What is portfolio working and why is it growing?
Portfolio working is when an individual has multi strands rather than just one to their career. This trend has been growing for a while, fuelled by desire and also necessity post credit crunch.
With more competition in many professions, a portfolio career could be a sound choice.
Why is portfolio working growing?
- People aren’t ‘one-dimensional’ and fit in a box, they have different skills and interests
- The job for life is dead as a concept – a portfolio career helps you create your career as you want it
- A current shortage of full time jobs has led to more part time jobs, creating a financial shortfall that needs to be filled
- The younger generation actively seek more variety than the older generations
- People are now more used to choice and like the idea that they can design their career as they wish
- More people are seeking meaning and purpose, and a portfolio career enables people to earn money and give back
- Mixing employment and self-employment reduces the perceived risk of going it alone 100%
- More companies are seeing contracts and projects as a wise solution without increasing headcount, giving you the scope to have a portfolio career
5 Tips to explore portfolio working
- Know your financial break even and how much money you need to feel secure and have peace of mind
- Create efficient systems as multi career strands can take more time to manage
- Plan time for marketing to line up the next contract/retainer and create a financial buffer in case things change unexpectedly
- Get advice from people doing portfolio working so you understand the pros and cons
- Know your values and needs/wants so that you can ensure that a portfolio career is the right choice to give you fulfilment not stress