June 4, 2009

Try diversifying with a 'portfolio career'

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If this economy has taught us anything, it's that the rules of searching for jobs have changed in the last nine months. For decades, common wisdom held that resumes should show a long, steady arc of employment and ever-increasing responsibilities with every new job. Periods of idle time or temporary work were to be glossed over as much as possible.

The worst recession since the Great Depression has forced a reassessment of this thinking. With massive rounds of layoffs and unemployment rates edging close to 9 percent across the country, the ideal of an unbroken chain of employment is getting harder to live up to for many job seekers. The good news is that employers are starting to realize this.

Angela Carr, director of the Seattle division of Robert Half Management Resources, says that job seekers should not be discouraged by employment searches that stretch for many months. According to a recent survey by her company, which provides senior-level accounting and finance staffing on an interim basis, executives polled said that a senior manager could be out of work for an average of nine months before his or her career prospects would be adversely affected.

"In the current economy, being out of a job for an extended period no longer carries the stigma it once did," Carr says. "We are seeing more people making the choice to live the life of freelancers and consultants. It provides professionals with a flexibility and an ownership of their career that may not exist in a full-time role."

To bridge the gaps in full-time employment, a common tactic is to develop what's being called a "portfolio career." This involves the accretion of several part-time or contract jobs, either concurrently or consecutively, with the worker acting as a self-employed consultant or freelancer. It's what I did for about five years following the dot-com bust of 2000-2001 and what I've been doing again since my own layoff in January of this year.

Such portfolio careers, however, require a more active search that involves plenty of networking, Carr says. "Many of my clients have found jobs recently through their network," she says. "Join the board of a group that fits your background and get involved. Don't just attend the meetings, join a committee or volunteer your time. It's the best way to make a fast connection."

Portfolio careers are certainly not for everyone. While it gives you the freedom to pursue multiple interests, there is always the need to find the next job or project after your current one expires. If you're looking for long-term security, the portfolio career may not be the best tactic for you.

But the portfolio approach is a good way to add a variety of job skills to your resume. Personally, as a freelance writer, my portfolio strategy has given me experience in such diverse fields as general business writing, meetings planning, photography, property/casualty insurance, newspaper production, waste management and recycling issues, and film festivals. I'm certainly never bored!

I'd like to hear more from Hire Ground readers on this topic. How has the portfolio career method worked for you? Please keep in touch and let us know your success stories (or maybe your not-so-successful ones).

Randy Woods writes about job-search tools, networking techniques and other tips to help you land your dream job.

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3 Comments

Barrie Hopson on June 5, 2009 8:06 AM | Reply

This is becoming a rapidly more attractive workstyle in the UK - see our blog above. We have just completed a book on the subject to be published in October - "And What Do You Do? 10 Steps to Creating a Portfolio Career".

Hillari Hire on June 6, 2009 2:47 PM | Reply

Great article. Angela is spot on with her assessment of the current changes in our marketplace. She seems to have a realistic view on our changing economy and how to help those affected by it.

Colin Christianson on June 9, 2009 1:11 PM | Reply

I have been doing this as well. It has worked out for me greatly. The big key is the volnteer portion to get into it. Once you provide value to an individual or organization they don't want you to stop. Also, what you find with the volunteerism is you create a barrier to entry for other consultants. You know the ins and out of the organizations programs. Why would they want to switch and have to re-educate someone new to work with them?

As long as you are consistently adding value to make your clients job better, more efficient and easier you will be good to go.

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