Career Diversification can be defined as spreading your resources (time and effort) among several opportunities as opposed to maintaining a single career.
Diversification is a term used extensively in investment as a way to minimise the risks of a portfolio. Similarly, in managing your career, having several options can reduce any negative effects associated with having a single career path.
In investment, the benefit of diversification is that it protects the assets of the investor. One loss making investment does not affect the entire financial returns to the investor.
Similarly, your career can be viewed as an investment and thus a lack of diversification can limited your possible returns in the present and future.
The following are reasons why career diversification is essential.
- Multi income streams
- Increase your career choices
- Career change
- Reduce job burnout
Multi income streams
Career diversification is important as you can produce multi-income streams which protects the financial well-being of you and your family. No job is every fully secure.
Economic environment changes, regulations changes, a disaster can occur which can affect your business or the company that you work for. Having a second income stream can be a life saver in these moments as you have a safety net.
Increase your career choices
Having a diversified career increases the number of options that you have available as potential career choices. As an example, you may have a day job and a side hustle.
That additional side hustle can be an avenue whereby you meet new people and develop new skills which can increase your career choices.
Career diversification can support you in the event that you want to evolve into a new field in the future. There are several examples of persons who diversified into a particular area sometimes first as a hobby and eventually was able to transition it into a full time career.
Reduce job burnout
At times doing the same job over and over can become stale and monotonous which can affect our overall joy and happiness. Career diversification allows you to expand your skills and creativity into a variety of areas at the same time which can reduce job burnout.
If you have a mixture of jobs, you may be able to find a better balance if one job is boring and the other is enjoyable. However, having one career which is all boredom could be the recipe for career burnout.
There are several other articles on this blog which you may find helpful as you diversify your career. Feel free to click any of the links below to explore:-
The Importance of Career Planning
17 Free Career Aptitude and Personality Tests
5 Proven Principles Guaranteed To Elevate Your Career Planning
10 Questions To Creating a 5 Year Career Plan That Gets Results
The Importance of Creating A Career Vision
29 Awesome Free and Budget Friendly Online Learning Platforms
The wisest man that ever lived, Solomon also admonishes us to plant many seeds. According to the King James Version of the bible in Ecclesiastes chapter 11 verses six states that:
“In the morning sow thy seed, and in the evening withhold not thine hand: for thou knowest not whether shall prosper, either this or that, or whether they both shall be alike good.”
Hope this blog post encourages you to reflect and explore several fields in order to build a diversified career.
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