If you have been following the different things that we have been talking about over the previous weeks and months, you will understand that I’m passionate about people having a working life that makes the most of everything they were created to be and enables that working life to support the wider lifestyle that they want now and in the future.
Lots of people like the idea of some kind of side hustle, but what does that really mean? What are the choices you face?
As I work with Portfolio Executives, there are two things that become increasingly important. One is to help them to have a distinctive point of view about the world in which they inhabit and the second thing is for them to develop a stronger sense of personal purpose about what they’re trying to do through their work. One of the very powerful ways to start to articulate this and bring it into focus, is to develop a document that I call a manifesto.
Within the AQai model of adaptability, Environment is a critical dimension reflecting the impact of company, team and the experience of individuals at work.
As city dwellers, too often we lose track of the seasons. For many of us we step out of one climate-controlled environment into another, home to car/bus/underground to office to gym or home to shopping centre, restaurant or cinema. There are no seasonal foods any more with everything available anywhere anytime. We are insulated from the rich experience of spring, summer, autumn, winter.
It is incredibly valuable as a senior professional to get experience as a board member. There are three reasons that this really can make a difference to your career.
When the Work and Pensions Secretary Mel Stride, in August 2023, suggested that older workers consider work in the ‘gig economy’, such as being a Deliveroo rider, it was immediately controversial.
Within the AQai adaptability framework there is a substantial domain called Character. You may be familiar with conventional psychometric tests: these rest upon the assumption that your psychological preferences are intrinsic and fixed for all time.
I was struck by the pejorative attitude with which so many commentators in the entrepreneurial world refer to a lifestyle business. Somehow the suggestion is you’re not a real entrepreneur if you’re running a lifestyle business. Somehow you haven’t got what it takes. You haven’t got the ambition. You will not be successful if you have a lifestyle business.
There are many situations in our lives where we start to realise that full-time employment is just not working for us. It may be that we are coming into a season where we want to look after our families, we want to have children, we want to spend time with our children.
What is the ‘Capability Attitude’ and why is it about ‘Build not Fix’? For senior professionals, whether as employees, interims or consultants, they are indoctrinated with the mantra: ‘don’t just bring me problems; bring me solutions’.
When I am working with you to help you think about your future, there are two crucial dimensions that I encourage you to examine. One is ‘need to work’ and the other is ‘need for new’. Let’s start with the ‘need to work’ dimension.
As you get more senior in your career, increasingly what people are going to value is less of what you do. Now what matters is what you have learned, what you known, the different range of experiences you have got and the skills you’ve developed. Skills, knowledge and experience are the future for you as you become more senior.
There are number of ways in which you can maximize your learning and development.
When you join a new employer, they haven’t hired you just for what you can do today, they have also hired you with a view of the potential you have to contribute to the business in the future. To create the very best in environment in order to thrive, you need to start to plan your promotion from Day One.
You need to establish your credibility and visibility and start initial conversations with a small number of potential clients. You need to be able to take control of the buying process and find the clients you want to work with.
I have now worked with more than 50 people to help in the transition to a Portfolio Executive workstyle. Over the last five years, we’ve developed and refined a process, which I’m confident can work for anybody who’s committed to making the journey
When you get a new position, either because you’re joining your employer for the first time, or you’ve got a significant change of role, the first 90 days will set the scene for how you’re perceived within the organization. Your first 90 days will often afford you opportunities to do things that will become more difficult as time passes.
As you start to review what you want out of your working going forward, consider what is most important to you.
You hear plenty of conversations about lifestyle. You may even hear conversations about work/life balance. But how seriously have you thought about the workstyle you really want?
In Part 1 we looked at your working schedule and activities. In this second part, we are looking at aspects of your new environment.
When you are used to working in a corporate environment then you derive huge comfort from the fact that others are holding you accountable for what you do. There are a whole set of external interventions that keep you on track. People working for you demand your attention.
One of the things that I have constantly been surprised about is how, even if I go through all the logical reasons why you need to plan for your 2nd Half Career, people like you are very slow to act. It may be clear why you’re not going to be able to sustain your corporate career for the rest of your working life and why a Portfolio Executive workstyle makes absolute logical sense for you.
One of the groups that struggle most to make the transition to a Portfolio Executive workstyle are those who have had an extended period working as an interim.
It is interesting when I get approached by somebody who has got a lot of experience as an Independent Consultant and they’re wanting to transition to a Portfolio Executive workstyle.
I am constantly surprised how people’s 2nd Half Career milestone creeps up on them without them being aware. Then, as the forces come into play that limit their future career progression, they are surprised that they’ve run out of options and they’re looking at a future of work that is entirely unsatisfactory.
When I started working with senior professionals in corporates who wanted to transition to a Portfolio Executive Workstyle, many of the people I started working with were chartered professionals chartered in accountancy, HR, or marketing.
More and more employers are recognising the benefits of flexible working. In fact, some employers are actively moving towards a four-day work week. Whatever the implications of a four-day work week or flexible working, it can be extremely valuable to negotiate to reduce the number of days a week you work for your current employer.
It is certainly better to transition to a Portfolio Executive workstyle sooner rather than later. When I first started working with people wanting to transition to a Portfolio Executive workstyle, the people that I was working with tended to be 5 to 10 years younger than me.
If you’re currently employed as a senior professional in a larger business, the very strong likelihood is that most of your network will be within that business. It may be that you’ve also got some contacts with people in the industry.
For many of us, we have had a working life where we have one job where we’re accountable to one set of people and we are doing one thing. When you become a Portfolio Executive, this no longer applies. You will have multiple clients who expect the best of you.
As a Portfolio Executive you will have a level of confidence in your professional skill, wisdom and insight that you bring into the role as a trusted advisor to your clients. You may often believe that your client is less expert than you in the field that you’ve chosen.
One of the biggest concerns that I hear from people, when we start talking about a Portfolio Executive workstyle, is that they feel they’ve got to learn how to sell. Many senior professionals have never been in the situation where they’ve seen themselves as a salesperson.
There is huge publicity for successful entrepreneurs. There are lots of people who have aspirations to be an entrepreneur. Too often, however, people have equated starting a business, as being an entrepreneur. An entrepreneur is a very particular kind of individual.
There is some very interesting research, which has looked at the attitude to learning in young people, which, I think, translates very strongly to anybody, in whatever walk of life they are.
Earlier in my career I was an IT contractor, working as a software developer, introduced by agencies. Projects typically ran from three to six and sometimes as long as nine months. I understand the opportunity that being a contractor can be for people. It can appear to be more rewarding than permanent salaried employment.
Many people as a first step to leaving permanent full time salaried employment think, ‘I can just carry on doing what I’ve been doing, but as an independent freelancer working for my existing employer, then go and find some other organisations that I can be an independent freelancer for’. This can be a great way to start, if you have a plan to move on from that.
I talk to many people who have enjoyed the interim workstyle. They like the excitement of working in a new situation every three to nine months. The challenge of sorting things out and learning new things suits them. It can be a great kicker to your mid-career. But very often, I am talking to them because they realise that it won’t make their future work.
I have spent all my working life around professionals who have sought to build a career through their professional skills. But very early on in my working life I realised that, for me, being in full-time professional employment, wasn’t going to Make my Future Work.
I meet many, many people who are freelancers or interims or who have moved into the Portfolio Executive workstyle and see themselves as almost self-employed. The mindset of people who are in that time for money business is, every day that I’m not looking for more work or not earning fees, is a cost. It’s a lost opportunity to make money.
As I work with people who’ve got through the initial part of getting their Portfolio Executive workstyle started, I often find there is a tension between taking cash out of the business versus investing in their future. I was talking to one of the Portfolio Executives I work with last week, and he explained that he’s now earning more money than he’s ever earned in his life before then, nearly £120,000 in the last 12 months and yet he feels that he’s constantly short of money.
When people first start out as a Portfolio Executive. I believe that having their own website is unnecessary. But over time, people do want to have their own web presence and I’m often asked, “What should I have on my website?”
Starting out on any kind of business on your own, is a lonely, and often scary, process.
It’s hard to push through the disappointments but it’s equally hard to understand when you’re doing well.
One of my friends was recruiting a recent graduate in IT. This interviewee started to tell him about his time at university organising the annual ski trip. He enthused about arranging it, negotiating deals with the bars, dealing with illness, accidents and unfortunate behaviours, and getting everyone home in one piece. The story was nothing, and yet it was totally relevant to his job.
If you want to be known for everything, you’ll be known for nothing. Most of us have multiple talents and skills. However, others want to know us as the person who can solve specifically this, or address that. “She’s the fix-it person for turn arounds”. “He’s the guy you call on when you want to launch a product”. Whatever you choose to be, your story, background, and personality, all contribute to this persona or brand.
I am talking to more and more people who are attracted to the idea of the Portfolio Executive workstyle and are keen to develop a different approach to their Second Half Career. But often they feel quite confused about being an Independent Consultant versus being a Portfolio Executive.
Underpinning any desire for success is a desire that things should be different. If you have already achieved success, then you may not want anything to change but most of the people I meet who are successful are not prepared to rest in the status quo.
We all want more success don’t we! When I look back through my life almost all my success has come from my attitude to opportunity. It was Napoleon who said, “Don’t give me great generals, give me lucky generals” and I think the attitude of a lucky general is to see opportunities and then seize them.
Many years ago, I trained as a coach and as an executive coach you are taught to ask powerful questions and to engage in conversations which leave people at choice. I firmly believe that the most effective conversations with potential clients are conversations where you enable them to buy, particularly if you are offering them a professional service.
You are recognising that the 2nd half of your career will not be a continuation of your current path of advancement and opportunity.
So, what do you do?
Audio podcasting has now become a mainstream medium. You only need to see how the BBC has jumped on the band wagon to realise that it now stands alongside TV, radio and audiobooks as an essential ‘broadcast’ medium.
Social Media organisations have been promoting video as their preferred engagement medium for quite a long time now. Making videos is more accessible for the average person than ever before. But I think you want to consider very carefully how you want to use video to build your profile as a Portfolio Executive.
Many of the Portfolio Executives I work with have had no experience of going out and doing anything more in terms of self-promotion than applying for jobs with a CV through an agent. The idea of doing some kind of outbound marketing and some kind of focussed selling can be very very challenging
Most of us are not natural authors, natural writers and yes, we can probably write a highly structured report or yes, we can put together some PowerPoint slides for an in-house presentation, but the thought of writing 800 – 1200 words on some kind of topic that is going to build my presence on LinkedIn can feel insurmountable.
There are some pretty scary statistics out there about what can happen as you move beyond 45 in to your 50’s and later.
One of the great advantages of a Portfolio Executive working is that once you’ve got a mature portfolio of 4-6 clients who are staying with you for 4-6 years, then the number of new clients you need to find per year goes down to about 1.
I had seen the Portfolio Executive as a 2nd Half Career option and assumed that 2nd half starts at 45 i.e. half way between 20 – 70 years old.
Becoming a portfolio executive is not for everybody and as I’ve been talking to people for the last 5 years, I feel that there are 10 good reasons not to become a Portfolio Executive. Here are the first five.
There are a whole host of other professionals, some which are fairly sector specific and some which are much more general. Perhaps you have got 15-20 years’ experience in a particular field and you are wondering whether you can become a Portfolio Executive.
There are quite well-established patterns of work for part-time Finance Directors and HR Directors and increasingly for people in Marketing and in Sales. I am also seeing more and more people being part-time CIOs and part-time CTOs. But what about some of those other professional roles that don’t feel quite so mainstream or that are not quite so well defined.
As you start to engage with potential clients beyond your immediate network, you need to find a way of pitching your value to people who don’t already know you. You may be recommended, introduced or just connected on LinkedIn. How do you start that first conversation with someone who you don’t really know?
I knew the axe was going to fall; I knew when it was going to fall and now my job was over. I thought I was mentally prepared. I had some dreams for the future. There was a bit of a financial buffer but now I need to get out there and find my next role.
When I am working with people who are building up their Portfolio Executive workstyle, very often they start working for smaller businesses than works best for them. They are also offering lower rates than they eventually can demand from the market. I encourage them to just get started.
When people come to me and they are exploring whether a portfolio workstyle is right for them, I tend to feel that people fit squarely into one of two camps.
The first challenge for a Portfolio Executive is to work out what the ‘Director of’ or ‘Head of’ function you are going to adopt.
The second challenge is to work out what is the right size of business for you. Like Goldilocks you don’t want something that is too hot or too cold, you want something that is in the middle.
Many of the people who come to me who want to become a Portfolio Executive, were in a full-time salaried position, but have stepped out to become an Independent Consultant. They may have been able to work with a previous employer to do some consulting work.
You are an experienced professional. You know your stuff and are successful in your own field. Why can’t you just step out on your own and become a Portfolio Executive? Why can’t I do it myself? And if I’m not going to DIY my Portfolio Executive future then what are the other options?
I’ve been very impressed by the thinking of Daniel Priestley and his book “Key Person of Influence”. He tells a compelling story about how you build profile in your market place so that you become a key person of influence in order to attract people to your offer, to make your offer a premium offer and to build your business around being a key person of influence.
So you have got your day job but you are recognising that this is not forever, and you would like to do something that you can enjoy, that is going to earn a bit of income, and that maybe something that will help you to create your future.
At its simplest a Portfolio Executive is spending their time being a part-time head of or part-time director for a portfolio of businesses. In essence what they are doing is acting as part-time employees for each of those businesses.
It is very easy for us to stay focussed on the next promotion, the next job, the next assignment and to see our career as moving up an escalator one step at a time. But when we are asked to plan our finances, we recognise that there are times of investment and there are times of harvest.
Finding your role as a Portfolio Executive is a different kind of journey than finding your next job and often if we have been in corporate life for a long time, our network can be very limited in scope. Our network tends to be within the organisations in which we work and sometimes with our suppliers and with our clients.
As I work with people who are developing their Second Half Careers, a pattern is beginning to emerge. It seems that there are eight essentials that will enable people to really set out a future which is going to work for them into the second half of their working lives.
In 2019, BBC Radio 4 celebrated the fact that the long-standing actress playing Peggy Archer was still working in her 100th year. The famous matriarch in The Archers continues to feature in the story line while being played an actress several years older.
I am continually active on LinkedIn and I am incredibly open to signing up to various email newsletters. As soon as I had ‘Director’ in my job title, I was approached by several different organisations that promised me that they could make me a successful Non-Executive Director. Maybe you are too?
I have worked for a global professional services practice where I was a partner and where I was consulting for large and medium sized businesses. After being in that firm for five years I became very disenchanted with what big consulting did for its clients.
You are a professional who has worked perhaps ten, fifteen, twenty years in your chosen profession and you have achieved a level of success. You have a senior role, a reasonable salary and you are looking forward and thinking about what you want to do with your 2nd Half Career.
So much has been written about millennials and their preferences and attitudes towards work and as I review these thoughts about millennials, there are three things that strike me:
Probably the context in which you have the strongest relationships and the strongest potential to develop your 2nd Half Career is actually with your current employer. At first sight, you may question how favourably your employer will look at your proposal to become independent.
As soon as you start to be intentional about shaping your 2nd Half Career, you will be faced with important choices. These are the top 10 ‘gotchas’ that I have seen amongst professionals as they begin to move forward.
You have decided that you want to have a radical change of direction. You want to move on from your current employer. You want to step out into a new workstyle. You want to build a new career for the second half of your working life.
A critical part of your role as a Portfolio Executive is to build a relationship where you become the trusted advisor of the CEO. Sometimes your role won’t bring you direct access to the CEO, but you should still become a trusted advisor to whoever is your sponsor.
Can you have your cake and eat it? Can you be a Portfolio Executive but be able to minimise the transition to this new workstyle? Can you get someone else to do all the things that you do not feel you are very good at doing?
When I was in my early twenties people would introduce me as a computer ‘whizz kid’ and that was really exciting! It was in the early days of the whole micro-computer revolution and being considered a ‘whizz kid’ was the equivalent of the fashionable ‘geek’ of today’s current generation.
It’s a very noisy market place, particularly if you are just setting out to establish yourself as an independent Portfolio Executive working with several clients.
Are you considering becoming a Portfolio Executive as the next stage of your career but aren’t sure if your professional background has given you the right skills?
You have made the decision that you don’t want to stay in your current position in corporate life, despite the salary and the benefits. You also recognise that the transition to the more fulfilling Portfolio Executive workstyle isn’t going to be straightforward.
You are a highly experienced, seasoned professional, and you have stepped out on your own to become an interim manager. You’ve started working at very senior levels, where you get drafted in to sort out a significant challenge in an organisation.
Anybody who is working as an interim, contractor or even an independent consultant, should have heard of IR35. IR35 is an HMRC regulation that seeks to ensure that taxes relating to employment can’t be avoided by the use of an intermediate company.
I’m a firm believer in the power of dreams when it comes to achieving what we want from our relationships and our working lives.
Are you setting up as a Portfolio Executive or planning to? The chances are you’ll have a long list of things you want to get in place, the reality is you won’t need half of them, at least not yet.
In the era of the #metoo movement, there are many voices suggesting that organisations should actively manage the power relationships between employers, managers and staff to avoid situations of potential abuse.
Harry has taken the courageous step to reshape his working life and there are lessons for us all:
One of the toughest things to deal with when you are setting out as a Portfolio Executive is disappointment. You may have felt less sensitive to it when you were in your previous corporate life because you could always tell yourself that the ‘no’ wasn’t really about you – it was because of the organisation.
As a senior executive, you’ll have developed very good networking skills within your corporate environment. You were good at connecting with other senior leaders across your corporate structure, you’ll also have built networks with suppliers and customers.
If you are in the 2nd half of your career and exploring possible new directions, you may have considered training to be a coach. Or, perhaps you’ve already trained and are looking to build a business around those new skill sets.
There is a real hankering for many to start their own business – and there’s no shortage of empowering television, especially for younger people it seems. The Apprentice is now on season 15 and Lord Sugar’s search shows no sign of slowing down.
So, you’ve reached the point in your career where becoming an interim looks attractive. You’ve taken stock of your knowledge and experience and it feels like a route that’s worth exploring – and it may well be. But, as with any form of career change, there are pros and cons.
When you are working in a permanent salaried position, contracting can seem like quite an attractive option. You see contractors join your organisation, they seem to have less responsibility, they do their hours and go home (without taking work with them!).
The reality for many of us is that we spend far too long at work. The baffling part is that we’ve let it become the norm. Why is that? What does it actually mean for this precious life that we only live once?
The recent announcement by Deutsche Bank of 12,000 job cuts reminds us all that there is no such thing as permanent employment any more. And yet for so many of us, our parents’ aspiration for us (and perhaps ours for our children) is a permanent full-time salaried job as a qualified professional in a leading organisation.
Many of the people I talk to about their 2nd Half Careers are keen to make the second half count. They want to look back and see not only success but also significance for their lives, particularly their working lives.
Corporates have created an ‘up or out’ culture, one that will ultimately lose the experienced professionals they’ve worked so hard to attract and retain. It’s a mid-life career crisis that’s impacting some very talented people, many with years of valuable experience.
You might recall the film ‘The Perfect Storm’ with George Clooney. It should have been blue skies and plain sailing for the highly experienced skipper and his crew – except for a combination of events and conditions that no one saw coming.
If you’ve reached 45-50 then you’ve probably been working for 25-30 years. In theory, you should be at the top of your game, enjoying your career and the quality of working life it brings. However, research consistently says otherwise.
If you’ve read our previous blogs, you’ll know about the benefits of this workstyle and career path and how you can build a portfolio of rewarding part-time executive positions. But to make this new world a reality, you have to be able to demonstrate the value you’ll bring to the clients who are going to be paying you.
It’s a scenario facing many of us at some point in our lives. We want to make a decision but something holds us back. Will caution or fear stop us making that move – or will we jump and discover it was well worth the risk?
What can you do when you’re twenty plus years into your career, age between 45 & 55 and you realise it’s only half time?
Being a Bruce Lee fan doesn’t make you an expert at kung fu any more than reading a book about leadership makes you a leader. That’s why I joined the FuturePerfect CEO Growth Academy.
If you’re tired of company politics, getting stuck in a rut and hitting the hamster wheel when you least want to, then perhaps it’s time to consider your alternatives.
Do you ever dream of a different life? Perhaps the 9am-5pm corporate world has run its course in your life? Or was it really 8am to 10pm, and you want more flexibility and variety in your work?