Portfolio Careers: By Necessity or by Choice?

In his book, JobShift: How to Prosper in a World Without Jobs, management consultant William Bridges described the shift in today’s workplace from jobs to projects. Bridges uses an analogy to contrast the difference between jobs and careers in the “old” world of employment, versus composite – or portfolio – jobs and careers in the emerging workplace. He says that a traditional job-based career was similar to a chain, with a sequence of jobs as the links.

On the other hand, Bridges describes a composite career as more like a woven cable, made of separate strands. Work is organized today by projects or assignments, and defined by results rather than responsibilities and tasks. Well-written resumes focused on accomplishments now reflect this change. The projects and assignments may be executed for different organizations, use different competencies, and may involve different products or services. The workplace has shifted even more dramatically in this direction since the book was published in 1994.

Individuals with portfolio careers may be employed by companies, be self-employed, or a combination of the two. Their work may be a mix of part-time jobs, temporary employment, project work, freelancing, and self-employment. Some people choose to craft a portfolio career to earn a living while establishing an artistic career. Aspiring actors, singers, or comedians working as restaurant wait staff continue to audition for work that will propel their professional careers. Portfolio careers may also suit multi-talented and experienced individuals who want more control over their schedule and are at their best when they have variety in their work responsibilities.

In a best case scenario, portfolio careers enable people to use their talents and expertise to generate an income that equals or surpasses what they would earn in a traditional full-time job. Typically, these individuals have a quiver of skills that they can market to a cadre of clients or employers. They are usually well networked and can present their capabilities well. Their portfolio careers can be more rewarding and offer a different style or quality of work/life balance not found in a traditional job because of the opportunity to work with more independence, interact with a wider variety of people and take time off.

In this economy, however, people whose full-time positions have been eliminated are often forced to consider “cobbling together” part-time work in order to make ends meet. Whether individuals have a portfolio career by choice or by necessity, understanding how to build, sustain and grow this kind of work arrangement involve critical Career Literacy skills.

Portfolio careers may not be for everyone, however. Along with the flexibility and variety that may not be found in a traditional job comes the risk of not lining up a pipeline of assignments. For people who value predictability, stability, and some structure this may be stressful. It is really a matter of perspective. Today’s reality is that there is no job security. It would be an interesting activity for you to consider what skills and knowledge you could offer to see how a portfolio career can provide resilience, flexing with the economy and creating demand for your services. What questions are helpful when considering a shift to a portfolio career?

1. How much risk can I handle?
2. How well can I set realistic goals and create a plan to reach them?
3. Am I willing and able to structure and organize my time and work?
4. How well can I apply networking, marketing, sales and business development skills to seek opportunities and maintain steady employment?
5. How well can I balance doing the actual work (e.g. programming, tutoring, consulting) with the need to market myself and line up future work?
6. What kind of resources and support system do I have for moving into a portfolio career (financial, family, professional, self-employment knowledge and skills)?
7. Am I financially disciplined and able to manage uneven cash flow?

There are several resources that can be helpful as you work through the answers of the above questions:

1. There is an excellent section on Portfolio Careers in the Career Management Guide published by CMA Canada, the professional organization of Certified Management Accountants in that country. (See pages 8-12.)
2. SCORE is a nonprofit association dedicated to educating entrepreneurs and to the formation, growth and success of small business nationwide, and is a resource partner with the U.S. Small Business Administration (SBA). Their services include workshops, volunteer mentors, and publications.
3. Community colleges often have resources and entrepreneurship classes to introduce people interested in starting a business, such as College of DuPage’s Center for Entrepreneurship and the College of Lake County’s Illinois Small Business Development Center
4. A credentialed career consultant or coach who has experience working with individuals who have constructed portfolio careers can be a valuable resource to guide you in considering this type of career and making a successful transition.