Career Doctor Articles

With the kind permission of the Career Doctor, jfo is able to bring you a series of articles to help you in your work situation and longer term career management

A Portfolio Career

One of my recent articles about getting the work-life balance right prompted a larger number of emails and phone calls than I normally get after a Career Doctor article is published. Clearly I had struck a chord in many readers about taking time out to “smell the roses” and trying to avoid the career treadmill. Several people asked me to develop this theme, which has prompted this article about portfolio working. This is an alternative approach to work which might appeal to some people. So who might be interested in portfolio working?

There are two categories of people where a portfolio career might be the answer to their current career problems, but in both cases the need or desire to get on the corporate career ladder is missing. Another common factor is that in each case, there is not a strong need to earn a large salary. Perhaps the person has been in a senior position and has already made sufficient money, or has been made redundant and got a reasonable payment.

So if you want to get off the corporate career ladder, and take time out to enjoy a better quality of life, with less pressure and a more relaxed lifestyle then give some thought to a portfolio career - an idea I will develop in this article.

WHO ARE SUITED TO IT?

The main category of people who are interested in a portfolio career would be those in their 50’s who have reached a crucial decision-point in their career. Many of them recognise that in today’s highly-competitive job market, they will be viewed as “too old” if they apply for a job, and so finding a new career path will be a serious challenge. So what to do?

Very often their children have grown up and left home, and their mortgage is either paid up or is very small by today’s standards. So the financial pressures are easier, but an income is still needed as they are too young to retire.

A second category of people who are interested in a portfolio career are younger people who are either quite wealthy and do not have a strong need to earn the big salaries they used to enjoy; or they are idealist and want to “put something back” and can live on a smaller salary.

Whatever their circumstances and motivation, when these various types of people become our client one of the alternatives we suggest they consider is portfolio working. This used to be quite popular in the early 1990s when the big recession was at its height. It was an option that many had to follow as it was their only hope of earning an income.

Nowadays it still remains a serious option for those who are finding it difficult to get work due to their age - and it is an attractive option for those who are not motivated solely by the need to earn a big salary. Indeed I have read numerous articles where the authors think that portfolio working is the way of the future.

WHAT IS IT?

Indeed, the times they are a’changing, and one only has to look at the German and Japanese economies to see that fundamental changes are happening which are forcing people who were accustomed in the good years to high levels of secure employment, to rethink their entire approach to employment and a career. To think the unthinkable.

Portfolio working could well be the way of the future, for work in the UK has already changed significantly. Many companies now prefer to hire temporary or contract staff, and for many people, finding a secure, permanent job is much harder than it was 15 years ago.

The very first recruitment exercise I undertook, in 1974, was to employ four clerks. I placed a large advertisement in the local newspaper and got precisely four applications. Fortunately each wanted a different job to the other so I was able to offer all four applicants a job, filling my assignment at a stroke. More by luck than judgement!

That was how it was then, more job vacancies than applicants. Nowadays the opposite is true and it would be safe to say that an advertisement for a half-decent job would easily attract at least 200 applicants - for just one vacancy.

So if this corporate career treadmill is not for you, then consider a portfolio career.

In simplistic terms, a portfolio career is a collection of part-time jobs, not necessarily bearing any relationship to each other. There does not have to be a direct link between them, although they do have one thing in common. Because they are, by definition, easy to get and perform, each job will not command a premium salary, though collectively, the end result, financially, may be sufficient for your needs.

As an illustration, you might be a van driver on a Monday, a shelf-stacker on a Tuesday, a clerk on a Wednesday, a bar-steward on a Thursday, and a gardener on a Friday. What other jobs could be potential elements of your portfolio career? Consider these: trainer, counsellor, nurse, telesales, painter / decorator / handyman, retail sales, receptionist, call centre operator, farm hand, web / graphic designer, picture framer, office cleaner, labourer, swimming pool attendant, courier, chauffeur, etc.

Perhaps you could offer your services as a general assistant in a petrol station, garden centre, riding stable, kennels / cattery, school, nursery, golf course, hotel, restaurant, etc.

If you have a particular skill - such as creative writing, repairing computers, teaching a foreign language, hairdressing, massaging, advising on beauty / health / keep-fit, etc - then perhaps you could use this to generate some money on a once or twice a week basis?

A portfolio career may never make you wealthy, but it will certainly keep you active and its sheer variety will keep you interested and mentally invigorated.

HOW DO YOU GET IT?

So let’s assume you have decided that a portfolio career is for you. What should you be doing before you start sending out your CV in response to adverts for these type of positions?

Obviously if you have a partner then you should have a serious discussion with that person, as your portfolio career may well affect your partner’s lifestyle. Analyse the financial and pension implications of a portfolio career, and think about what you may need to facilitate your aspirations. For example, would you need to buy a computer, or a van, or professional gardening tools?

Prepare a strategic plan for your new career. By their very nature, the sort of jobs you could do in your portfolio are often short-term, and so your portfolio will be frequently changing. How are you going to top-up your portfolio? What is the minimum number of days work a week you will need, or want, to be fulfilled or financially OK? What do you want to do long-term? What are the legal / tax / insurance implications?

Next you will need to think about the tactics you will have to use to achieve your ideal portfolio. How will you market yourself? How far are you prepared to travel for each element of your portfolio? What budget should you set aside for advertising? What about your CV, should you have a different CV for each element of your portfolio? If so, do your CVs market you in the best way?

Finally, be flexible. Strategic / tactical plans and reality are not always the same, and so you should factor-in a contingency plan, just in case your portfolio career takes longer than you anticipated to mature and develop into what you originally envisaged. And of course you will have to adjust your portfolio in the light of experience. One thing is certain though, and that is the variety and challenges offered by a portfolio career will be very rewarding, and your stress levels should fall significantly.

Good luck!

The Career Doctor is Eric Hearn, Chartered MCIPD and Managing Director of Milverton Career Solutions Ltd, Ascot, Berkshire, UK.

Contact details:
Tel: 01344 624383
Email: milvertoncareers@btconnect.com
Website: www.careerdevelopment.co.uk