Portfolio careers
Changing technologies and work practices in the financial services sector are contributing to opportunities for people to not only have jobs, but job portfolios and portfolio careers.
Increasingly, people think of themselves in terms of a "portable" skills set and not as a job title, and the portfolio career approach links in well with this approach.
The number of people holding multiple jobs has surged in recent years as the variety, flexibility and freedom that comes from having different professions and working with different organisations proves to be an attractive prospect to many. The most recent research shows that between 1996 and 2002 the number of people holding multiple jobs rose by four per cent to six per cent1 and it is believed the trend has continued. While we continue to have a tight labour market and skills shortages continue to be experienced in our industry (and others), people will continue to feel
more confident about leaving a job or combining different jobs to achieve their work/life objectives.
What is a portfolio career?
A portfolio career is based on a series of varied shorter-term jobs, either concurrently or consecutively as opposed to one based on a progression up the ranks of a particular profession. The portfolio worker is frequently self-employed, offering his or her services on a freelance or consulting basis to one or more employers at the same time. However, a portfolio approach can also be taken to full-time employment with a single employer, if the employee chooses to expand his or her experience and responsibilities by taking different roles within the organisation.
Given enough focus and direction, a portfolio career can offer excellent short- or long-term rewards. It is important, in general, for portfolio workers to maintain an overall sense of purpose or strategic direction in the work they undertake, and to view their portfolio career as a unified whole rather than as a collection of disparate jobs.
How to approach building a portfolio career?
As with any job/career change, you need to consider what your underlying motivations are in the first place. What are you trying to achieve and will a portfolio career address your needs? Some questions/issues to consider:
- What are the sorts of things you would like to be able to do that your current job does not include? What other kind of work would you like to try?
- Would it be something totally different to give you a real change, or something complementary which could add to your value in your current workplace?
- If work/life balance is driving your interest in a portfolio career, can you provide outcomes for various employers in different geographic locations and at different hours while still maintain balance in other areas of your life?
- What financial income do you need to have and what hourly, weekly or monthly rates will you need to aim for?
- Think about the balance you would like between different roles. For example, would you prefer to split them half and half, with a day off in between to do your own thing?
- How transferable are current your skills/experience and how will they contribute to a realistic portfolio career?
- Should you set up your own business and ABN?
For some people, understanding that their motivation is to gain experience in other business areas will help them to choose various projects more strategically and build on their current skills and competencies. Maintaining career momentum as a result of not being in the promotion/salary review loop will also require a certain amount of focus, organisation and a strong work plan. By all accounts it helps to be self motivated and able to negotiate working conditions with a certain amount of confidence.
Setting up your own business will be an approach to consider when going down the portfolio career path. As with all new endeavours, it is important to do your homework before jumping in, as there are a number of issues to consider and options to choose from depending on your circumstances. Do you establish your own ABN or not and what are the tax implications as a result? What other additional administrative requirements will there be as a result of such a move; will you need to set up your own superannuation/pension fund, workers compensation and public liability cover?
If you need to enter to the job market to fulfil your portfolio career objectives, remember to tailor your resume so that it includes information relevant to the opportunities you are seeking at any one time. Your resume will need to communicate a clear message of not only who you have worked for, but what skills you have used/developed and how these can be transferred to a new employment setting. Some employers have a tendency to focus only on your last role, so it is important for portfolio career resumes to highlight as much relevant transferable experience as possible. Be prepared to
talk about your motivations for taking a portfolio approach and roles that may be very different to what you have previously worked in. It may be helpful to develop a number of different versions of your resume which highlight varying aspects of your skills and experience.
If you plan to change jobs/careers completely and your ultimate aim is to hold a number of different roles, try to phase any changes in gradually over a period of time.
For an increasing number of people, a portfolio career approach can be a great means of transitioning into retirement. Many of us can now expect to live longer and the notion of suddenly stopping work around 65 is becoming less practical or financially realistic. Easing into retirement by remaining in the workplace as well as developing other personal pursuits such as volunteering links in perfectly with the portfolio approach. Organisations may be open to the option of an employee moving to part-time hours where they get to retain the life experience and expertise of the worker, who will
continue in some capacity while not necessarily at the same level of responsibility or hours, for example.
As with many career changes, networking can also play an important role in ensuring that a portfolio career approach achieves your desired outcomes. Up to eighty per cent of job offers are a result of networks according to Dr Rachelle Canter (author of Make The Right Career Move) and maintaining industry contacts across a range of employers as well as an up-to-date understanding of industry trends/changes can be invaluable and vital for a healthy portfolio career.
More and more people are enjoying the freedom and flexibility that can be achieved by a portfolio career and this approach is becoming increasingly common within the financial services industry. Employers in our industry are developing a range of strategies in that are flexible enough to meet the changing needs of today’s workforce and portfolio careers are driving some of this change.
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