How the Gig Economy Is Changing Career Paths for Executives

When you think of the gig economy, the first thing that comes to mind is most likely freelancers like marketers. You may also picture people in the entertainment and transport industry since that is a common buzzword in those fields.

But the gig economy isn’t just changing entry-level jobs; it’s also affecting executives. Most leaders who thought they would find top positions and stick to long-term contacts are also embracing the gig-based career model. Let’s explore how this economy is changing career paths for executives.

 

🟢 Portfolio Careers Are More Popular

One way the gig economy is changing things for executives is by making portfolio careers more popular. Instead of having one full-time leadership role, you can take several jobs in different companies.

For example, you can work as a consultant in a startup and act as an interim executive for another brand. You may also join the management boards of several firms in your industry.

A portfolio career allows you to be a diverse professional, and it’s also exciting because you get to meet and work with different experts. You learn from them and explore new technologies in various fields. Such a career path also helps you have more social impact while earning a lucrative income.

Other notable benefits of a portfolio career are:

• More income streams
• Access to many career development opportunities
• Better work-life balance
• Simplified personal branding

When holding a traditional executive role, you may have to deal with office politics. A portfolio career lowers the need to navigate internal corporate matters and gives you peace of mind.

If you have worked in your industry for long, you may start to feel less passionate. Tasks that meant a lot to you will now be part of your routine, and you may not always feel proud of your achievements. A portfolio career keeps you passionate and motivates you. You can control your career’s direction and focus on things you’re passionate about.

 

🟢 More Freedom and Flexibility

In the past, executive roles were known for their demanding schedules and constant pressure. To get to the top, you had to give up a lot of personal freedom. Besides, you had to be available when shareholders and employees needed you.

The gig economy is offering executives flexibility they lacked in the past. You can decide how much work you want to take on based on your schedule. If you need to take a break, you may focus on, say, a consulting gig for six months, then take a break for one month before diving into something else. Alternatively, you could work in several firms at the same time but on a part-time basis.

Having more freedom and flexibility is lucrative for many executives. You can take time to recharge between gigs by going on vacation or spending time with loved ones. Besides, you have more time for your hobbies and passions, and you won’t be sacrificing your career in the process.

When your career path is flexible, you get to choose the projects you work on. You can focus on duties that align with your values, passion, and interests. With more flexibility, you will also achieve professional fulfillment and be more productive.

In the gig economy, you won’t always have guaranteed pay, and this can be scary. But, the flexibility and chance to work on various projects often outweigh this risk. With proper financial planning, you may invest in other passive income streams to cover you when you aren’t working.

 

🟢 Access to New and Exciting Industries

When executives work in one industry for a long time, they often feel stuck because it’s hard to abandon a career after building it. However, the gig economy helps them to enter industries they might never have considered before.

This safety is quite important if you are in an industry that is changing quickly. For example, if you have worked in traditional media for five years, you can now consider gigs in digital media consulting. Someone who is in finance may also work on blockchain projects or consult with fintech startups.

Many small startups don’t always have the budget to hire full-time executives but often need experienced leaders. The gig economy allows you to work in such firms and enjoy lucrative pay, even if it’s on a short-term basis.

You can work on innovations and be part of transformative industry trends. Further, you’ll get the chance to diversify your portfolio and gain new leadership skills.

The gig economy encourages you to explore, making you a well-rounded, valuable expert. With diverse skills and broad work experience, you will be appealing to many recruiters. You can easily earn more money by raising your rates to match the high demand for your services.

 

🟢 Executives Have a Different Mindset to Corporate Jobs

Many executives take different jobs and navigate office politics to get top leadership roles. They end up working in the same firm for an extended period, and this can sometimes limit growth.

The gig economy is changing how many executives look at the corporate world. Instead of focusing on achieving the highest level of leadership in a company, they are turning into free agents. They don’t commit to one firm but market their skills to different employers and take on several jobs.

When you embrace the gig economy as an executive, you realize that you’re a valuable asset. You can understand how your leadership skills and experience benefit brands and know how to apply them in many companies.

The gig economy is quite empowering because it ensures you don’t just follow one company’s culture. You can think of yourself as an expert selling their services while retaining control. Once you invest in personal branding, you’ll optimize the gig economy and build your career with more control.

 

Transform Your Career By Embracing the Gig Economy

The gig economy is transforming how executives view success and think about their careers. You can opt for flexible work arrangements to achieve a healthy work-life balance and make more money.

Besides, you’ll have the chance to diversify your skills by working in new industries. Embrace the change to unleash your earning potential and be more competitive.

Exploring the gig economy is also a perfect way to find projects you will like and make an impact on society.