Join us exploring the increasing trend from traditional careers to flexible, portfolio-based work. We look into the motivations driving executives towards this dynamic new career, and uncover the practical steps individuals need to thrive make it a success.
I'm in conversation with Caroline McAuliffe. Caroline is a Senior Partner in Interim Search for Watermark in Sydney. She’s the co-author of an excellent book called The Rise of the Interim Executive and has been in Interim Search for 18 years.
1. The Rise of Portfolio Careers: The traditional, linear career path is being replaced by portfolio careers, offering executives more variety, control, and a greater sense of fulfillment in their professional lives.
2. Practical Steps for Transitioning:
- Mindset Shift: Executives must adopt a mindset of ownership and self-agency, taking responsibility for their financial stability, professional development, and career progression, unlike the support provided by traditional employers.
- Risk Assessment and Scenario Planning: Understanding one's risk profile, including comfort with potential gaps between assignments and income needs, is crucial.
- Growth Mindset: Embracing openness and curiosity towards new skills and experiences is essential.
- Skills Assessment: Identifying current skills and experience, along with any gaps that need addressing, is vital.
- Defining Values and Success: Understanding personal values and what constitutes success will guide decisions about which opportunities to pursue.
- Financial Planning: Proactive financial planning is a fundamental requirement for managing the variable income streams of a portfolio career.
- Networking: Building a broader and more diverse network beyond one's traditional industry is crucial for securing new opportunities.
- Personal Branding: Actively managing one's personal brand, communicating values and expertise, becomes a daily full-time job.
3. The Importance of "Superpowers": While executives often possess broad general skills, identifying and articulating specific areas of deep expertise and recent, relevant experience ("superpowers") is key for interim roles. Search firms focus on these recent "currencies" to match candidates with current client needs. Carolyn talks about Lifelong Learning: Staying current. Ref earlier podcast with Jacinta Whelan.
4. Cautionary Advice:
- Being committed – seeing through an assignment.
- Being open to seeking assistance, such as from executive coaches, is important.
- Being cautious about taking on roles that are not a good fit is crucial for maintaining one's brand and future prospects.
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