Despite the new Age Discrimination legislation and the government’s agenda to retain and attract mature workers to meet the economic needs of the 21st century, little practical advice has been given to employers or their employees about how, practically, to make this happen.

A number of issues have already been identified as to why the majority of employers would prefer to steer clear of mature workers if they could  - increasing ill health, and lack of motivation and engagement being just the tip of the iceberg.

And for employees themselves?  For many, the years between 50 and 70 or so bring increased choice and what that often means is the desire and ability to develop a future career which may be far removed from the traditional nine to five (or eight to eight) five day a week, straightforward slog that represents ‘work’ for people in their twenties, thirties and forties. Older workers are often seeking portfolio careers.

A pick and mix portfolio of work

A ‘portfolio’ career, as its name implies, is one in which an individual spreads their skills, time and talents over a number of different areas – some of which may earn them money and some of which – for whatever reason – they may do for free.  They may, for example, spread their time between consultancy, part-time work and voluntary roles. The defining factor is that it is all serious work, not just a series of activities embarked upon to fill in the spare hours between the golf club and daytime TV.

Designing a portfolio career comes down to the individual achieving an appropriate and desirable balance in their life between need and want. Enabling portfolio working means employers also recognising that many people who need to continue to earn money might be bored and unfulfilled with their current full-time jobs. It therefore may be more beneficial and rewarding for both parties for them to look at generating income and stimulus from two or three different activities – thereby reducing risk, boredom and complacency.

A portfolio of advantages

The advantages of developing a portfolio career are numerous. Amongst them are the following:

It helps employers manage skills gaps, retain talent and enhance their reputation as good employers

It helps individuals avoid the pressure of having to be overly reliant on any one area for financial reward, fulfilment or personal satisfaction.

It enables employees to manage future risk, for example, allowing them to earn money from one area while building up a new business or activity in another.

It avoids the difficult black and white issues and decisions that are associated with traditional retirement (working one day, retired the next) and the inherent problems that accompany it.

How to go about it

Successful portfolio working comes down to both individuals and employing organisations taking a strategic view of exactly what they want to achieve and the benefits that will result. 

Evidence suggests that in the future the most successful companies will be those that view mature working as a period of transition which may last for several decades as older workers jointly design, with their employers, the best ways of working to suit their mutual needs at particular times of life. This being the case, successful mature working will depend on:

The employing organisation taking a long-term strategic view about the role of mature workers within its workforce and society as a whole.

The emergence of evolutionary flexible working conditions which will enable all workers to engage in appropriate contracts that reflect their individual needs for work/life balance at any point in their working life.

Mature workers and employers jointly sharing responsibility for changing behaviours, attitudes, and thereby cultural perceptions about the abilities, rights and responsibilities of older workers.

Employers investing in ongoing support and training in order to assist their employees in planning for longer working lives through financial planning, skills maintenance and individual one-to-one support.

For the individual, successful portfolio working ultimately comes down to:

 

Clearly planning and designing an ideal portfolio career based on identified skills, strengths and interests and realistically assessing the level of synergy needed between the various elements.

 

Excellent time management and the ability to both commit and compartmentalise as necessary, as well as being able to be flexible, open to new ideas, and willing to adapt and learn.

 

Knowledge about financial planning and pensions from an early age, and clarity about the impact this will have on future options and scenarios.

Designing the process and thinking laterally

Research shows that in respect of their approach to flexible working in general, many employers are nervous of what they regard as unconventional working patterns such home working, interim contracts and career breaks. Unfortunately what this generally masks is a lack of trust in employees and an inability to realise that in the rapidly evolving environment of the 21st century, 19th century working practices will no longer be sufficient to guarantee success.

Almost certainly, in most areas of employment, particularly in service industries and at managerial level, computers and the internet will play a major part. With our traditional presentee working culture, we don’t always automatically think laterally about what can be achieved by working in different ways, although the benefits that can be achieved in terms of space and cost savings and flexibility can be vast. 

Similarly, we tend to label people according to the job they do rather than the core skills they possess such as communication skills, marketing skills, team-building skills, mentoring skills and – most of all, common-sense, application and wisdom. All of these tend to be highly developed in older employees and may be totally lost to employers if overlooked.

If designed, planned for, managed and monitored well, portfolio working can be an extremely rewarding and fulfilling practice that both employers and mature workers can adapt and fine-tune as financial circumstances, business needs and personal aspirations and abilities dictate.