Financial independence can influence and, in some cases, help you to achieve career flexibility. In the past, people craved the security and sense of loyalty from working for a single employer throughout their career.
Nowadays, both employers and employees appreciate the benefits of being able to work in a number of flexible ways. Throughout your career, one or more of these flexible ways of working may appeal to you:
| Name | What is it? | Who might it suit? |
|---|---|---|
| Flexible hours | Flexible hours enable employees to amend their working day start and end times. They often work the same number of hours overall each day/week, but at times that suit their own lifestyle or commitments. |
|
| Zero hours | With a zero hours contract, there are no guaranteed hours to work. They give people the opportunity to work without having to give up other commitments, and the option to turn down work if they prefer to. |
|
| Consultancy | When an employee acquires specific skills or knowledge in their field, they might choose to become self-employed and sell their skills or knowledge to other organizations that need them on a consultancy basis. |
|
| Starting a business | Thousands of entrepreneurs start businesses each year, motivated by the prospect of being in charge of their own destiny, making a profit and the satisfaction of growing something successful and independent. | Entrepreneurially minded people who want to be their own boss |
| Portfolio career | A portfolio career is one which consists of a range of individual pursuits, each of which provide an income stream. It might involve a number of part time jobs, or a blend of freelance work, consulting, and other personal projects. |
|
| Name | Flexible hours | Flexible hours |
|---|---|---|
| What is it? | Flexible hours enable employees to amend their working day start and end times. They often work the same number of hours overall each day/week, but at times that suit their own lifestyle or commitments. | Flexible hours enable employees to amend their working day start and end times. They often work the same number of hours overall each day/week, but at times that suit their own lifestyle or commitments. |
| Who might it suit? |
|
|
| Name | Zero hours | Zero hours |
| What is it? | With a zero hours contract, there are no guaranteed hours to work. They give people the opportunity to work without having to give up other commitments, and the option to turn down work if they prefer to. | With a zero hours contract, there are no guaranteed hours to work. They give people the opportunity to work without having to give up other commitments, and the option to turn down work if they prefer to. |
| Who might it suit? |
|
|
| Name | Consultancy | Consultancy |
| What is it? | When an employee acquires specific skills or knowledge in their field, they might choose to become self-employed and sell their skills or knowledge to other organizations that need them on a consultancy basis. | When an employee acquires specific skills or knowledge in their field, they might choose to become self-employed and sell their skills or knowledge to other organizations that need them on a consultancy basis. |
| Who might it suit? |
|
|
| Name | Starting a business | Starting a business |
| What is it? | Thousands of entrepreneurs start businesses each year, motivated by the prospect of being in charge of their own destiny, making a profit and the satisfaction of growing something successful and independent. | Thousands of entrepreneurs start businesses each year, motivated by the prospect of being in charge of their own destiny, making a profit and the satisfaction of growing something successful and independent. |
| Who might it suit? | Entrepreneurially minded people who want to be their own boss | Entrepreneurially minded people who want to be their own boss |
| Name | Portfolio career | Portfolio career |
| What is it? | A portfolio career is one which consists of a range of individual pursuits, each of which provide an income stream. It might involve a number of part time jobs, or a blend of freelance work, consulting, and other personal projects. | A portfolio career is one which consists of a range of individual pursuits, each of which provide an income stream. It might involve a number of part time jobs, or a blend of freelance work, consulting, and other personal projects. |
| Who might it suit? |
|
|
People who work flexibly often do so as a lifestyle choice, and they enjoy their ability to earn a living whilst:
In many cases, they value their flexibility more highly than the salary they earn. Nevertheless, people who work flexibly are often able to earn as much, or more, than people who work in a more conventional way.
You will need to be disciplined financially, however. Your income might fluctuate from month to month, and it can require effort to put aside surplus funds in good months so that you can meet all your expenses in leaner months. Many flexible workers would argue that this is a small price to pay for the improved work-life balance you will gain.
If your income does fluctuate throughout the year, it can also make planning your long term finances or retirement more challenging. If career flexibility is your lifestyle choice, it can result in having a smaller savings fund for your retirement.
You may find the following article helpful: Plan for your future
In summary, flexible working might appeal to you as a lifestyle choice, or because of other priorities or commitments in your life that you need to accommodate alongside work. Whatever the reason, it’s a good idea to weigh up the benefits you might achieve (better work-life balance) with the financial implications that come with it.
