Delighted to hear from the very lovely and very talented Marianne Cantwell this morning that the second edition of her great book is now available in the UK. I had the pleasure of helping her to get the first edition published 6 years ago. Portfolio careerists are not necessarily free range humans but most free range humans have portfolio careers.

Marianne is delighted that it was written up in the Daily Telegraph this morning (if you’re in the UK, it’s in their ‘New Season Resolutions’ special in today’s paper. Yes, when the Telegraph is talking about free ranging you know the world has changed!) I love her description of this edition that states that this is ” the book to pick up if you’re done with leaving a piece of yourself at the door in order to get paid… or if the thought of making things work (without having to squish yourself and your personality into someone else’s box) sounds right up your street”.

To launch this new edition Marianne says that “while it keeps the heart of the first, there are things in here I didn’t dare say the first time… above all, this fresh edition is the antidote to the ’10 step formulas’ and ‘be a version of someone else’ advice (and endless comparisons) clogging up our newsfeeds in 2019.”

So look out for:

– A new chapter on ‘the hidden side of success stories’ – including a big part of her story which she has never shared before .

– Loads on figuring out / creating a direction that fits and making your free range thing work in a loud world (including new stories and approaches, and a new ‘free range personality profile’ to help you making the most of who you are… without getting lost in endless comparisons or in the ‘be a version of someone else’ ‘blueprints for success’ all over the internet these days)

– Fresh perspectives with way more about doing things as you, to suit your personality and the life you want whatever that looks like 

– A new chapter on how to overcome information overload and take the right next steps for you.

So – if you didn’t buy the first edition definitely add this one to your ‘books to read”

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Public Relations, Marketing & Media Awards Categories Judging ...

You should read a fascinating article by Sunshine Farzan in Fast Company in which she talks about how professionals of all generations appear to be turning to “portfolio careers”. Most of what I quote below comes from her fascinating and very well written article. I hope she takes this as a compliment as opposed to proof of my laziness! The stats are largely US based but I believe that her findings would also represent much of the development in the UK and other countries.

 “While many professionals may unwillingly find themselves ousted from stable full-time employment, emerging opportunities in the marketplace may also prove the portfolio career to be a boon for professionals of any age—especially those looking for higher income prospects, personal fulfillment, lifestyle changes, independence, flexibility, or excitement. “

BABY BOOMERS ARE FINANCIALLY AND PERSONALLY MOTIVATED TO KEEP GROWING

“It turns out nearly half (49%) of freelancers are over the age of 50–by far the largest segment of the freelance workforce.
The anticipated lifespan for baby boomers has increased, so many are choosing to work longer. But financial pressures are also at play in keeping boomers in the workforce.
 Instead of remaining displaced, many boomers who find themselves unemployed will likely circumvent job market instability by working outside of the conventional “one job” model. According to data from the freelance platform Wonolo collected before COVID-19, boomers have been leading the pack in the global gig economy as they take on more jobs, earn more money, and receive better feedback than their younger counterparts.
Apart from financial pressures, many boomers are also taking on freelance work to enjoy a sense of personal purpose. Having a portfolio career allows them to dedicate time and energy to the causes they support, such as consulting for a nonprofit or offering leadership training to emerging professionals.”

“Boomers’ seasoned portfolios have prepared them for portfolio careers, allowing them to leverage their decades of experience to command higher contracted rates than their younger counterparts. Furthermore, like fine wine, professional networks tend to get better with age. A 2017 study from LinkedIn found that 81% of contractors on its freelance marketplace Profinder cited word-of-mouth referrals and personal networking as their primary sources of work. With their social and professional networks already years in the making, boomers could have a leg up in scoring freelance jobs in the COVID-19 economy.”

“She suggests that Boomers should consider scaling up gradually. “They need to market themselves strategically and be conservative with spending at first. Some may not realize that physical office space is no longer necessary, especially in a post-COVID-19 economy. Furthermore, it may not even be worthwhile to make expensive investments in branding and website development initially. Reputation, network, a basic social media presence, a services brochure, and a compelling white paper might be all they need to launch a portfolio career.”

GEN X IS READY TO EMBRACE NEW CAREER HORIZONS

“Gen X’s reputation for being cynical and antiauthoritarian may not just be a stereotype when it comes to their experience in the traditional workplace. According to LinkedIn Learning, Gen X is, by far, the generation most stressed at work. They’re also more likely than millennials to be “actively disengaged” with their jobs, according to Gallup. And, according to data from MetLife, only about two in three Gen-Xers say they are happy at work compared to 75% of millennials and 74% of boomers.”

“With stronger levels of dissatisfaction building before COVID-19, it is safe to assume that this crisis may push Gen-Xers, in particular, to steer their careers in a new direction. According to data from BMO Wealth Management, 50% of Gen-Xers who have portfolio careers cite “having autonomy and control” as a top motivator for self-employment—the highest of all generations.
With an average of 20 years in the workforce, Gen-Xers boast an impressive combination of business experience, soft skills, technical skills, and established connections to help them thrive in portfolio careers. They may be the most well-balanced of all the generations currently in the workplace, a trait that could prove advantageous in the post-COVID-19 economy.

Despite the reputation for the cynicism of hierarchy, Gen X accounts for 51% of leadership roles globally, according to DDI World. This means that many Gen-Xers are already in stable, successful roles. Those who want to pursue a portfolio career instead should make sure they are first mentally and financially able to leave, with an alternative plan ready to execute. They need to make sure not to risk current employment by having the conversation too soon, especially in the job market lag of COVID-19. To avoid cold feet, approach the exit conversation firmly committed to leaving. If they cannot commit, the timing may not be right.
It’s also critical to research any legalities that might impact transition, especially in the evolving regulatory environment of COVID-19. For example, noncompetes are very common in employment contracts, and it is necessary to be aware how this might limit a portfolio career.”

MILLENNIALS ARE A RECESSION-PROOF BRAND

“As the children of parents whose jobs and nest eggs became increasingly less secure in the 2000s, millennials entered the labor market amid the global financial recession and have experienced record unemployment, rapid digital transformation, and rising demand for new skills that are constantly evolving.
The economic despair of COVID-19 may conjure up sore memories from years’ past, but many millennials will be able to draw from the lessons they learned from starting up in a down economy. In particular, they’ve learned the value of constantly reskilling and not placing all their eggs in one basket. According to data from Bankrate, about half of millennials already have a side hustle, which challenges them to keep expanding their skill set and diversifying their career goals.
While millennials have an oft-cited reputation for being lazy, the data tells quite a different story. Millennials are willing to work as hard, if not harder, than the other generations: 73% report working more than 40 hours a week and nearly 25% work over 50 hours, according to a global study from ManpowerGroup. And the same study found that, while millennials still favor full-time employment, over half say they are open to nontraditional forms of employment in the future.

With only a few years of a steady paycheck–and many still paying off student loan debt–it is important that millennials are prepared financially to make the move into a portfolio career. This means either having projects lined up that will bring in immediate cash flow or having a cushion until they begin generating incoming. This cushion should be at least three to six months, but it may be better to have more in some industries. It’s also important to have health, life, and business insurance to remain fully protected in the absence of full-time employment.
Some other challenges facing millennials are perceived inexperience and escalating competition. They’ll likely be entering a field where consultants in their 40s and up have multiple decades of experience—and there might be a few hurdles to get over before landing that first client. This is where business planning and professional development become crucial for millennials.

Before beginning on a portfolio career journey, it is very important to strongly develop an identifiable, marketable area of expertise. After all, clients expect more knowledge, resources, and capabilities than they themselves have, and preferably a niche offering rather than something broad. A general range of expertise, such as marketing, won’t be distinguishing enough. But digital marketing for small businesses may help bring in clients, especially in the COVID-19 where most business networking has moved online. Finding a suitable and profitable niche can be challenging but, with enough due diligence and creativity, it is possible to carve out a niche and captivate the interest of prospective clients.”

ZOOMERS WANT TO BE THEIR OWN BOSSES ANYWAY

Even before COVID-19 disruptions, many professionals from the youngest generation entering today’s workforce were heading toward portfolio careers rather than full-time traditional jobs. In fact, nearly half of Gen Z or “zoomers” workers are already freelancers—and this number is only projected to grow in the next five years, according to a report from Upwork. This same report found that 73% of zoomers freelance as a lifestyle preference rather than out of financial necessity, compared to 64% of millennials and 66% of boomers.

Zoomers are digital natives and have grown up in a tech-driven world. The oldest members of this generation were just 12 years old when the first iPhone was released. Having been immersed in technology their whole lives, zoomers have many of the technical skills highly in demand in today’s marketplace. And this is a generation that values reskilling and lifelong learning. According to data from LinkedIn, 67% of Gen Z professionals feel that the skills necessary to succeed in today’s workforce are different than those in previous generations.
Apart from having marketable technical skills, zoomers will need to refine their soft skills and other attributes necessary to succeed in a portfolio career. These include a strong work ethic, focus, confidence, tenacity, and the ability to strategically network.
With fewer years under their belt, it may be helpful for zoomers to start their portfolio career as a part-time endeavor. Moonlighting tests the ability to be independent while still retaining a full-time gig to gain expertise, develop a professional network, and become more financially stable.

It’s also helpful for zoomers to develop relationships with advisers and mentors. This trusted network can provide valuable guidance and feedback. A trusted mentor can help test and refine a plan for a portfolio career. They can also provide useful insights and perspectives on what is in demand in the marketplace and how to best apply skill sets.”

THE FUTURE OF WORK

“In the current COVID-19 landscape, half of companies are considering layoffs as a long-term operational strategy. But what happens when the post-COVID-19 recovery begins and companies need to rehire?
The trend toward contracted freelance work has been making waves in the global economy, even before COVID-19 sent many of us home. Freelancers are the fastest-growing workforce segment in the European Union and, in the United States, freelancers will represent more than half the nation’s workforce by 2027. In the Asia Pacific region, 84% of hiring managers are outsourcing work to freelancers, and 79% say a more flexible workforce will help companies navigate an increasingly globalized business climate.
 As COVID-19 disrupts the global workforce and prospects for contracted work continue to outpace employment growth, it is possible that many of the jobs lost will be filled by portfolio career seekers–across all generations–looking to develop multiple skill sets, follow new passions, achieve personal growth, or simply enjoy the change of pace.”

Wonderful article Sunshine. I cannot recall ever quoting from someone else’s work in the way that I have done here. I bet she has a portfolio career! And this was the world that Katie and I saw emerging a decade ago when we wrote our book!

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Portfolio Careers or Side Hustles?

17 November 2019

I keep coming across more and more references to the increase of a side hustle career profile and the question of ‘but isn’t that just a version of a portfolio career? ‘ Actually I think it is – just about! However, it is likely always to be a more limited portfolio career as someone with […]

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Portfolio Careers for Pharmacists

8 November 2019

Ailsa Sharak has written a wonderful article on her own portfolio career centred around pharmacy. Following on from similar pieces on portfolio career patterns for doctors you can begin to see that the work pattern is beginnig to appeal to many members of the medical profession. Until very recently I think most people would have […]

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Wonderful example of a millenials portfolio career

1 November 2019

I recently came across this description of the pluses of creating a portfolio career in an article by Shweta Taneja om the Live Mint website. She writes “A portfolio career is working towards developing a bouquet of careers in one work-life, that is, using different skill sets to generate multiple sources of income. You may […]

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Portfolio Careers in New Zealand

24 October 2019

We know just how much the concept has taken off in the UK. We also know just how much it has taken off in the US – except of course they continue to use the awful title of ‘Slash careers’. We also know that in Europe generally it is also increasing but not apparantly at […]

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I have a portfolio career but will I be able to retire?

19 July 2019

I do get asked this question from time to time. I do not get excited by it simply because I have no intention of retiring – and I am now 76. However, it is a very crucial aspect of later life. I have just read a brilliant article by Don Ezra in the FT. I […]

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Portfolio Living

11 July 2019

This will be part of the title of my new book which moves us on from portfolio careers. There is an excellent article in todays Evening Standard by Hannah Flint in which she discusses the massive growth of portfolio careers, side hussles, etc. I was taken by a quote she uses: “But why are so […]

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NHS to promote portfolio careers as part of new workforce plan

5 June 2019

I have been writing quite a lot over the past year about health service professionals who are being attracted more and more by the idea of portfolio careers. This has now been highlighted by a report this week which focuses on an NHS commitment to make general practice a ‘more attractive’ place to work by […]

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And now – portfolio careers for nurses!

14 May 2019

I have previously discussed the attractiveness of portfolio careers for doctors, pharmacists and also nurses. This week there is yet another call for nurses to seriously consider portfolio careers. Gemma Mitchell in an article for the Nursing Times on a survey which showed the key issues for nurses. “If we are to attract more people […]

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