Why a Portfolio Career can be a game-changer for women in business

In today’s rapidly evolving business landscape, the traditional linear career path is becoming increasingly a thing of the past. Instead, portfolio careers, characterised by a diverse range of roles, projects and income streams, is gaining increasing momentum, especially among women.

Susannah Schofield, OBE, Director General of the Direct Selling Association, has been a champion for women and young people in business for many years [Susannah was awarded an OBE for her work in this area in the 2015 Queen’s Honours List]  and has witnessed first-hand the transformative impact of portfolio careers on women’s lives, including her own.

As we continue to strive for gender equality and pay parity, championing portfolio careers for women is not just a trend; it’s an important option for empowering women to achieve their full potential, and make the world of business work for them. Susannah explains some of the reasons why…

The Flexibility Factor

Too many women remain effectively locked out of earning because of the rigid traditional 9-to-5 employment market. One of the most significant advantages of a portfolio career is its inherent flexibility. Women often juggle multiple responsibilities that demand a high degree of flexibility and a portfolio career allows them to tailor their work schedules to fit in with the other commitments and priorities in their lives. In turn, this enables them to be more financially empowered, and also gives them back control of when and where they work. A career could become 5-9pm instead of 9-5pm, but ultimately, it’s what works for each individual.

Having access to this flexibility can lead to increased job satisfaction and overall wellbeing, making it easier for women to sustain long-term careers which can adapt as other aspects of their lives change, without the need to compromise on other commitments and interests.

Enhanced Skill Development

A portfolio career naturally opens access to a wide array of skills and experiences. For women, this can be particularly empowering. Engaging in a variety of roles / earning streams —whether it’s freelance consulting, part-time positions, or entrepreneurial ventures—allows women to use, build and maintain a diverse skill set that can make them more effective and more relevant for future work. Moreover, this continuous learning and development can foster innovation and creativity, qualities that are highly valued in today’s dynamic business environment.

Financial Independence and Security

Financial independence is increasingly valuable in today’s challenging economy. By having different sources of income, women are in a far stronger position to weather financial uncertainty and instability. Creating a portfolio career reduces reliance on a single employer or income source, in turn, increasing financial security. Many direct sellers who work for members of the Direct Selling Association are women and many cite financial motivations as the key driver for starting out, whether to combat the rising cost of living, in order to save money or because of changes to household income for example.

Breaking the Glass Ceiling

Despite advancements in gender equality, women still face significant barriers to reaching senior leadership positions and ‘traditional’ perceptions of success.

A portfolio career can serve as an alternative pathway to success, and one which is arguably far more reliant on each person’s own ability, skillset and hard work. By taking on varied roles and entrepreneurial projects, women can bypass traditional corporate structures and hierarchies and create their own opportunities for influence, leadership and success.

Networking and Personal Branding

Building a portfolio career often requires extensive networking and personal branding. For women, this can be an opportunity to expand their professional networks and establish themselves as thought leaders in their fields. Engaging in different roles and projects can increase visibility and credibility, which are often vital for career advancement. Additionally, a strong personal brand can attract new opportunities and open doors that might otherwise remain closed in a conventional career path.

Work Life Balance

The traditional concept of a work life balance often implies a strict separation between professional and personal life, which can be challenging – and often unrealistic – to maintain. Working from home is now commonplace for many which has made the lines between personal and professional can become even more blurred. A portfolio career promotes a more integrated approach, allowing women to blend their professional and personal pursuits as and when it is helpful / necessary. This integration can lead to a more fulfilling and holistic (not to mention relaxed!) lifestyle, where work and personal life complement rather than compete.

Empowering Entrepreneurship

Entrepreneurship is a key component of many portfolio careers. For women, entrepreneurship can be a powerful tool for empowerment and self-determination. It allows women to pursue their passions, innovate, and create economic value on their own terms. Furthermore, I believe female entrepreneurs can serve as role models and mentors, inspiring the next generation of women (and men) to pursue their entrepreneurial ambitions.

I have two daughters and I am proud that I have been able to show them that it’s possible to carve out a successful career around my personal interests and passions.

Challenges and Solutions

While the benefits of a portfolio career are numerous, it is important to acknowledge the challenges that can come with such ways of working. Managing multiple roles and responsibilities can be demanding and requires strong organisational skills and time management. Additionally, without the stability of a traditional job, achieving consistent income and benefits such as health insurance, sick pay, maternity leave and retirement plans is not always easy.

 Side Hustle Support

For those who are running a business, or several businesses alongside an employed role, it’s helpful to have the support and backing of your employer.

Organisations that foster a culture of flexibility and inclusivity help women thrive in diverse roles. This can include offering flexible work arrangements, providing opportunities for skills development, and supporting entrepreneurial initiatives. What do they get, you ask? Well, they benefit from the unique perspectives and innovative ideas that women with portfolio careers frequently bring to the table, and they demonstrate they are an employer that embraces diversity in career paths.

Conclusion

The flexibility, diverse skills development, financial empowerment, and opportunities for leadership that come with a portfolio career can help women overcome traditional barriers and achieve their full potential.

In conclusion, it is time for us to embrace and promote the portfolio career model. By doing so, we can create a more inclusive, equitable, and dynamic business landscape where women can thrive and lead. Let us champion portfolio careers and pave the way for a future where every woman can succeed on her own terms.

About the author: Susannah Schofield OBE is the Director General of the Direct Selling Association, the industry body for direct-to-consumer (D2C) retail in the UK. Prior to her appointment as leader of the DSA, Susannah spent 18 years at Royal Mail, culminating in her holding the Board-level role of Commercial & Innovation Director, where she led a team of 300.

A passionate advocate for women and young people in business, Susannah was awarded an OBE for her work in this area in the 2015 Queen’s Honours List. She continues to champion women in business and is a regular speaker on the importance of flexible working and portfolio careers.

As well as being a published author (of business strategy book Mind the Gap), Susannah has lectured for The University of Kent and City, University of London, and also served as an advisor to the Department for Business, Innovation and Skills (BIS).

Susannah and her family divide their time between the UK and Portugal.