Portfolio careers on the rise

A new trend has come about; there is an increasing propensity to refrain from a conventional full-time job and instead take on several part-time jobs, including self-employment and freelancing. Such multiple-strand careers, more commonly known as ‘portfolio careers’ have become quite popular in Europe and the concept is catching up fast in the USA. The prime reason for the popularity of portfolio careers is the overall flexibility, independence and assortment that they offer. In return, they call for a high degree of enterprise, forbearance and organisational competences.

Portfolio careers are required to be put together around an assortment of abilities, concerns and fascinations; however, the need to concurrently indulge in proactive career management is inescapable. You do not have a single job or a sole employer; on the contrary, you have several jobs and several employers under the gamut of a single profession.  The concept of portfolio careers was mooted in late twentieth century by Charles Handy, an Irish business management thinker. He prophesied that in times to come, quite a few people will be at the wheels of their careers by working in a number of small jobs instead of a single full-time employment.

I have known a gentleman whose company resorted to downsizing and he was just around fifty. Today, he combines consulting with part-time work, teaching at a local college and freelance writing. A good communicator that he is, he utilises his talking and enabling skills to conduct workshops for the corporate world and college students.

There are several reasons why people take to portfolio careers. While some may do so purely for having a good work-life balance, others who possess a number of skills opt for them to make maximum use of their flairs. There are few who seek more independence and fulfilment. However, starting, achieving and overseeing a portfolio career is not easy going. Aspects that pose problems are determining the kinds of jobs to go for, identifying prospective employers, squaring contending exigencies for time and directing the effort per se. And of course, there could be diminished income, greater than before isolation and increased insecurity too; and which will be further heightened because of an absence of a set schedule.

There are therefore two questions that need to be pondered over. Firstly, is a portfolio career your cup of tea? And secondly, how do you manage a portfolio career if at all you take a plunge into it? Whatever be your decision, you have to consider all factors to ensure that all strands are successful endeavours.

You have varied options. You can be employed by different organisations and establishments or decide to be self-employed; a blend of both is also possible. Your schedule could be an assortment of part-time jobs, some even being provisional jobs. It may entail either freelancing or working on specific projects. There are quite a few people who decide to go in for a portfolio career for livelihood as they make efforts to find an opening for a permanent career and job. Despite the circumstances and intent, a portfolio career offers a better control over one’s agenda and timetable.

At the positive end of the spectrum, a portfolio career allows people to use their skills and faculties to generate an income that is as much or even more that what possibly would accrue if they were to go in for a conventional full-time employment. Characteristically, such individuals have a bank of expertise that can be offered to a cadre of employers and even clienteles. Needless to state, their networking skills are excellent. Consequentially, they are able to enjoy a more rewarding work and life experience. On the other hand, there are many who were earlier into full-time employment but were forced out of it and thus struggle to survive and sustain themselves by patching together different part-time engagements. The struggle can of course be rendered easy if they understand the nuances of creating, supporting and developing such work arrangements.

The fact is that portfolio careers are not meant for everybody. You will always run the risk of not being able to generate adequate number of assignments. Individuals who focus on certainty, steadiness and an organized routine may find the experience rather traumatic. But actually this is a subject of individual outlook. As it is, the prospects of job security are rather limited and hence it would be an interesting activity to mull over various skill-sets and knowledge domains that could be put up for sale. The intended objective is to discern how a portfolio career can present flexibility and generate demands for you.

Remember that it is not the strongest or the most intelligent that survive; those who are most responsive to change invariably do well. Going back and starting a new beginning is difficult; you can start today and make a new ending. After all, the world needs people like you – people who can come alive.