Portfolio Career: An Option to Full-Time Employment

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by Stephen C. Ford, managing partner of OI Partners—Boston, Concord, & Franklin, MA

"Full-time" employment used to mean working one job at one company for 40 or more hours a week. A job change meant switching to another "full-time" job. But times have changed and often a traditional full-time job at one's skill and salary level is either unavailable or no longer meets one's personal career objectives.

As a result, more and more people are looking for new, creative and often non-traditional ways to use their skills and experience. The reasons are varied. Some are finding it difficult to find the right job. Many are seeking more job flexibility regarding where and when they do their work. The Internet, e-mail, cell phones and pagers have created a portable office that can fit into a briefcase. Our global economy is overturning the traditional office-based 9-to-5 work day. Others are seeking a work style that does not compromise their personal needs, be it a new child, relocation, health, or a desire to down-shift to a less stressful work environment

In today's employee-hungry economy, many workers who have been downsized or have voluntarily left their jobs are using the time between jobs to reassess their career goals and possibly try something new. They are using this time to remake themselves by upgrading their skills, developing existing talents, and refining their job searching techniques. They are rebuilding their qualifications for a new career that will meet their personal, professional and financial needs as closely as possible.

Attractive advantages
The "portfolio" career approach can help many people meet these objectives. Growing in popularity, a portfolio career can be compared to an investment portfolio: it produces income from a variety of sources. By combining two or more work activities -- part-time positions, teaching, interim or temporary jobs, consulting -- a person can create an interesting, diverse and flexible full- or part-time career.

A portfolio career offers many attractive advantages: flexibility, diversity of work and environments and more control over what you do and when you do it. It can also have financial advantages -- if you lose one job, you only lose part of your income.

This trend toward less-traditional job descriptions can be seen in the increasing number of career transition programs being offered by companies for employees seeking new ways to work. Rather than lose a valuable employee, companies are helping them increase their worth to themselves as well as to the company. They realize that workers who seek non-traditional roles can be a great resource. They can provide specialized services on a project, interim or part-time basis which allows the company to maximize the capabilities of its workforce.. Companies are now looking for multifaceted workers with a range of skills and a flexible work style who can be of value on an as-needed basis. Job titles no longer hold the same importance in today's workplace; the skill sets that one brings to a job are what count.

Not for everyone
But the portfolio approach is not for everyone. A person must understand their strengths and weaknesses. Those who are successful are typically well-organized, self-directed and are capable of juggling several projects at once.

Further, there is a level of financial risk. Income can vary from month to month, sometimes substantially, and workers are often responsible for paying their own estimated income taxes as well as both the employer and employee portions of FICA and Medicare insurance. Another financial consideration is that part-time and interim work assignments often do not include benefits (health insurance, retirement plan, paid vacations, etc.), although sometimes, particularly with smaller organizations, participation in benefits plans can be negotiated as part of the compensation package.

Another drawback for many people is the need for a strong bond with co-workers -- to be a member of the team, part of "the family." Often, temps, part-timers and consultants are considered outsiders and are not accepted as full-fledged team or family members.

Career building blocks
The ability to market oneself is a key skill in building and managing a successful portfolio career.

This includes creating focused, well-written resumes and letters, building a network of contacts and finely tuned interviewing skills. The big difference is that this process must become an ongoing part of one's weekly activities, rather than a one-time campaign, as many of the assignments will be temporary or interim jobs.

Job candidates must expand their networking contacts to trade associations, chambers of commerce and contract agencies that specialize in filling temporary and short-term positions. They should establish and maintain contact with smaller and start-up organizations, which often are looking for experienced part-time or contract people with skills the company cannot afford or justify on a full-time basis.

According to a recent national survey conducted by OI Partners, Inc., of 400 displaced individuals who participated in outplacement programs, workers are becoming more selective in the jobs they take. Many of them regard a lay off as an opportunity-not a problem. Survey results also suggest that workers are much more adaptable and do not feel locked into one particular type of job..

For many, a portfolio approach can be a challenging and rewarding way to rethink and take charge of their careers.

Steve Ford is managing partner of OI Partners in Boston, Concord and Franklin, MA.