Developing a Career Insurance Policy

Developing a Career Insurance Policy Developing a career insurance policy is one way to protect yourself from a crisis. If youve ever been unemployed, I doubt you would say that collecting Unemployment Insurance and being without a job was the highlight of your career. But what did you learn from that experience? Did you change how you think about managing your career? What did you do differently? Did it convince you to take more control over your career? Networking Helps Too Many job seekers have learned how important it is to network.   They proclaim they will continue to network after they secure a new job. Unfortunately, life, work, and other obligations get in the way and this commitment to networking often fizzles out. Absolutely, networking is one form of career insurance.   However, there may be an even more pro-active and productive way to do thisand the best time to start on this path is while you are employed. I am talking about a portfolio career. What Is A Portfolio Career BNet defines a portfolio career as: a career based on a series of varied shorter-term jobs at either concurrently or consecutively as opposed to one based on a progression up the ranks of a particular profession. The portfolio worker is frequently self-employed, offering his or her services on a freelance or consulting basis to one or more employers at the same time. However, a portfolio approach can also be taken to full-time employment with a single employer, if the employee chooses to expand his or her experience and responsibilities through taking different roles within the organization. Think of it this way. You have a retirement account and maybe even financial investments.   You dont put all your money into the same fund, do you? You diversify your investments. And the reason you diversify your investments is to serve as a form of insurance in case one doesnt perform as well, youll be protected by the others.   This is exactly the same logic youll want to apply to your career. Why You Need A Career Insurance Policy Have you noticed more employers looking for contract workers or contingent workers?  Being a contractor or working on short term projects may be a great option to open yourself to new opportunities. According to the U.S. Bureau of Labor Statistics, In May 2017, 3.8 percent of workers5.9 million personsheld contingent jobs, . These contingent workers are persons who do not expect their jobs to last or who report that their jobs are temporary. Using three different measures, contingent workers accounted for 1.3 percent to 3.8 percent of total employment in May 2017. Additionally, a 2018 report from Freelancers Union and Upwork estimates  that there are now  56.7 million Americans freelancers, an increase of 3.7 million in the past five years. NPR has a series of podcasts about the pros and cons of being a contract worker. You can find it here. How Do I Get Started? It starts with assessment.   What do you really enjoy doing?   What are your core competencies?   What would you do even if you didnt get paid for it? Begin listing all the tasks you enjoyed doing at work and outside of work. Are you great at analyzing data? Do you love organizing your home? Are you an SEO guru? I could go on and on. Where Can I Learn More About Portfolio Careers? Ive written several articles: Portfolio Careers Offer Multiple Income Streams, aka Job Security Diversify your Career Portfolio Portfolio Careers- Are You Ready For Multiple Income Streams?