A couple of weeks ago, dear Bilge Apak Sato shared with us a survey on portfolio careers by Andreia Fernandes. I learned that this survey is part of a thesis for a CAS in Positive Psychology at the University of Zurich and was created with the kind support of the Competence Centre for Diversity & Inclusion (CCDI) at the University of St. Gallen.
When I began answering the survey, I encountered the first question: “Did you already know what a portfolio career (PFC) is before this survey?” I might have known and forgotten, or perhaps I was not aware that I knew, but at that moment, I realized that I hadn’t discussed or referred to the career I’m seeking as a “portfolio career.”
Based on my high-level understanding, the concept of a PFC is not entirely new; it has been around for several decades. When I delved into the concept and its origins, I discovered that long before the gig economy became a buzzword, Charles Handy wrote about the “portfolio career” in his 1994 book, “The Empty Raincoat.” He described it as having a variety of roles rather than one job at a single organization. Handy’s ideas included the necessity for individuals to develop portable skill sets to meet the needs of a fast-moving future workplace. He also outlined how both individuals and organizations could embrace a “doughnut approach” to life, advocating for diverse experiences, skills, and intellectual pursuits.
It was heartening to see how visionary these ideas were in the ’90s, a time when I didn’t even have a computer at home. Handy had foreseen that individuals would increasingly take control of their careers by choosing to work on a variety of projects for different organizations, rather than following the traditional path of full-time employment with a single employer. Since then, the idea of a portfolio career has gained traction, and its acceptance has grown significantly, especially with advancements in technology and the increasing desire for purpose and balance in life and flexible working arrangements, making it seem like a more contemporary phenomenon.
Pursuing portfolio careers can be particularly appealing to those who seek autonomy, wish to avoid the constraints of a single job, or want to explore multiple interests simultaneously. This approach can result in a diversification of income, flexibility, a variety of work, skill development, and networking opportunities. At the same time, it may also present challenges such as income instability, lack of benefits and job security, the potential for overwork or stress if one has difficulty setting boundaries, an administrative burden, lack of traditional career advancement, feelings of isolation if not part of a team, and the need to continuously market oneself and one’s skills, which can be demanding and require persistence.
As mentioned before, the gig economy, remote work, skills diversification, and a focus on balance in life and personal fulfillment are some of the trends related to this concept of work. For some individuals, a portfolio career is more of a necessity in the face of economic uncertainty and job market fluctuations. For some others, we know that digital nomadism has become a lifestyle that allows them to travel and work simultaneously. Some organizations are also beginning to embrace the PFC model within their structures in hopes of retaining talent by offering a variety of development opportunities and allowing employees to work on different projects or assume different roles within the company.
All in all, I believe that the concept is becoming more mainstream and is likely to continue evolving as the workforce adapts to new economic realities and technological advancements. If you have read this far, I assume you are interested in this subject. Let me then invite you to participate in the short survey about portfolio careers that I mentioned at the beginning of this essay. Your input will be greatly appreciated!
