We live in a world where change is one of the few constants. A worldwide phenomenon such as the COVID pandemic has significantly impacted how organisations think and operate. The notion of hybrid working and automation are concepts that are increasingly gaining in popularity, leading organisations to require different and changing skill sets.
We know that most of us have to work longer for various reasons but would like to take on different areas of interest and skills. An increasing number of us are taking on outside interests in addition to the day job as a means of generating extra income. This desire to take on new and varied roles has led to the rise of the portfolio career.
What is meant by the term portfolio career?
The philosopher and organisational behaviourist Charles Handy popularised the “portfolio” concept in works like his 1989 book, ‘The age of unreason’ and again in 1994 with his book, ‘The Empty Raincoat’.
Charles Handy defines a portfolio career as –
A portfolio of activities. Some we do for money, some for interest,
some for pleasure and some for a cause. The different bits fit together
to form a balanced whole, greater than the parts.
Here are 5 key essentials needed to start on your journey toward building a portfolio career
1. Start with a clear vision
Being clear on what you would like to do is a crucial step in moving towards a portfolio career. Mapping out your career vision using something as simple as a piece of paper or a mind mapping tool such as MindMup will help visualise your dream for a portfolio career.
For those who prefer not to use mind mapping tools, another way to keep a record of your vision is to create your ideal job description. Spend time writing down all the things that interest you and that you would love to spend your time doing. At this stage, it doesn’t matter how long your list is. It can be trimmed down once you have a clearer picture.
2. Conduct a skills audit
What are you good at?
What areas do you need to gain more knowledge and expertise in to achieve some of your future career goals?
In looking at your skills, knowledge and experience, it is important also to understand your transferrable skills. You have acquired these skills and knowledge over the years but don’t use them in your current role. Listing and understanding what these skills are will help you build your portfolio career.
3. Learn how to manage your time
Building a portfolio career requires very careful time management. Most people who develop a portfolio career often do so whilst still managing a day job. In some cases, they might also have personal commitments such as family. A great way of managing your time is by using tools such as The Eisenhower Matrix for assessing and prioritising tasks
This tool allows you to set out the key priorities in your daily activities and categorise them under the headings of
• Do now
• Plan
• Delegate
• Eliminate
4. Be clear on your values
You will experience job fulfilment when the values important to you are expressed in your work. The company you work for or the type of work you would like to get involved in should be aligned to at least the most important of those values. Otherwise, you will experience constant turmoil and conflict and a feeling that you “can’t be yourself.”
Values at work can be easily identified by asking yourself, “Why do I work?” or, “What do I want out of my work?”
Make a list of your values. This can be done as a brainstorming activity, in which you make a long list. From the long list, identify your top 5 values, that you consider non-negotiable.
5. Identify who can help you on your journey to a portfolio career
Building a portfolio career does not mean you have to go it alone. If you have an interest in an area of work that you don’t currently work in, the best way to gain insight is through your network. Having a strong network will enable you to tap into the knowledge and expertise of others who might be able to help you as you make the transition toward your chosen career path. You may also wish to consider finding a mentor or coach who can provide guidance.
Moving forward with a portfolio career
Once you have created a clear direction plan, start building your career in phases. Some people often seek just one area in addition to their day job, while others may want to create several areas of interest as part of their portfolio.
Below is a list of some of the main routes that often form part of most people’s portfolio career:
a) Tutoring
b) Becoming a board member
c) Transitioning from full-time to part-time
d) Becoming self-employed
e) Becoming an author
a) Tutoring – use your expertise to teach others. There are several websites such as The Profs, Tutorful and MyTutor. Depending on your skills and experience, Tutors can earn between £25 – £100 per hour
b) Board Member – board member positions are highly sought-after roles across a range of sectors. Several are paid positions, while some seek volunteers, such as roles within charities and non-profit organisations. There are several organisations that can assist you in gaining a board position, such as Women on Boards or inclusive boards.
c) In beginning the transition into a portfolio career, many start by seeking part-time roles. Organisations such as Timewise or Capability Jane deal with various part-time positions from senior to junior level appointments.
d) Become self-employed – Some begin their journey into a portfolio career by starting a business on a part-time basis. This is often referred to as a side hustle. A study by Henley Business School found that 1 in 4 UK adults have a “side hustle”.
e) Becoming an author – If you love writing, there are many ways you can use your knowledge to make money as part of your portfolio career, including becoming a guest blogger for a top publication or writing for learning platforms such as Bookboon.
A portfolio career is increasingly becoming a way for many in the world of work today. It offers the opportunity to exercise different skills and provides additional income streams for many. However, like anything worth doing, it requires preparation, planning and consistency of action to make it a success.
Biography
Yvonne Akinmodun is an ICF-certified Executive Career Coach and founder of Career Coaching Matters Academy.
She coaches professionals and executives to take charge and manage their careers which often includes developing their career confidence.
As a career coach and author, she has appeared in career podcasts, radio and written articles about leadership and career coaching for a range of publications, including a book on career conversations in the workplace.
Her career coaching involves using the proprietary Authentic Vocation™ system. With the system, she can help her clients turn confusion into clarity, find the career they were born to do, and help them make a successful transition from one career or job to another in the shortest time possible.
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