In his collection of essays in Beyond Certainty: The Changing Worlds of Organizations [Harvard Business School Press,1998], management thinker Charles Handy shares his insights on the organisational structure of the future. The worker of the future would develop a set of skills and services to market to customers; in place of a single career or profession, these workers thrive on a portfolio of jobs. Such “portfolio people” have greater freedom and their assets are their self-learning and self-management abilities.
Portfolio Career Candidates
While there are compelling reasons to pursue a portfolio career, it is not suited for everybody. Compared to a traditional full time job, you may miss out on certain retirement savings plans or group health insurance schemes. Transportation allowances or overtime pay would also not be available to you. On top of that you will need to deal with inconsistent income and have to search for business opportunities yourself.
It is thus important to take stock of what is important to you at this juncture of your career. If you need stability and the security of a steady position and fixed income, focus on full-time work. But if you want more flexibility and control over your time, the chance to develop new skills and knowledge, the promise of working in different sectors, the freedom to create something new or be your own boss and start your own business, consider a portfolio career.
Assess Your Attitude and Aptitude
Portfolio careers are usually built around a collection of skills and interests, and self-management and self discipline are key attributes. Ask yourself the following:
- Are you a self-starter and go-getter who thrives on making things happen?
- Are you a multi-tasker who can juggle multiple projects at one time, build and cultivate new business relationships and service existing clients?
- Do you thrive on a flexible work calendar and find it easy to manage your time?
- Do you work well under pressure and embrace change?
- Are you adaptable with a high level of risk tolerance?
- Are you willing to adjust your standard of living if necessary?
- Do you have arrangements for health insurance coverage and retirement planning?
If your answers are mostly “yes”, then you may be well suited to a portfolio career.
Build Your Portfolio Career
If you want to try your hand at a portfolio career, here are a few tips.
- Analyse what you enjoy doing, either on a professional or recreational level. These can be specific, such as managing people’s wealth and baking cakes, or it may be broad, such as speaking to people and inspiring others. Then explore ways in which these can be turned into income generating work.
- Weigh up your skills and abilities. Are they in demand or suited to any industry? Who would pay you for those services? Then develop a plan to market yourself.
- Nurture your network and cultivate clients. Join professional organisations or trade associations to network, share ideas and expand your business. Find opportunities to be “of use” to your contacts: being in service, even in a pro bono capacity, often leads to reciprocity.
- Always act professionally. See every interaction as a job interview or client meeting; you will count on referrals and word-of-mouth recommendations, so uphold your image and reputation.
Establishing and managing a portfolio career is not easy. But organisational structures are changing and with an accurate self assessment and a plan of action, it may prove ideal to you as a creative solution to your career needs.
