06/17/2020
06/17/2020
For 90% of the clients we work with, a portfolio career has become their go-to strategy. It allows them to work flexibly, to make more money while keeping their security, and to negotiate within existing organizational HR policy and contractual agreements. Women in particular want more. We want solutions to organize our work, adapt to changing circumstances, improve work-life balance, and experience greater fulfillment.
How we work is changing. In a traditional career you rely solely on your employer for advancement and income. Typically, that looks like a 9-5 workday with a few weeks of annual holiday, fitting your family, goals and dreams around your work schedule. We need to manage our mid-term career planning in a new way. The portfolio career is a step forward in flexible work strategy.
A portfolio career consists of three or four concurrent lines of work that together become an integrated portfolio. This non-traditional approach, which was once under the radar, is now being embraced as a modern alternative. A portfolio strategy allows us to design a career and life that leverages our passion with our purpose. This also allows us to target strategies for career growth and fulfillment, while taking risks and still maintaining financial security.
Your portfolio can be organized into quadrants where your work functions are defined by roles and by percentage of time. For example, perhaps 50% of your work capacity is spent at your primary employer. You may have a passion for an entrepreneurial endeavour that takes up 25% of your portfolio. You might also serve on a board, volunteer, or have other pursuits that make up the remaining 25%.
One of our clients, Anne, successfully planned and negotiated a return to work from her second maternity leave as a consultant and contractor, part-time. She has her own consulting business, and also subcontracts for other firms. In addition, she is a senior manager at a national not-for-profit. "I love that my portfolio career allows me to fit the puzzle pieces of work, family, community, and self together, rather than needing to pick just one main piece around which everything else needs to fit".
This integrated approach to career management can incorporate a variety of professional and personal desires, such as flexible work schedules, a more active lifestyle, education, entrepreneurship, as well as your individual creative passions.
You may want to consider this approach if:
This approach can also help serial entrepreneurs to effectively manage their businesses.
The portfolio career benefits both individuals working for employers and entrepreneurs. Contract work is becoming a norm in our labour market and entrepreneurship is on the rise. Positions can be created as required, minimizing the cost of benefits or severance. Additionally, contractors are often well-rounded candidates who invested in their own leadership development, growth, and fulfillment.
The Canadian labour market is unpredictable. Current economic pressures can mean fewer opportunities for advancement, bottlenecks in the talent pipeline, layoffs and downsizing. In response to the changing times, organizations are starting to demonstrate readiness for change, as seen in a higher level of inclusivity and dynamic leadership. This shift responds to an economic stall that makes it more appealing for organizations to offer work-from-home solutions and to hire contract positions.
The pandemic has given the world a rude awakening. We are in unprecedented times. Much like the skills required for a career change, the pandemic has forced us to be adaptable to shifting environments, agile when it comes to learning new skills, and flexible in face of changing norms.
Once you understand what a portfolio career is, you might realize you are already in some version of it. By being more familiar with this approach you can apply this framework to yourself to better manage yours interests, career aspirations and lifestyle goals.
If you would like to consider portfolio career strategies for you or your family, please contact us for a consultation.
At FRONTIER Leadership, our niche specialty training offers a highly integrated program for individuals in leadership, negotiation, career advancement, and entrepreneurship.
Individuals advance into rewarding roles, gain promotions and progressive compensation, elevate their language, gain leadership presence, develop robust strategic networks, and receive increased mentorship. We prepare them to make an impact in their organizations.
We believe it is critically important for organizations to establish innovative initiatives to enable a sustainable pipeline of confident individuals in leadership.
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