Archive for May, 2009

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Career Switch on Workers’ Minds

Tuesday, May 19th, 2009

This study found on the Tri-City Herald Web site finds that more than 60% of participants are worried about losing their jobs, and many are going back to school to train for a new career. Some of the most popular industries are business, economics, radiologic sciences and computer science. Medical assistant programmes and paralegal courses have also shown an increase in enrolments.

The fear of losing their job is making some Washington workers take a fresh look at their careers, says a new study released Tuesday.

About 57 percent of respondents, with an annual income of $40,000 or less, said they would change careers if nothing stood in their way, according to theWorkplace Confidence Survey, sponsored by Everest College, which has six campuses in the Seattle area.

About 65 percent of survey respondents reported suffering from work-related stress about potential pay and job loss. A total of 502 adult Washington workers were interviewed for the survey in early March.

For many feeling stuck in their jobs, the recession is an opportunity to do something different, said Maureen Moriarty, a career transition coach and founder of Pathways to Change in Sammamish. A lot of her clients are talking about going back to school to learn new skills needed for jobs in the health care industry, which has survived the recession better than most sectors of the economy.

Aging baby boomers and the rising demand for health care has sustained the industry’s growth, said Chris Weber, an economics professor at Seattle University. He said unemployment may continue to rise, even after the recession is over.

That makes going to school a nice option, said Randy Rogers, regional vice president of Northwest operations at Everest College, which sponsored the survey.

Enrollment in nursing and dental hygiene programs at Columbia Basin College continues to remain strong, said college spokesman Frank Murray. The number of CBC students in all disciplines this spring increased 12.3 percent compared to the same period last year, he said.

Medical assistant, radiologic sciences, computer science, business/economics and paralegal are some of the programs that have seen an increased enrollment, Murray said. Health care related jobs are particularly in high demand in the Tri-Cities, he said.

Enrollment at Everest College campuses has been rising in the last 15 months, Rogers said. More people want to improve their job prospects, he said.

Personal and home care aides, medical assistants, pharmacy technicians, legal and accounting administrative assistants and dental assistants are considered to be among the top recession-proof careers, he said.

People can use grant money to pay for college, he said. A number of funding resources are available for those planning to go back to school, Rogers said.

Workers today need to be lifelong learners with the globalization of the economy and quick-paced technological changes, Moriarty said. That’ll help take care of some of their work-related stress, she said.

 

How to Hit a Financial Planning Homerun

Friday, May 15th, 2009

The following article, found on Creston News Advertiser, gives advice on how to plan financially for retirement. Financial planning training is a good way to learn the skills you need to effectively manage your money and prepare for the future.

The crack of the bat. The roar of the crowd as you round the bases. While hitting a homerun in the big leagues is only the stuff of dreams for most of us, baseball can serve as a wonderful analogy for our quest for financial security.

Reaching retirement, or home plate, is the goal. So step up to the plate, take a swing and round the bases with these general, yet timeless, financial tips from Thrivent Financial.

First Base

Get on base by:

* Creating an emergency cash fund with at least three to six months worth of living expenses set aside. This fund is essential to cover unexpected short-term expenses, like a major car-repair bill or broken furnace. Keep the funds safe and accessible in a savings or money market fund, and be sure to replenish the fund later if you draw from it for an emergency.

* Purchasing property insurance that protects you and/or your business against the loss of the property or income. Auto, homeowners and business owner policies fall under this category.

* If your employer does not provide health coverage, buy your own. You can’t afford to be without it. “If you fall ill and have to be hospitalized without health insurance, you will quickly realize that the cost of not being insured far exceeds the cost of premiums,” says Bruce Fear, vice president of Protection Products and Solutions for Thrivent Financial.

Second Base

As you head to second base you’re approaching the middle part of your life and earnings potential. Second base is about protecting your income from a long-time illness or injury, or the death of a loved one.

* Investigate disability income insurance. It’s easier and cheaper to get when you’re younger, and provides a benefit to replace a portion of your income if you become too sick or injured to work. It protects your most important asset — your ability to earn an income.

* Life insurance is also essential. It protects your loved ones against the loss of income they would experience if you died. There are two main types — term and permanent. Both help preserve the lifestyle of your surviving family members, but permanent can also allow you to accumulate a cash benefit.

Third Base

Third base is about protecting your hard-earned dollars, the assets you’ve accumulated for retirement or other financial goals. As you head to third, consider what types of events can lower your probability of rounding third and heading home. Two key items you should consider:

*Investigate medical insurance. While many companies provide medical insurance, once you retire, the coverage usually ends. And, if you aren’t eligible for Medicare you’ll need to consider individual medical insurance. If you’re eligible for Medicare, keep in mind it won’t cover all your health-related expenses in retirement. Supplemental insurance can cover the gaps.
* Long-term care insurance should also be on your mind at this stage. The coverage can provide for necessary medical or personal care services provided outside a hospital setting, such as in a nursing home or your own home.

Reaching Home

Covering all of the bases over time will help you reach home plate — protecting your retirement plans.

* Estate planning is a key element of retirement planning. This is the process of working with your legal, tax, and financial professional to arrange your financial affairs so that you have sufficient assets to meet your lifetime needs, while ensuring that your wealth will be distributed according to your wishes after your death.

“A stable, solvent retirement in which you can maintain the standard of living you enjoyed while you were working is the equivalent of hitting one out of the park,” says Fear. “With a little bit of planning, the goal can be within reach.”

Recession: Higher Education in Specialty Domains is the Answer

Wednesday, May 13th, 2009

This article from The Times of India says that the recession has taken a toll on the entire world. India is encouraging people to study in specialty fields such as nuclear engineering and nanotechnology or to pursue IT management certification. 

The slump in career prospects in the back drop of the global recession can be used to the advantage of individuals as well as of the nation, by opting for higher studies in specialty domains, said Arunkumar Khannur Chairman and CEO, ISQT Process and Consulting Services Pvt. Ltd., Bangalore.

Delivering a lecture on global recession and its implication on IT industry, which was organized by the institution of engineers here, Khannur gave a broad perspective of economic recession — the causes and its effects on industries and common public. Explaining the money movement and the financial linkages between different components of industrial system, he narrated the different happenings like inflation, deflation and stagflation.

Recession has hit the entire world. India is not an exception though the blow is not very severe. We have to plan and manage the situation intelligently he added.

There has been sudden reduction in career opportunities as the exports have dropped. However, there is still demand for graduates with competence in specialty domains like space engineering, nanotechnology, cyber laws, IPR, nuclear engineering, software technology and infrastructure management among others. The fresh IT graduates need not be scared about lack of immediate job opportunities. Instead, they can use this period to pursue higher studies and add to the professional competence. They should be careful in selecting the areas for higher studies and see to it that they get specialized in upcoming and potential domains. The fresh graduates should seriously consider joining public sectors like ISRO DRDO NAL etc., he stated.

Khannur mentioned that there will be improvement in the situation in a year or two. As a nation it is high time we take this recession period as a challenge and an opportunity and try to create Indian Brand. This will be a more sustainable solution.

A V Shivapur presided. Honorary secretary Mrityunjaya Kappali proposed vote of thanks. Gopalakrishna Joshi welcomed and introduced the guest. V K Parvati also spoke. The session was well attended by the engineers and engineering students.

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