English

need the ability to predict future events, too. Will interest rates rise or fall? Will the stock market go up or down? And what about trade... are exports going to increase or decrease?

To become a financial journalist you train as a general reporter first. Then you specialize in finance and economics. And when you've done that? Well, if you are lucky you'll get a job in the media. One word of warning, though —financial journalism is a very competitive career. In Britain, for example, there are only 2,000 jobs available.

Auctioneer. Two of the best-known auction houses in the world are Christie's and Sotheby's. The auctioneer who works there regularly sells famous paintings worth millions of pounds. But you'd be wrong to think that auctioneers just sell Rembrandts and Van Goghs. It's much more varied career than that. Some auctioneers sell farm animals, for example.

Others sell houses, antique furniture or even rock and roll “memorabilia”

(i.e. guitars, cars, clothes etc., which ones belonged to pop stars).

THE ART OF JOB APPLICATION

Illegible writing and long letters won't get you an interview

Caroline Turner

1.Now is the time when law students eagerly await the post for news of whether they have got a training contract for 1997.

To have a contract it is necessary to write an application letter properly and be successful at an interview. Rather late, I wrote 28 applications for contracts. Most firms stopped accepting applications by September, so I could write only to those few whose deadlines had not passed, or whom I hoped to persuade to make an exception.

Obtaining an interview, particularly with a small firm, is a feat in itself when it is common to have hundreds of applications for one or two jobs. Fashionable small firms get as many, or more, applications than the major City firms. For example, Stephens Innocent, which takes on only one trainee per year, has had about 2,000 applications, the same number as Clifford Chance, the largest firm, with 120 places on offer.

2.Nicole Solomon, a partner at Stephens Innocent, says that the high numbers applying does not surprise her because the firm is high profile and works in a sought-after area — media law and civil liberties. But how do the smaller firms, without the large personnel departments, sift through mounds of applications?

Ms. Solomon says she rejects anyone who says they have "inter-personal skills", illegible writing and letters longer than one page. She looks for people with media or civil liberties experience rather than those straight out of college.

3.Ian Bloom, of Bloom Camillin, which had 400 applications for two places, looks for something distinctive in the application, which must be

31

well written. The worst ones might say: "Do not bin this; I am desperate for a job." Others are too knowing, and might say: "Everyone on planet Earth has told me that you are the only firm worth applying to," but when asked who recommended the firm, they cannot answer.

4.Some recruitment administrators say they look for good academic qualifications and responsibility, such as running the University Law Society or being captain of a team. It could be anything from a sports team to a choir. Conversely, a person's hobbies may indicate that he or she is a loner, not a leader. Tricia Brett, a recruitment administrator, says: "We do not want just a member of society, but a person who does some work for it."

5.The long, complex application forms favoured by some of the larger firms do not deter many applicants despite the big blank spaces left for questions such as: "Why do you want to work for us?" and "What are your greatest achievements to date?". "What experience was the most rewarding and why?"

Some interviewers make the applicants state their "principal interest and leisure activities" and how they contribute to and benefit from them.

6.My interest included theater, cinema, books and travel. I supposed my contribution was paying for the tickets or book, and my benefit was enjoining the show, holiday or read. It seemed a silly question, but now I realize they were looking for active people.

In reply to my 28 applications, I have had seven acknowledgments, four letters saying I am too late, five rejections and two invitations for interviewers — one for a major firm and one for a small, specialist firm.

Despite the overload of would-be lawyers, competition between firms for the best graduates is still as keen as ever. There never seems to be enough really good people.

Education and Training

Jobs that require more training and education also tend to command higher salaries, other things being equal, because, as Robert knows, these workers give up years of working to acquire the skills necessary for access to the higher paying jobs and because the education itself requires intelligence and hard work to complete. Engineers and architects are, on average, highly paid in most market economies in large part for these reasons.

Training, education and level of effort may all influence income, but one very important factor is society's demand for a particular skill or line of work. Skilled plumbers or electricians often command higher fees than carpenters or auto mechanics; but a carpenter who is a skilled cabinetmaker or a master mechanic may be in extremely high demand and command high wages that reflect the value of his or her skills.

32

The supply side of the equation works in a similar fashion in labor markets. At most universities in market economies, for example, philosophy and language professors have received lower salaries than engineering and science professors for several decades now, simply because there are so many more of them compared to the demand for their services. A large number of people can qualify to work as retail clerks in stores, which is one reason that wage rates of such jobs tend to be low relative to jobs where the number of qualified persons are fewer.

Prices and Wages

The education and training issue also shows that the decisions workers make in labor markets are, once again, strongly influenced by various prices, and especially by wage rates. These prices for labor are in turn influenced by the demand for the products and services for which workers are hired. As a result, wages in different occupations rise and fall over time in large part because of changes in the prices for those consumer goods and services. For example, as automobiles replaced horses in the first part of this century, the wages of blacksmiths and saddle makers fell sharply, while the wages for auto mechanics rose.

Similarly, in just the past few years, the demand for workers with college degrees has increased sharply in most market economies largely because most businesses now work with more sophisticated technologies than they did in the past. Robert is attracted to computers, in part, because he sees it as a growing field with relatively high demand, and consequently, high wages.

International trade can also be an important factor in determining overall demand. Industries and companies that can compete successfully and export to foreign markets open more jobs and career opportunities for workers - just as imports from these countries offer them, as consumers, a wider choice of goods at competitive prices.

Workers who prepare for careers that experience strong growth in demand will gain from their foresight. Those who try to cling to jobs in declining markets using traditional skills will often be disappointed, and may even find themselves unemployed. They will need training, whether provided through their own resources, by government or by their employer. But that too is part of the strong system of incentives which directs more resources - labor resources in particular - into the production of goods and services that consumers want most, and away from those no longer in demand.

This constant emphasis on producing what consumers want is, over time, the most fundamental reason why labor and other resources are so productive in market economies. The lesson is clear: to prosper, produce what people want and need.

33

What is job satisfaction?

Lock gives a following detail definition of job satisfaction: “pleasant, positive emotional condition coming from your job evaluation or job experience.” Job satisfaction is a result of the very employees’ perception of the fact for how much their job provides important, from their viewpoint, things.

There are three most important parameters of job satisfaction. First, job satisfaction represents emotional reaction for the situation at the office. It's impossible to see it, it can be only experienced. Second, job satisfaction is defined often by that extent how much results of work correspond to expectations. For instance, if organization employees see they work much more, than other department employees, but receive less for that, more probably, they will have negative attitude toward their job, supervisor and colleagues.

They will experience dissatisfaction feeling. On the other hand, if they see, they get favorable attitude and materially rewarded, their attitude toward the job will be positive. They will experience satisfaction feeling from their job. Third, through job satisfaction some another settings are expressed. Smith, Kendall and Hulling suppose that there are five parameters of job, most exactly characterizing it from the viewpoint of those affective reactions, which job causes on people. These parameters are enumerated below:

1.Job itself. The extent, in which job gives people interesting assignments, opportunities to perceive new, experience responsibility feeling for the job laid upon.

2.Payment. The sum of money reward, which is paid for the job and that in which way the given sum corresponds to reward, received by other organization member.

3.Promotion possibilities. Career promotion opportunities.

4.Management. The capacity of a head to provide both technical and moral support.

5.Colleagues. The extent of technical knowledge of colleagues and the level of social support.

THINK BEFORE SAYING 'I QUIT'

Stephen Hayward

There is nothing worse than wanting to turn back time and thinking: "If only I knew then what I know now". But turn back time you cannot do, so how do you know you make the right career decision?

Once you have got down the recruitment track, and an offer is forthcoming,

34

there are three key issues you need to sort out in your mind: how to weigh up the offer; how to handle your resignation; and how to react to any possible counter-offer.

"First, you must remember that a job offer is a lot more than just remuneration," says Nigel Bates, director of Selection Department. "You've got to trust your instincts and say to yourself: 'Can I spend 45 weeks of the year with these people?'. You should ask yourself, too, if this is an undertaking that genuinely excites you."

"You must also look to the longer term and see what routes forward there are from this job."

Always think of each career move as a stepping stone - as you move forward, every stone brings more choices, each leading to a different destination.

"Too often I still hear about problems that people discover shortly after joining, so you need to do your research properly", says Bates.

"Nothing is too much."

Preparing for key business meetings is, of course, critical, and you need to plan the resignation meeting with particular care.

"Take no risks, so make sure you've got a rock-solid, binding-offer letter in your hand before resigning," says Bates, "and make sure that you have truly decided to go, and have rehearsed your responses to the 'why?' questions that you will inevitably be asked."

Having done all that, there still might be one hurdle to cross and that is handling the buy-back offer. Bates believes that very few buy-backs actually work.

"My experience is that many people who are bought back actually only stay for a few more months."

Follow this advice and you will not find yourself in the wrong job with the wrong employer.

TWELVE FACTORS FOR BUSINESS SUCCESS

Starting & Growing a Successful Business

1.Develop your own excellent resources and networks.

2.Identify and evaluate your personal qualities:

•your real motivation for being in business;

•your past business-related skills; and

•the personality traits common to successful entrepreneurs. Business skills are personal attributes that are important for anyone owning or managing a business:

•persistence & vigilance;

•the ability to face the facts;

•the ability to minimize risks;'

35

•the ability to learn by doing;

•the ability to understand and work with numbers.

3.Develop, define and test your business ideas.

•Observe general economic, cultural and environmental factors.

•Understand conditions in your specific industry.

•Be realistic about your specific ideas/business;

•Timeliness (for the economy and the industry).

•Being right for you (your personality and skills).

•If it matches your commitment (motivation & interests).

•If it is clear and concise to others (easy to understand).

•If there really is a need (a market indicated).

•If the risks are "known" (the chance of failure is

diminished).

4.Possess the technical expertise necessary to do business.

5. Acquire and improve small business management experience.

6.Understand market research and targeting the customer/client.

7.Ability to plan, set realistic goals and take small steps.

8.To raise and use only the appropriate amount of financing.

9.Love what you do or are going to do as you grow.

10.Manage the business as openly as possible.

11.Continue your business education and professional development.

12.Keep records, prepare and use financial statements and pay your

taxes.

Have a heart, bosses

"Managers need to hone their emotional skills as well as their professional know-how if they want to survive at the highest level,"

writes Margaret Coles.

EMOTIONAL RESILIENCE must be developed by all those who rise to senior levels, to enable them to take difficult decisions and feel comfortable in any situation.

This is the view of Harriet Karsh, a psychologist and personal development consultant.

Karsh, who spoke at the recent Women in Management conference, says of her Heart of Leadership programme: “I help people to deal with difficult situations where they have to do things that go against their own code of values.”

“I help people to understand their values, how they want the world to be and how they want to be in that world, and compare that with their business approach, to find an integrity between what they believe in and what they do. Leaders who lack integration between a thought and deed lose the

36

confidence of colleagues and subordinates.

If you understand what is happening inside you, physically, mentally, emotionally and spiritually, you are facing a dilemma that needs some resolution.

Those who ignore it find it comes out in different ways – illness or breakdown. I help them to check their choices against their values and see the consequences for the business and themselves. You might find a better way of doing what you must do, or you must find the courage to go against it."

“We support people when they work through choices. We help them to take responsibility for decisions they make and for the outcomes of their actions.”

“People in leadership roles begin to understand better what they need to do to live up to their highest aspirations.”

Susan Young, managing director of a big company, first worked with Karsh two-and-a-half years ago. “I’d just been recruited and wanted to strengthen my team of directors. Harriet helped us to understand what strengths each of us contributed and think about areas where there might be conflict. It encouraged us to rely on one another. She also helped me to recruit a very strong management team.”

“We’re also changing the culture of job so that people solve problems on their own and constantly seek to improve the way they do things, rather than just follow a set of procedures.”

"Harriet has enabled us to build strong relationships required when you are making major changes because there are lots of fears and difficulties associated with them. If you feel you have a strong team you can rely on, it gives you the courage to face things that are at the limits of your skills."

"We recognize the value of the individual, but also understand that we are a team with complementary skills," says Young.

Phil Besley, a management consultant, did the Heart of Leadership course two-and-a-half years ago. He now works with organizations on team and personal development.

"The workshop helped me to understand how open I am to others' views and how ready I am to confront some of my own fears," says Besley.

"I learnt the value of how we relate to ourselves and others, rather than tasks and achievements. If I know what my strengths are, how I feel and what's important to me, I can begin to form some values about life, and that lets me relate more effectively to others."

"I learnt to understand what is right for me."

"Many people in my work have no understanding of themselves, so they are frightened and fragile; they have no sense of real purpose or value in what they do. They tend to do the least uncomfortable thing rather than the most honest thing,"

"It requires a deep understanding within leaders to admit that they're as

37

confused and sometimes as frightened and lost as everyone else," says Besley.

"In the personal-development work I do for organizations, I ask people to say what they think and feel, so that they begin to create for themselves a climate where they can give each other support and feed-back. I try to develop a real connection between people, from the boss to the most junior person, so all can feel that they have a right to be heard."

38

CONTENTS

Part I. Read the Texts and speak on the Topics

39

SOURCES

1.Sheveleva S.A.. English on Economics. – Moscow: UNITY, 2002.

2.Ryzhkov V.D.. Business English: Management. – Kaliningrad: Yantarnij Skaz, 1999.

3.Internet: http://www.bbc.co.uk , http://wikipedia.org.

40