5 on page 67 D a series of career stages, each with specific tasks and shows, you will move through challenges. A successful technique R for coping with the anxieties associated with career development is to gain the support of an established person in your field. A mentor is I serves as a teacher and counselor for a less experienced an experienced employee who person in a career field. A relationship with a mentor can provide such benefits as perE sonalized training, access to influential people, and emotional support during difficult N times. Your efforts to attract a mentor N start with excellent performance. Show initiative, be creative, and be alert to meeting the needs of others. Maintain visibility and display a E desire to learn and grow by asking questions and volunteering for new assignments. A prospective mentor should be receptive to assisting others and to helping them grow in both the technical and social areas of a career. Many organizations have formal 2 mentor programs with an experienced employee assigned to oversee the career develop4 mentor relationships involve retired individuals who ment of a newer employee. Some desire to share their knowledge 7 and experience. 9 T At some time in their lives, most S workers change jobs. Millions of career moves occur CHANGING CAREERS each year. People change jobs to obtain a better or different position within the same career field or to move into a new career field. Changing jobs may be more difficult than selecting the first job. Unless their present situation is causing mental stress or physical illness, most people are unwilling to exchange the security of an existing position for the uncertainty of an unfamiliar one. The following may be indications that it is time to move on: • Low motivation toward your current work. • Physical or emotional distress caused by your job. kap61647_ch02_046-074.indd 66 16/10/13 1:49 PM Final PDF to printer Chapter 2 Stage Financial Aspects of Career Planning Characteristics Concerns Preentry and career exploration stage • Assess personal interests and set career goals. • Obtain necessary training. • Gain initial employment. • Matching interests and abilities to employment. • Dealing with shock of unfulfilled expectations. Establishment and professional growth stage • Gain in experience, effectiveness, and respect of colleagues. • Concentrate on an area of specialization. • Developing career contacts. • Avoiding overinvolvement and career burnout. Advancement and midcareer adjustment stage • Continue to obtain experience and knowledge to win promotions. • Seek new challenges and expanded responsibility. Late-career and preretirement stage • Make financial and personal plans for retirement. • Assist in training successor. 67 Exhibit 2-5 Stages of career development: characteristics and concerns R I • Finding continued Csatisfaction. • Maintaining sensitivity Atoward colleagues and subordinates. R D ,• Determining the extent of professional involvement after retirement. • Planning involvement in community activities. A D R • Consistently poor performance evaluations. I • A lack of social interactions with co-workers. E • Limited opportunity for salary or position advancement. N • A poor relationship with your superior. N in your life (such as A decision to change careers may require minor alterations going from retail sales to industrial sales), or it may mean E extensive retraining and starting at an entry level in a new field. As with every other financial decision, no exact formula exists for deciding whether you should make a career change. However, follow these guidelines. First, carefully assess the financial and personal costs and benefits of 2 changing careers in relation to your needs and goals and those of 4 your household. Giving up benefits such as health insurance may my liffe 5 be costly to a family, but the expanded career opportunities 7 in a new field may be worth the trade-off. Then determine whether a 9 career change will serve your needs and goals and those of other I sometimes think about what type of T household members. employment situation I would like to have In most industries, long-term job security is a thing of the three or five years from now. S past. Company mergers, downsizing, technology, and economic condiConduct an online search to locate suggestions tions may result in forced career changes. Layoffs cause emotional for career development and advanced career and financial stress for individuals and families. To cope with job training. termination while seeking new employment, counselors recommend that you • Maintain appropriate eating, sleep, and exercise habits. • Get involved in family and community activities; new career contacts are possible anywhere. kap61647_ch02_046-074.indd 67 16/10/13 1:49 PM Final PDF to printer 68 Part 1 PLANNING YOUR PERSONAL FINANCES • Improve your career skills through personal study, online classes, or volunteer work. • Target your job search to high-growth industries or small businesses. • Consider opportunities with nonprofit organizations, government agencies, temporary employment, or consulting work. • Target your skills and experience to the needs of an organization. PFP Sheet 13 Career development and advancement PRACTICE QUIZ 2-5 1 What types of activities would R you recommend for people who desire career advancement and professional growth? I consider before changing jobs or career fields? 2 What factors should a person C A R D , myy life sttage es forr career planning A YOUR PERSONAL FINANCE DASHBOARD D RSuccess for obtaining employment and career advanceIment is enhanced by interaction with others. Networking (in-person and online) has many benefits. Face-to-face Emeetings, phone conversations, informational interand e-mail exchanges allow you to obtain advice 6 Nviews, 5 7 about industry trends, company activities, and career 4 8 Nopportunities. 3 9 10 2 EYour personal finance dashboard to monitor career interac1 11 GOOD CAREER POTENTIAL MINIM AL POT CAR EN TIA EER L EER CAR NT LLE NTIAL E CE EX POT 0 12 MONTHLY CAREER INTERACTIONS tions can increase your career potential. An ability to connect and engage people in varied professional and social settings improves your interpersonal skills while also gaining employment insights. 2 4 7 9 events to meet potential career contacts? Do you YOUR SITUATION Have you attended business and community research and prepare questions to engage your contacts? Do you T follow up with career contacts to learn about their current activities? Other career planning actions you might consider during various stages of your life include . . . S (continued) kap61647_ch02_046-074.indd 68 11/22/13 5:08 PM Final PDF to printer Chapter 2 Financial Aspects of Career Planning 69 my life stag ges for carreer planning (concluded) ...in college ...in my 20s ...in my 30s and 40s ...in my 50s and beyond • Obtain career competencies in class, work, and volunteer situations • Revise résumé and career portfolio • Reassess career situation and employee benefits based on life situation • Serve as a mentor for younger workers • Explore various career fields • Make contacts with people in various career fields • Create résumé and career portfolio • Apply for employment positions • Expand and update career network contacts • Consider advanced degree study programs R I C A R D , A D R I E N SUMMARY OF LEARNING OBJECTIVES N LO2-1 E Describe activities associated with career planning and advancement. An understanding of your personal interests and abilities is the basis of a satisfying work life. Career planning and advancement involve the following stages and activities: (1) assess and research personal goals, abilities, and career fields; (2) evaluate the employment market and identify specific employment opportunities; (3) develop a résumé and cover letter for use in applying for available positions; (4) interview for available positions; (5) evaluate financial and other elements of the positions you are offered; and (6) plan and implement a program for career development. LO2-2 Evaluate factors that influence employment opportunities. Take actions to keep informed of various factors that influence employment opportunities in our society. Consider kap61647_ch02_046-074.indd 69 • Obtain additional training and career advancement skills • Update résumé • Evaluate needed changes in employee benefits • Increase contributions to retirement plans, as appropriate the selection of a career in relation to personal abilities, interests, experience, training, and goals; social influences affecting employment, such as demographic trends; changing economic conditions; and industrial and technological trends. 2 4 LO2-3 7 Implement employment search strategies. 9 Your ability to ask questions of others that provide information about career planning activities and employment T opportunities is the basis of successful career planning and Also consider the following: Obtain employS development. ment or related experiences by working part-time or by par- ticipating in campus and community activities. Use career information sources to learn about employment fields and identify job opportunities. Prepare a résumé and cover letter that effectively present your qualifications for a specific employment position. Practice interview skills that project enthusiasm and competence. 16/10/13 1:49 PM Final PDF to printer LO2-4 LO2-5 Assess financial and legal concerns related to obtaining employment. Analyze techniques available for career growth and advancement. While salary may be viewed by some as the important factor when accepting an employment position, also evaluate the work environment and compensation package. Assess employee benefits on the basis of their market value, future value, and taxability and your personal needs and goals. Prospective and current employees have legal rights with regard to fair hiring practices and equal opportunity on the job. When considering your employment situation three to five years from now, identify informal and formal education and training opportunities that are available to further your professional development and facilitate career changes. KEY TERMS cafeteria-style employee benefits career 63 job 48 job creation 48 cover letter informational interview 61 mentor 60 66 KEY FORMULAS Page Topic R I C A R D , 65 Geographic buying power Tax-equivalent employee benefits networking résumé 56 61 Formula A 52 59 City 1 Geographic buying 5 ______ City 2 D Example: Index number 3 Salary ____________________ Index number R 123 3 50,000 5 ____________ I 98.8 5 $62,247 E Value of the benefit N of a nontaxable 5 ________________ Tax-equivalent ( 1 2 Tax rate ) Example:N $1,250 5 _________ ( 1 2 0.28 ) E 5 $1,736 2 4 7 SELF-TEST PROBLEMS 9 1. Time value of money calculations are used to determine the valueTof potential retirement benefits. If a person deposits $1,800 a year in a retirement account earning 6 percent for 20 years, what would be the future value of that account? S 2. A non-taxable employee benefit has a greater value than the stated amount. What would be the tax equivalent value of a nontaxable employee benefit of $392? Assume a 30 percent tax rate. Self-Test Solutions 1. Using the future value of a series (annuity) table on page 35, the result would be $66,214.80 ($1,800 3 36.786). 2. To determine the tax equivalent value, divide the amount by one minus the tax rate. In this situation, $392 would be divided by 0.70 (1 2 0.3), resulting in $560. 70 kap61647_ch02_046-074.indd 70 16/10/13 1:49 PM Final PDF to printer FINANCIAL PLANNING PROBLEMS 1. Determining the Future Value of Education. Jenny Franklin estimates that as a result of completing her master’s degree, she will earn $7,000 a year more for the next 40 years. LO2-1 a. What would be the total amount of these additional earnings? b. What would be the future value of these additional earnings based on an annual interest rate of 6 percent? (Use Table 1–B in the Chapter 1 Appendix.) 2. Comparing Living Costs. Brad Edwards is earning $45,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cost of living 12 percent higher than where he currently lives. What is the minimum salary Brad would need at his new job to maintain the same standard of living? LO2-2 3. Calculating Future Value of Salary. During a job interview, Pam Thompson is offered a salary of $28,000. The company gives annual raises of 4 percent. What would be Pam’s salary during her fifth year on the job? LO2-3 4. Computing Future Value. Calculate the future value of a retirement account in which you deposit $2,000 a year for 30 years with an annual interest rate of 6 percent. (Use the tables in the Chapter 1 appendix.) LO2-4 R employee benefits has the greater value? Use the formula given 5. Comparing Taxes for Employee Benefits. Which of the following in the Financial Planning Calculations box on page 65 to compare I these benefits. (Assume a 28 percent tax rate.) LO2-4 a. A nontaxable pension contribution of $4,300 or the use of C a company car with a taxable value of $6,325. b. A life insurance policy with a taxable value of $450 or a nontaxable increase in health insurance coverage valued at $340. A 6. Comparing Employment Offers. Bill Mason is considering two job offers. Job 1 pays a salary of $36,500 with $4,500 of nontaxR able employee benefits. Job 2 pays a salary of $34,700 and $6,120 of nontaxable benefits. Which position would have the higher monetary value? Use a 28 percent tax rate. D LO2-4 7. Calculating the After-Tax Value of Employee Benefits. Helen Meyer , receives a travel allowance of $180 each week from her company for time away from home. If this allowance is taxable and she has a 30 percent income tax rate, what amount will she have to pay in taxes for this employee benefit? LO2-4 8. Future Value of Advanced Training. Ken Braden estimates thatA taking some classes would result in earning $3,500 more a year for LO2-5 the next 30 years. Based on an annual interest rate of 4 percent, calculate the future value of these classes. D 9. Comparing the Value of a Career Change. Marla Opper currently earns $50,000 a year and is offered a job in another city for R expenses than her current city. What quantitative analysis should $56,000. The city she would move to has 8 percent higher living Marla consider before taking the new position? LO2-5 1. LO2-1 I E N N FINANCIAL PLANNING ACTIVITIES Researching Career Planning Activities. Talk to several peopleEabout influences on their current employment situation. How did various personal, economic, and social factors affect their career choices and professional development? LO2-2 2. Conducting an Informational Interview. Arrange an informational interview at a local company or with a business contact you 2 have made. Prepare questions related to needed skills in this employment field, current trends for the industry, and future prospects for this career area. 4 3. Searching the Web for Benefit Information. Using a Web search 7or the library, obtain information about various employee benefits LO2-3 such as health insurance, retirement plans, child care, life insurance, and tuition reimbursement. 9 4. Analyzing Employee Benefits. Talk with people employed in various types of organizations. Prepare a list of the most common types of employee benefits received by workers. Using Sheet 12 T in the Personal Financial Planner, obtain information about various employee benefits from current or prospective employers. LO2-4 5. Obtaining Career Advancement Information. Talk with people employed in various types of careers (large company, international business, individual entrepreneur, nonprofit, government) about the training and professional development activities they have found most valuable. Create a list of competencies, skills, and technical abilities that you would like to develop over the next few years. What actions will you take to obtain those proficiencies? LO2-5 S 6. Preparing for an Interview. Based on library and Internet research and experiences of others, obtain information about effective interviewing techniques. Prepare a video that presents appropriate and inappropriate actions one might take when preparing for and participating in an interview. (Chapter 2 appendix.) 71 kap61647_ch02_046-074.indd 71 16/10/13 1:49 PM Final PDF to printer FINANCIAL PLANNING CASE Which Job? Are You Sure? “Wow, you mean you have three job offers? How did that happen?” “I’m not quite sure, Joan,” responded Alexia. “I guess I just carefully prepared for my job search.” “Ahhh . . . could you be a bit more specific for those of us who have no job offers?” asked Joan. “After researching various organizations, I tried to match my abilities and experiences to their needs,” Alexia continued. “Then, in addition to my résumé, I sent a portfolio with samples of my research work and creative projects.” “OK, Alex, which of the three jobs are you going to take?” asked Joan. “Again, I’m not quite sure. I’ve created a comparison of the three to help me decide,” Alexia replied. “Let me see that!” exclaimed Joan. “Wow, you take this career search stuff seriously!” Job Offer Comparison Position A Position B Position C Position description, organization Advertising account assistant for international promotions with global company with offices in 17 countries. Marketing assistant for a medium-sized equipment company; sales offices in eight southeastern states. Public relations director in local office of national nonprofit organization assisting low-income families with food and housing. Salary situation $46,000; performance reviews and salary increases every six months for first two years, then annually. Vacation time (paid)/ year Two weeks (first year); additional two days for each year of service. Health insurance coverage Employer pays 80 percent of health premiums for doctors on list of insurance company. Retirement fund Employer contributes 5 percent of salary; additional contributions allowed. Educational opportunities On-site training seminars to update employees on global cultures and advertising trends. Questions 1. What steps might Alexia take when deciding which position to accept? 2. What additional factors would you consider when selecting an employment position? R I C $43,500; annual bonus A based on percentage of R company sales increase. D ,One week after six months on the job; two additional days for each six months of service. A Employer pays for HMO D coverage with some flexibility of doctors. R I Employer matches E employee contributions (up to 10 percent). N N Tuition reimbursement (up to $6,000 a year) for E graduate courses. $38,500, with annual salary increases of 3 to 5 percent. Two weeks (paid); additional unpaid leave time up to four weeks a year. Employer pays 60 percent of health premiums; employee selects own doctor. Employer pays 2 percent of salary; employee may make tax-deferred contributions. Two trips a year to seminars on topics related to nonprofit organizations. 2 4 3. 7 Which employment position would you recommend for her? Why? 9 T S 72 kap61647_ch02_046-074.indd 72 16/10/13 1:49 PM Final PDF to printer PERSONAL FINANCIAL PLANNER IN ACTION Planning Your Career Your selection of a career and professional development activities will influence many aspects of your life, including financial resource availability, leisure time, living location, and acquaintances. Your Short-Term Financial Planning Activities Resources 1. Explore various career areas in relation to your interests, abilities, and goals. PFP Sheets 6, 7 www.mappingyourfuture.org www.jobbankinfo.org www.hotjobs.yahoo.com 2. Develop a résumé and sample cover letter for use in a job search. PFP Sheets 8, 9 www.job-hunt.org www.rileyguide.com www.careerjournal.com R 3. Research prospective employers and develop a strategy for effective interviewing. I C A Your Long-Term Financial Planning Activities 1. Analyze employee benefits based on your current and possibleR future financial needs. D , 2. Develop a plan of action for professional development. Consider starting your own business. Career Decision Life Situation Single Age 21 No dependents College student A D R I E N N E PFP Sheets 10, 11 www.jobhuntersbible.com www.careerbuilder.com www.businessweek.com/careers/index.htm Resources PFP Sheet 12 www.benefitnews.com www.dol.gov/ebsa PFP Sheet 13 www.sba.gov www.inc.com www.startupjournal.com CONTINUING CASE Financial Data Monthly Income $1,750 Living Expenses $1,210 Personal property $7,300 Savings $2,000 Student loan $3,000 Credit card debt $2,400 2 4 Shelby Johnson’s current employment position, a grooming specialist for a local pet store, provides her with a lot interesting activities each day. While she is not part of management, she does have7the opportunity to use various communication skills, record business transactions, and use current technology tools. Shelby especially enjoys working with the pets and their owners to achieve a 9 pleasing experience. Her income is based on an hourly wage which can result in financial T stress during times of inflation. She has previously used her credit cards to help make ends meet each month. However, the experience she is gaining will be especially valuable when she opens S her own pet salon in the future. Questions 1. Given her current situation, identify some positive and negative aspects of her current career. 2. What suggestions do you think Shelby should consider related to her current and future career activities. 3. Describe how Shelby might use the following Personal Financial Planner sheets for career planning: Résumé Worksheet and Preparing for an Interview. 73 kap61647_ch02_046-074.indd 73 19/12/13 9:55 AM Final PDF to printer DAILY SPENDING DIARY “My daily work expenses could easily be reduced if I’d be more careful with lunch and coffee spending.” Directions Continue or start using the “Daily Spending Diary” sheets, or create your own format. Record every cent of your spending in the categories provided, or set up your own categories. Knowing your spending actions and achieving financial goals can improve by using this process. Questions 1. What types of job-related expenses might be commonly included as part of your Daily Spending Diary? 2. What actions might be taken to reduce costs associated with seeking a job or when changing jobs? The Daily Spending Diary sheets are located in Appendix D at the end of the book and on the student website at www.mhhe.com/kdh. R I C A R D , A D R I E N N E 2 4 7 9 T S 74 kap61647_ch02_046-074.indd 74 16/10/13 1:49 PM Final PDF to printer chapter 2 appendix Résumés, Cover Letters, and Interviews Developing a Résumé R Every business must present its product or service to potential I customers in an effective manner. In the same way, you must market yourself to prospective employers by develCinterviewing for available oping a résumé, creating a letter to obtain an interview, and positions. A R RÉSUMÉ ELEMENTS D A résumé is a summary of your education, training, experience, and other work quali, fications. This personal information sheet is usually an essential component in your employment search. The main elements are typically as follows: A D Prepare a heading with your name, address, telephone number, and e-mail address. Both school and home addresses and telephone numbers R may be appropriate. Do not include your birth date, sex, height, weight, or photograph in a résumé unless they apply I to specific job qualifications. E 2. THE CAREER OBJECTIVE SECTION N Be sure to clearly focus your objective to each specific employment situation. A vague N and one that is too specific career objective will be meaningless to a prospective employer, might prevent you from being considered for another E 1. THE PERSONAL DATA SECTION position within the organization. Your career objective may be omitted from the résumé and best communicated in your cover letter. As an alternative, consider a “Career Profile” or a “Career Summary” section with a synopsis of your distinctive skills and experiences. DID YOU KNOW? 2 Résumés often include vague words such as com4 petent, creative, flexible, motivated, or team player. Instead, give specific examples of your 7 experiences and achievements to better 3. THE EDUCATION SECTION 9 communicate these capabilities. This section should include dates, schools attended, fields of study, and degrees earned. Courses directly T related to your career field may be highlighted with S information about research activities, team projects, and presentation experiences. If your grade point average is exceptionally high, include it to demonstrate your ability to excel. 4. THE EXPERIENCE SECTION In this section, list organizations, dates of service, and responsibilities for all previous employment, work-related school activities, and community service. Highlight computer skills, technical abilities, and other specific competencies that are in demand by organizations. Use action verbs to communicate how your experience and talents will benefit the organization (see Exhibit 2-A). Focus this information on results and 75 kap61647_ch02app_075-085.indd 75 16/10/13 1:57 PM Final PDF to printer 76 Part 1 PLANNING YOUR PERSONAL FINANCES Exhibit 2-A Action verbs to effectively communicate careerrelated experiences • Achieved … d… • Administere … • Coordinated … • Created • Designed … • Developed … • Directed … • Edited … • Initiated … R d… • Implemente • Managed … • Monitored … • Organized … • Planned … • Produced … … • Researched … ed iz ar • Summ … • Supervised • Trained … • Updated … I C A R D accomplishments, not characteristics. Consider using the S-T-A-R format to communi, cate your experiences and achievements: S Situation, or the setting Fund-raising coordinator for campus organization A T Task, your duties D Prepared a plan to raise funds for social service agency. R A Actions you took I Administered a team that solicited donations on campus. E R Result, the outcome Donations of over $2,000 to a N homeless shelter. N On your résumé, this experience might be presented as follows: E • Coordinated fund-raising campaign to raise funds for social service agency, result- ing in over $2,000 in donations to a homeless shelter. The S-T-A-R format may also 2 be used when communicating your experiences during an interview. 4 5. THE RELATED INFORMATION SECTION 7 List honors or awards to communicate your ability to produce quality work. List inter9 ests and activities that relate to your career. Information on hobbies and other interests, T individual. can communicate a well-rounded S REFERENCES At this time, you should also prepare a list of references, people who can verify your skills and competencies. These individuals may include teachers, previous employers, supervisors, or business colleagues. Be sure to obtain permission from the people you plan to use as references. While references are usually not included on a résumé, have this information available when a prospective employer requests it. Your reference list should the person's name, title, organization, and contact information (address, phone, e-mail). When selecting references, choose people who will give a balanced view of your strengths and areas that need improvement. Be sure your references offer a consistent kap61647_ch02app_075-085.indd 76 16/10/13 1:57 PM Final PDF to printer Appendix Résumés, Cover Letters, and Interviews story that confirms your version of your work history. Finally, your references should be people with credibility and integrity. TYPES OF RÉSUMÉS Three main types of résumés are commonly used: 1. The chronological résumé 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. Exhibit 2-B provides an example of a chronological résumé along with suggestions on how to create a more effective presentation. Exhibit 2-B Résumé makeover BEFORE: CAREER OBJECTIVE An entry-level position in medical or health care administration. BEFORE: Researched overdue accounts, created collection method for faster accounts receivable turnover, assisted in training billing clerks. SCHOOL ADDRESS 234B Weber Drive (Apt. 6) Jasper, MO 54321 77 DID YOU KNOW? To more effectively communicate qualifications, job candidates are supplementing their résumés with infographics. This visual representation of information and data can highlight skills and experiences. Infographics may especially be appropriate when applying for visual or creative positions, or when you want to quickly convey extensive information. Remember this device does not replace a traditional résumé. However, this visual can possibly put you ahead of other applicants in the initial screening process. R I C A R CHAD BOSTWICK bostwc@unsoark.edu D Phone: (407) 555-1239 , HOME ADDRESS 765 Cannon Lane Benton, KS 67783 A D R EDUCATION I Bachelor of Science in Business Administration and Health Care Marketing, University of South Arkansas, June 2015. E Associate of Arts, Medical Technician Assistant, Arrow Valley Community College, Arlington, Kansas, June 2013. N ORGANIZATIONAL N EXPERIENCE Patient account clerk, University Hospital, Jasper,Missouri, November 2014 – present E Researched accounts to reduce uncollectible amounts by 12 percent CAREER SUMMARY Customer service specialist in health care industry. Effective training, technology capabilities. Qualified in team building and innovation development. Planned and implemented strategies to increase customer satisfaction by over 20 percent. …also consider including relevant class experiences, such as: coordinated team research project to identify health care opportunities in Asian markets. Created collection method to improve accounts receivable turnover Trained newly hired billing clerks in database applications 2 4 Maintained inventory records, processed customer records Supervised quality control of entry-level 7 data clerks CAMPUS ACTIVITIES 9 Newsletter editor, University of South Arkansas chapter of Financial Management Association, January–June 2015 T Managed editorial staff to research, design, and publish online newsletter S on financial industry trends Researched and prepared news stories Sales data clerk, Jones Medical Supply Company, Benton, Kansas, January– August 2013 Tutor for business statistics and computer lab, 2013–2015 Coordinated review sessions for exams and homework assignments Developed problems and case studies to supplement course materials BEFORE: Newsletter editor, University of South Arkansas chapter of Financial Management Association, January–June 2015. HONORS College of Business Community Service Award, University of South Arkansas, June 2015 Arrow Valley Health Care Society Scholarship, June 2013 kap61647_ch02app_075-085.indd 77 11/20/13 12:21 PM Final PDF to printer 78 Part 1 PLANNING YOUR PERSONAL FINANCES 2. The functional résumé is 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 résumé is appropriate when changing careers or if your recent experiences are not directly related to the position for which you are applying. 3. A combination résumé brings together the chronological and functional types. With this blended format, you first highlight skills and experience relevant to the position. This is followed by your employment history section, which reports specific experiences that match the requirements for the job. Thousands of résumés are submitted each day. To stand out, applicants have tried various creative approaches. Employers report receiving résumés in the form of comic strips, “wanted” posters, advertisements, and menus, and résumés attached to balloons, pizzas, and plants. Some of R these were effective; however, most employers view them as frivolous. A creative approach I may be appropriate for jobs in advertising, journalism, photography, and public relations. C In recent years, additional types of résumés, and alternatives to résumés, have surfaced; these include: A R for a specific job and highlights the capabilities and • A targeted résumé is designed experiences most appropriate to the available position. The format is usually similar D to the chronological or functional along with a very specific career objective. , describing specific experiences and accomplishments, • A targeted application letter, can be used in some situations. After researching a position and the organization, communicate how your specific skills will benefit the organization. Within your letA ter (or e-mail), present a bulleted list with short descriptions of your specific experiences that relate to the available D position. • A career portfolio can provide R tangible evidence of your experience and competencies. Using a print or digital format, you might include a résumé, cover I letter, answers to sample interview questions, and letters of recommendation. In addition, research reports,Epresentations, creative works, and published articles for class projects or campus activities can effectively communicate your abilities. N • A video résumé should be prepared in an expert manner. Be sure to dress professionally. Don’t read;Ntalk as if you were in an in-person interview setting. Be concise, make eye contact, E and show enthusiasm. Some career planning experts suggest that résumés are becoming online “living entities.” Your social résumé will involve the use of LinkedIn, Twitter, and other social 2 your career competencies. Expect to interact with media networks to communicate hiring managers through social 4 networks before applying for a position using one or more of these strategies: 7 • A LinkedIn profile highlights career achievements and competencies. Your ability 9 to provide a vibrant profile will enhance your employment potential. T to communicate your unique skills and personal • Twitter creates an opportunity brand while linking prospective S employers to your website or other professional networking sites. • QR (quick response) codes may be appropriate in some settings, especially a technology-related position. Be sure to also include your website. • Pinterest allows online posting of your résumé, photos, videos, and other visuals to communicate career competencies, expertise, and achievements. • Consider showing what others have to say about you. Your recommendations on LinkedIn can provide a foundation for further discussion in the application process. kap61647_ch02app_075-085.indd 78 11/20/13 12:21 PM Final PDF to printer Appendix Résumés, Cover Letters, and Interviews 79 RÉSUMÉ PREPARATION No exact formula exists; however, a résumé must be presented in a professional manner. The use of bulleted items, bold type, and short sentences improves readability. Be sure to read your résumé on a phone or tablet since many hiring managers review résumés on a mobile device. Limit your résumé to one page. Send a two-page résumé only if you have enough material to fill three pages; then use the most relevant information to prepare an impressive two-page presentation. Use a format that highlights how your background will contribute to an organization's needs. Remember, résumés are usually scanned for key words related to education and technical expertise. The words and phrases used should be based the job description and industry. Some commonly used words to impress a prospective employer include “foreign language skills,” “software certification,” “research experience,” “problemR solving,” “leadership,” “team projects,” and “overseas experience.” Avoid overused and vague words such as “team player,” “energetic,” “results Ifocused,” “confident,” “creative,” and “professional.” Also, instead of just listing yourCability to use various software packages (such as Excel or PowerPoint), describe how these tools were used to A research information or to present findings for a specific project. When preparing an online résumé, consider the following: R PFP Sheet 8 Résumé worksheet • Keep the format simple; avoid bold type, underlines, italics, D and tabs. If you do use various formatting styles, save your résumé as a PDF. , • Avoid attached files that may be difficult to open. • Use keywords (especially nouns) for the specific employment position and industry. Ae-mail, and other infor• When filling out fields for name, address, phone number, mation, paste only plain text to avoid formatting problems. D Résumés posted online may be viewed by your current employer, whom you may not R want to know about your job search. Also, some suggest putting a date on your résumé I ago is for a current job so your current boss will not think your résumé from two years search. E For an improved résumé, seek guidance in preparing and evaluating your résumé. Counselors, the campus career services office, and friends N may find errors and suggest improvements. N E RÉSUMÉ SUBMISSION Traditionally, résumés have been mailed or hand delivered.2When presenting a résumé in person, you have an opportunity to observe the organizational environment and make 4 a positive impression about your career potential. Today, however, most résumés are submitted online. 7 Most résumé posting sites are free. Never pay a large 9 fee; scam artists have set up phony websites with an T online payment system to defraud people. Be cautious of sites not based in the country in which you desire S DID YOU KNOW? to work. Only post to sites with jobs in the geographic region of interest to you, and for which you qualify. Identity theft can occur using an online résumé. Résumés sent by e-mail should be addressed to a Do not put your Social Security number on your specific person with a subject line referencing the sperésumé. Thieves will often contact you and cific job. Your e-mail should include a cover letter to pretend to be a prospective employer in introduce yourself and to encourage the recipient to an effort to obtain other personal read your résumé. Properly format your résumé and information. include it in the body of the e-mail. kap61647_ch02app_075-085.indd 79 16/10/13 1:57 PM Final PDF to printer 80 Part 1 PLANNING YOUR PERSONAL FINANCES Follow up with a call or e-mail to reinforce your qualifications and interest. Ask about how and when to follow up on your status in the job search process. EXAMPLE: Your Career Brand Your professional image, or “brand,” should: • Communicate unique skills, experiences, and competencies. • Provide a vision of your potential contribution to an employer. • Have a consistent message online, in print, and elsewhere. • Involve ongoing actions that communicate your image, such as “collaborator” or “international expert.” R I C A Your résumé must be targeted to a specific organization and job. A cover letter is R designed to express your interest in a job and help you obtain an interview. This letter Dusually consists of an introductory paragraph, one or two accompanies your résumé and development paragraphs, and, a concluding paragraph. Creating a Cover Letter INTRODUCTION A The introductory paragraph should D get the reader's attention. Indicate your reason for writing by referring to the job or type of employment in which you are interested. CommuniRcate what you have to offer the organization based on your I experience and qualifications. If applicable, mention the name of the person who referred you to this organization. DID YOU KNOW? The Q letter (Q for qualifications) provides a sideby-side comparison of your experiences and abilities with the job requirements. The two coordinated lists allow you to be quickly rated as a viable candidate for the position. PFP Sheet 9 Planning a cover letter E NDEVELOPMENT N The development section should highlight the aspects of Eyour background that specifically qualify you for the job. Refer the employer to your résumé for more details. At this point, elaborate on experiences and training. Connect your 2skills and background to specific organizational needs. 4 7 CONCLUSION 9 The concluding paragraph should request action from the employer. Ask for the opportunity to discuss your qualifications and potential with the employer in more detail; in T other words, get an interview! Include information to make contacting you convenient, S such as telephone numbers, e-mail address, and the times when you are available. Close your letter by summarizing how you can benefit the organization. Prepare a personalized cover letter (see Exhibit 2-C) for each position. Be sure to address (or e-mail) the letter to the appropriate person in the organization. In the subject line of an e-mail, state the job title for which you are applying. A résumé and cover letter are your ticket to the interview. You may possess outstanding qualifications and career potential, but you need an interview to communicate this information. The time, effort, and care you take to present yourself will help you achieve your career goal. kap61647_ch02app_075-085.indd 80 16/10/13 1:57 PM Final PDF to printer Appendix Résumés, Cover Letters, and Interviews 81 Exhibit 2-C Sample Cover Letter May 23, 20 15 Ms. Hanna Cabral Human Re sources Di rector Global Tran slation Serv 3400 Supe ices rior Boulev ard Jamestow n, NY 1345 6 Dear Ms. Ca bral: Experience in providin g superb cu application stomer serv for the clien ice for glob t relations recommen al organiza position. Br ded that I tions is the enda Kelly contact yo basis of my along with in your acco u. An abili my studies ty unting depa to connect w in internat foundation rtment ith ional relatio people fro for this po m ns and glob varied cultu sition. In ad along with al business res dition, I ha an internsh pr ov ve several ide a stron ip in the ex courses in g porting de internationa My previous partment of l bu work in cros sin an es s electronics s-cultural en with a perso company. vironments n who is ab provides yo le to: ur organiza adapt to va tion ried busines s settings an use langua d meet the ge skills to diverse need handle custo prepare cr s of clients. mer relatio oss-cultura ns with inte l m ar keting mat implement rnat...
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