Career Services at the Bagley House

1. Career Services at the Bagley House Career Search in a Tough Economy

2. Intro to Workshop series Designed to instill some seriousness about what you will be facing as you move closer to graduation. To answer questions about salary needs, job search strategies, networking and technology, and waiting out the tough economy.

3. 1st in a series of 3 workshops This is the first in a series of 3 workshops ----and for those who will be attending these workshops you are going to hear similar content in the beginning and then a focus on the workshop which is -------- SALARIES Realistic Income/Realistic Expenses

4. Workshop Schedule Sept. 30 Realistic Income/Realistic Expenses Oct. 21 The Practical Job Search Nov. 18 Networking & Technology…and other sensible options.

5. Objective • Core Preparation: the resume & cover letter before the research—then….. • Learn HOW to create a realistic budget that honestly reflects your salary needs and cost of living by geographic area • Examine starting salaries

6. Core preparation: the connection

7. Resume & Cover letter • Both documents MUST be perfect

8. Cover Letter • Your cover letter must set you apart from others • The cover letter reflects • your voice • your defense • your support • the direction you are taking in the field in relation to the positions you are seeking

9. Resume • MUST be perfect • Prepare a perfect resume • Relate your resume to the skills in the job posting/description • what separates you from others

10. Major vs. Skills • It is not your major as much as it is the skills the employer is seeking • complete a self-assessment on your skills and interests (CHOICES) • Determine the skills learned through courses taken at PSU vs. skills the market is seeking (course descriptions)

11. The Interview • What works-what does not work • Conversation is key to your success • Employers seek a well-round background • Employers seek experience and activities that build leadership, communication, customer service, and related skills • Show ability to transfer experience through examples during the interview

12. Career Services at the Bagley House • We are right here on campus – bring your resume and cover letter to our office for a critique • Walk-in advising is • Tuesday: 1-3 pm • Wednesday 10am to 12 noon -an advisor is available to work with you on your resume and cover letter as well as your job search strategy See our resume clinic hours: http://www.plymouth.edu/career/events/info-sessions.html

13. Workshop #1: Salaries: Realistic Income/Realistic Expenses In order for you to be able to talk to the employer about your salary needs, you need to: • Develop a realistic budget • Examine starting salaries • Use the cost of living index

14. Develop a Realistic Budget What are the expenses? • Tax Deductions • Fixed Expenses • Variable Expenses • SAVINGS: pay yourself first/ Ideally 5% - 10% of your gross pay

15. Net Income - taxes --Deductions from your gross income: • Income Taxes (Know your tax bracket) • State and local taxes • Social Security tax • Contributions to savings/retirement

16. Income tax brackets 2009 Tax Brackets • Tax Rate Single Married Filing Jointly • 10% Not over $8,350 Not over $16,700 • 15% $8,350 - $33,950 $16,700 - $67,900 • 25% $ 33,950 - $82,250 $67,900 - $137,050 • 28% $ 82,250 - $171,550 $137,050 - $208,850 • 33% $171,550 - $372,950 $208,850 - $372,950 • 35% Over $ 372,950 Over $372,950

17. 2009 Deduction, Exemption & Limit Changes Federal Income tax exemptions and limits: Oct. 16, 2008--WASHINGTON — For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments announced today by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, are being adjusted for 2009. Key changes affecting 2009 returns, filed by most taxpayers in early 2010, include the following: http://www.irs.gov/newsroom/article/0,,id=187825,00.html

18. State and local tax To locate your state and local tax schedules research this link: http://www.retirementliving.com/RLtaxes.html

19. Social Security Tax • http://www.ssa.gov/pressoffice/colafacts.htm • Employee 7.65%  • Self-Employed15.30% • The 7.65% tax rate is the combined rate for Social Security and Medicare. 

20. Fixed Expenses • Rent/Mortgage • Property taxes • Telephone, Electric, Heat, Cable • Loans: car payment, credit cards • student loan payment

21. Variable Expenses • Food • Transportation • Clothing • Education • Entertainment • Medication

22. Transition expenses: College to Career • Renting an apartment may require a month’s rent as a deposit • Furnishing your new place • Buying a new wardrobe for work

23. Hidden Costs of Employment • Hidden costs: • Using your own car for business • Clothing • Meals not reimbursed

24. SAVINGS • pay yourself first • Ideally 5% - 10% of your gross pay

25. Reducing the expenses • Employer Benefits beyond the paycheck • Educational benefits • Discounts (health clubs etc) • Employer vehicle • Professional development • Student loan forgiveness

26. Strategies for reducing expenses • Look at cost of living – think about moving– NYC versus the beltway around Boston • Share an apartment • Telecommuting • Share a ride • Personal car vs. public transportation?

27. PSU as a resource Financial Aid website: Financial Wellness Managing your finances can be overwhelming - and if you're like most undergraduates, you may never have done this for yourself before. The Financial Aid Team is providing this Financial Wellness Web site to help you understand how to manage your student loans, personal finances, and how to create and maintain good credit. www.plymouth.edu/finaid/wellness

28. Let’s look at the handout: “Personal Budget Form”http://www.plymouth.edu/career/workshops/documents/personal-household-2008-09.pdf

29. Budget Form - review Handout --“Personal Budget”http://www.plymouth.edu/career/workshops/documents/personal-household-2008-09.pdf Handout --“Compensation/Relocation”http://www.plymouth.edu/career/workshops/compensation_relocation.html Handout – “Expense Considerations” http://www.plymouth.edu/career/workshops/expense_considerations.html • Data entry: income and expenses

30. Sample Budget Just an example: Using an annual Salary of $35,000: Monthly expenses • Rent: $650/mo • Utilities: $150/mo • Insurance: $100/mo • Cable: $100/mo • Car payment: $500/mo • School Loan: $500/mo • Food: $400/mo • Clothes $100/mo • Other: magazines, entertainment: $100/mo Total $2600/mo Total: 2600 x 12 months: $31,200 annual expenses Add income taxes @25% 8,750 Add 7.5% social sec. tax 2,660 total salary needs: 42,610 Can you survive? ************* You are in the red -7610

31. Rental estimates Rent.com's powerful apartment search tool and detailed rental listings make it easy to find your new apartment. http://www.rent.com/ See handout: Compensation/Relocationhttp://www.plymouth.edu/career/workshops/compensation_relocation.html See handout: Relocation Linkshttp://www.plymouth.edu/career/workshops/compensation_relocation.html#career_relocation_links

32. Salary Search Where can I find out about salaries? Google “salary search” – several very good websites to research. www.google.com

33. Examine Starting Salaries What are the salary projections for my occupational area? What are the regional salaries? • http://stats.bls.gov/oes/current/oes_nh.htm#b00-0000 • http://stats.bls.gov/ces/home.htm On this site: select Pay and Benefits from the tool bar at the top select Wages by area & occupation from the drop down select --State Wage Data

34. Use of Cost of Living Index • Calculating salary to determine if it will meet or exceed your ability to live in a different location.

35. Salary needs vs. Cost of Living How does the cost of living for the geographic area affect my salary needs? As an example, let’s use the $35,000 annual cost of living and now apply it to the geographic location: moving from Manchester, NH to Burlington, MA. Here is just one site that will make that calculation for you and also give you the definitions of the budgetary items you should consider such as food, housing, utilities, transportation, health, miscellaneous which are categories on your Personal Budget form: http://www.bestplaces.net http://www.bestplaces.net/col/

36. Relocation/cost of living Sample search for cost of living http://www.bestplaces.net/COL/ Cost of Living Comparison:Manchester, New Hampshire - Burlington, Massachusetts Change cities Burlington is 26% more expensive than Manchester. Housing is the biggest factor in the cost of living difference. Housing is 83% more expensive in Burlington. A salary of $50,000 in Manchester, New Hampshire should increase to $63,192 in Burlington, Massachusetts Manchester U.S. Avg. Burlington Cost of Living» Compare these cities in over 100 categories

37. Thoughts to walk away with…. This is not a to do list – it is meant to cultivate some thoughts about --your own approach to your cost of living --and how that relates to your occupational area and the salaries that are projected for your occupation.

38. How am I going to begin? Possibly treat this workshop as an assignment • when am I going to begin • where am I going to be living • what will I need for a salary • how do I stack up against the market • Create a realistic job search budget

39. What next? • Devote time each week to your job search and start by attending the next workshop “Job Search Strategies • followed by networking and technology and then if you still are thinking of going on to graduate school or other sensible options • mark your calendar for October 21 for your next job search in a tough economy assignment!

40. Please mark your calendar… Sept. 30 Realistic Income/Realistic Expenses Oct. 21 The Practical Job Search Nov. 18 Networking & Technology…and other sensible options.

41. Services to students • We are right here on campus – bring your resume and cover letter to our office for a critique • Walk-in advising is • Tuesday: 1-3 pm • Wednesday 10am to 12 noon -an advisor is available to work with you on your resume and over letter as well as your job search strategy See our resume clinic hours: www.plymouth.edu/career • Located between Blair and Hall • No appointment necessary • Meet on a first-come first served, drop-in basis. Advisors do not counsel by email. • Open during Spring Break & Summers • Services offered to graduate students and alumni of PSU.

42. Questions? Do I have the answers?