CD - Career Development Module Overview

Career Development Module Overview

Introduction

Do you have hopes of becoming a reality tv star? Celebrity dog walker? No?! Maybe you have more traditional career plans for your future? Do you know how to find out about that career? Do you know if the cost of going to college or technical school versus going straight into the workforce makes sense? Well, you're in luck! In this module, you will gather information to help you find a career that is good for you. We will explore the various job market trends that are hot right now such as telecommuting and a compressed work week. In addition, if you have ever wondered about all the money being taken out of your check, we will explore and learn about that, too. So, just in case your career as a reality tv star falls through, the information learned in this module will help you along with your  Other  dream career!

 

Essential Questions

• What is a free enterprise system and how does it work?
• How do I read and understand my pay stub?
• What education is needed for the career I want?
• What is the opportunity cost for going to college versus going directly into the workforce after high school?
• What are the current workplace trends?
• How do I calculate gross pay, net pay, and payroll deductions?

 

Key Terms

• Free Enterprise: An economic system where few restrictions are placed on business activities and ownership. In this system, governments generally have minimal ownership of enterprises in the market place. This system aims for limited restrictions on trade and minimal government intervention.
• Payroll Deduction Plan: A contribution plan in which an employer deducts a specified amount from an employee's pay and puts the funds towards insurance, healthcare or an investment account. In most situations, employees enter into payroll deduction plans on a voluntary basis.
• Employee Benefits: Compensation beyond a salary or hourly wage, such as insurance, vacation time, contribution to a retirement plan (such as 401(k)) or free parking.
• Gross Pay: Regular pay, overtime pay, and other taxable earnings paid to an employee during a pay period before any obligations, such as taxes, are deducted.
• Withholding: Part of an employee's wages or salary that is withheld by the employer as partial payment of the employee's income taxes.
• Income Taxes: Percentage of your income, including wages, salaries, commissions and bonuses paid to the government each year.
• Net Pay: Remaining amount of pay after taxes, retirement contributions and other deductions are made.
• Income: Money that an individual earns in exchange for work performed for a company.
• Expenses: Money spent or costs incurred.
• Return on Investment: How much you will gain from a certain career path.
• Salary: Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.
• Hourly Wage: The amount an employee is paid by an employer for completing an hour of work.
• Associate Degree: A two-year academic degree awarded by community colleges, junior colleges, technical colleges and four year colleges and universities after the completion of a course of study that typically includes at least 60 credit hours.
• Bachelor's Degree: A four-year academic degree awarded by a college or university after the completion of a course of study that typically includes at least 120 credit hours.
• Exempt Employee: Salaried employee.
• Non-Exempt Employee: Employee that is paid an hourly wage.
• Job Shadowing: Experiences that allow you to see in person what someone in a specific career field does on a daily basis.
• Flexible Work Schedule: Allows alternate work schedules other than 8 a.m.-5 p.m. work week as long as employee works 8 hours.
• Compressed Work Week: Ability to work 40 hours in the week in fewer than 5 days.
• Telecommuting: Working distantly from the employer's location, usually from home.
• Job Rotation: Being trained for 2 or more jobs in a planned manner.
• Job Sharing: Two (or more) workers share the duties of one full-time job, each working part time, or two or more workers who have unrelated part-time assignments who share the same budget line.

 

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