My upbringing was in a household that lived and breathed the virtues of a stable job, consistency, and diligent work - principles deeply valued by both of my parents. Their work life seemed anchored in the traditional 9-5 routine, but in reality, it often extended to 7 or 8 PM. Their days began early, battling through traffic to reach their corporate jobs, only to return home late after facing the same traffic challenges. Evenings and weekends often found them on call, ready to address any urgent work needs. Despite the undeniable stress this lifestyle entailed, they cherished the predictability, the steady climb up the corporate ladder, and the assurance of a monthly paycheck.
In Turkey's challenging economic landscape, where social mobility akin to that often seen in the USA is uncommon, they achieved remarkable success. Their journey, marked by diligent effort and resilience through significant challenges, saw them advance socioeconomically. Their career trajectory was largely linear, with some variations, but always underscored by their unwavering commitment to their work and values. I was really impressed by my parents' success, resilience, and perseverance, and that, together with what society and my schooling seemed to echo, led me to believe there was no other way than to start working at a corporation, gather a paycheck at the end of the month, increasingly increase my earnings, then retire. I would still like to enjoy what I do, of course, but I didn't really think of an alternative life where I could go for multiples instead of a single track - not until I encountered the concept of a portfolio career.
What is a portfolio career?
A portfolio career is a combination of various professional roles and projects, offering a diverse and enriched career experience. It allows individuals the flexibility to pursue different interests and skills according to their preferences, breaking away from the traditional model of a single, linear career path. As such, it is more like a kaleidoscope, instead of a telescope.
Towards the end of my tenure at Google, I felt a growing urge and desire to venture into entrepreneurship. Being a natural planner, I started devising a strategy on how to transform my diverse interests into a feasible business model. Initially, I assumed that post-Google, I would need to focus on one specific skill to successfully run my own business. The idea of steering my own ship was appealing, yet it seemed limited to selecting just one professional path.
To begin, I took stock of my skills and passions. My expertise is varied: I am an accredited executive coach and business consultant, a certified yoga and pilates instructor, proficient in digital marketing and analytics, a seasoned sales professional, and an angel investor. But it's not just my professional skills that define me; my personal interests are equally important. I enjoy socializing, embracing creativity, and pursuing innovation. My passions extend to sports, dance, nature, quality time with my children, volunteering, and supporting the business endeavors of friends. Collaborating with driven, creative entrepreneurs energizes me.
My goal, therefore, became to integrate these interests and skills into a cohesive career. While pondering over this, various questions emerged: where should I live, what additional skills might I need, and who should be my target audience? However, I quickly realized that I didn't need definitive answers to these questions. The path I was charting was flexible, with room for change and growth. This exploration led me to understand that limiting myself to a single career path would be more restrictive than beneficial. Now, I juggle a diverse portfolio of professional activities for my livelihood, staying open to expanding this array in the future. And that is certainly a paradigm shift for me, but also incredibly exciting! I recently finished reading "The Flow Generation: A Survival Guide for Unpredictable Times" by my former INSEAD classmate Nicolo' Andreula and his co-author Vera Sprothen. This book struck a chord with me, discussing the rise of the 'flow' generation and the sweeping trend of portfolio careers across the globe. Nicolo and Vera skillfully weave together case studies and research, offering a compelling narrative that resonated with my own journey towards a diverse and adaptable professional life.
What's driving the change?
A growing number of professionals are moving away from the career aspirations of their parents' generation. The traditional concept of lifelong job stability and a single, linear career trajectory is gradually becoming a relic of the past. The old model of climbing a career ladder, working for years within the same company or sector, and adhering to a set of rigid expectations, no longer aligns with the aspirations and needs of many people. A Forbes survey highlights this change, showing that 71% of top performers and 50% of all workers are now contemplating a shift to portfolio careers. The OECD further underscores this trend, projecting that by 2030, half of all professionals will have embraced portfolio careers. In this evolving landscape, the value placed on flexibility and personal satisfaction is surging, while the risks of being confined to a single career path are becoming more apparent.
Rise in layoffs, eroding job security
Prior to the pandemic, while forward-thinking professionals and startups had begun adopting innovative work models, many traditional companies were still heavily dependent on their permanent, in-house staff. The pandemic served as a catalyst for change, compelling these organizations to quickly pivot, often resulting in reduced permanent workforces and a move to remote and virtual operations. This shift highlighted the advantages of working with professionals who handle a variety of projects, offering companies a wider talent pool, reduced overhead costs, and enhanced strategic flexibility. As a result, the concept of portfolio careers gained significant traction.
Diversifying risks for greater benefits
The evolving professional landscape is leading to a wider acceptance of the portfolio career as not just viable, but highly beneficial. This model offers professionals the chance to expand their global client reach, enjoy increased flexibility and independence, and minimize income risks by diversifying their professional pursuits.
This shift in mindset echoes a principle I learned in business school: diversify your portfolio, not only to mitigate risk but also to add an element of 'fun' and play. The age-old wisdom of not putting all your eggs in one basket takes on new meaning in today's interconnected and information-rich world. For instance, a friend who shifted from a tech career to interior design, acquiring new qualifications and experience through pro bono work, exemplifies this trend. Similarly, a client of mine transitioned from biology to psychotherapy, undertaking online studies from an American university based in Ireland, while embracing global travel with their family. Such career transformations, driven by personal passions and interests, are becoming increasingly common.
The advantage of hiring for specific tasks
The trend of replacing traditional full-time jobs with gig economy roles in tasks like driving, delivery, cleaning, and graphic design had already begun well before the pandemic. Now after the pandemic, this approach, focusing on hiring for specific tasks rather than full-time roles, is increasingly being applied to more complex and specialized work. The pandemic also highlighted the benefits of engaging external professionals on a short-term basis for specialized tasks, bypassing the need for long-term contracts. In the US, the gig economy is expanding at a rate three times faster than the total workforce. It is propelled by digital platforms that connect workers with potential jobs or projects, such as Airbnb, Amazon Flex, Deliveroo, and Upwork.
Remote collaboration and productivity
The pandemic accelerated a revolution in remote collaboration and productivity for businesses. It unveiled the capacity for employees to remain productive outside a conventional office setting. This period emphasized the benefits of not limiting hiring to local talent, the growing preference among employees for flexible working arrangements, and the possibility of nurturing a company culture in a remote environment.
This shift has led to a predominantly virtual modern workplace, opening up opportunities for global collaboration. Statistics show that over two-thirds of people are now engaging in remote work at least once a week, with 53% working from home for more than half of their workweek. In this new era, geographical location has become far less significant, with the primary necessities being a strong internet connection and an effective home office setup.
Income and job satisfaction:
Gig workers' incomes vary widely depending on the industry, with average monthly incomes ranging from $1,080 to $11,130. Interestingly, about 20% of full-time independent workers earn more than $100,000 annually. Despite some financial challenges, a large portion of gig workers express satisfaction with their choice, with 76% reporting high satisfaction levels in 2019. (source)
Benefits of a Portfolio Career in a Nutshell
The rising popularity of portfolio careers can be attributed to several key factors:
Flexibility: Portfolio careers provide unparalleled flexibility. They allow individuals to work from virtually anywhere, setting their own schedules. This is particularly attractive for those seeking a better balance between work and other life commitments, such as family responsibilities, travel, or volunteer work.
Diversity and Skill Development: Engaging in a portfolio career means exploring diverse work experiences and continually acquiring new skills. This diversity fosters both personal and professional growth, encouraging lifelong learning and adaptability.
Economic Resilience: In uncertain economic times or fluctuating job markets, portfolio careers offer a buffer. Having multiple sources of income reduces the impact of losing any single job, providing a safety net against economic downturns.
Personal Fulfillment: Portfolio careers give you the freedom to pursue projects that align with your passions and values. This alignment can lead to a more fulfilling and rewarding professional life, as you engage in work that genuinely interests and motivates you.
Increased Income Potential: Managing multiple income streams often results in greater earnings than what might be possible through a single job. This aspect of portfolio careers can lead to better financial stability and growth.
Enhanced Job Security: The diversification inherent in a portfolio career enhances job security. By not relying on a single income source, you're less vulnerable to market changes and economic downturns, providing a more secure financial foundation.
How to Build a Portfolio Career
If you're considering a portfolio career, here are some tips to get you started:
Identify Your Skills and Interests: Reflect on your strengths, passions, and the types of work you enjoy. Understanding these elements will guide you in choosing the right components for your portfolio career.
Explore Diverse Opportunities: Portfolio careers offer the flexibility to include various roles. Consider freelance projects, consulting, teaching, blogging, or even starting your own business. The key is to find work that aligns with your skills and interests.
Set Clear Goals: Define what success looks like in your portfolio career. Having clear objectives will help you stay focused and track your progress.
Network Actively: Building connections within your industry is crucial. Engage with peers, potential clients, or employers to access new opportunities.
Embrace Flexibility and Change: The job market is constantly evolving. Stay adaptable and open to learning new skills or pivoting your career direction as necessary.
Develop a Strategy: Keep up with societal and industry trends. Identify emerging skills and consider how to integrate them into your career portfolio.
Create a Learning Plan: Actively seek learning opportunities, whether through formal education or hands-on experiences. Investing in your skills is essential, and self-funding may be necessary.
Craft a Personal Brand: Develop a brand that reflects your unique perspective and career goals. A strong personal brand can help you stand out and attract the right opportunities.
Be Ready to Take Risks (Initially): Starting a portfolio career often requires stepping out of your comfort zone and embracing risk. This might mean investing in new skills, taking on unfamiliar projects, or facing periods of uncertain income. View these risks as investments in your future career growth. Remember, greater risks can lead to greater rewards, and these initial challenges often pave the way to long-term success and satisfaction.
(Eventually) Balance Your Portfolio: Ensure your career portfolio is well-balanced, not overly dependent on one type of work or income source. This balance provides stability and reduces risk, allowing for some adventurous choices. After all, what's the fun without a bit of risk?
In conclusion...
In today's world, you can be a jack of multiple trades and master them too! A portfolio career represents a meaningful shift towards a more personalized and satisfying work life. It's a practical approach for those who seek variety, flexibility, and a direct alignment between their passions and their professional endeavors. By choosing this path, you gain the freedom to tailor your career to your own strengths and interests, allowing for a more dynamic and adaptable professional journey. In a portfolio career, the focus is on continuous learning and adapting, ensuring that your work remains engaging and relevant.
This approach not only broadens your skill set but also provides a richer, more diverse professional experience. If you're looking for a career that can evolve with your changing goals and life circumstances, a portfolio career offers the structure and flexibility to make that possible. It's an empowering way to take control of your career and shape it in a way that brings personal fulfillment and professional growth.
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