Understand what transferable skills are and why they are valuable
Understand how to develop skills that match your career goals
Understand the different stages of career development
Different Career Paths
According to the U.S. Bureau of Labor Statistics, the median tenure of workers with their current employer was 4.1 years in 2022. Job tenure can vary significantly by age, industry, and occupation. Younger workers (ages 25 to 34) typically have shorter tenure, averaging around 2.8 years, while older workers (ages 55 to 64) average about 9.9 years.[1] These figures highlight the prevalence of shorter job tenures in today’s workforce.
How do side hustles and freelancing opportunities impact traditional career paths?
Side hustles and freelancing opportunities have a significant impact on traditional career paths in several ways:
Job Stability: While traditional careers often provide a sense of stability through consistent income and benefits, side hustles and freelancing can be more volatile. This unpredictability can affect long-term financial planning and job security.
Professional Development: Traditional jobs typically offer structured development opportunities such as training programs, promotions, and mentorship. In contrast, freelancers and side hustlers must proactively seek out their own development opportunities, which can lead to a more diverse but less structured skill set.
Career Planning: Traditional careers follow a more linear path with clear milestones. Side hustles and freelancing, however, can introduce a non-linear trajectory, where individuals may work on varied projects across different industries, thus requiring more flexibility in career planning.
What are the key skills and attributes that make someone successful in freelancing or managing a side hustle compared to a traditional job?
Several key skills and attributes can contribute to success in freelancing or managing a side hustle:
Self-Discipline: Freelancers and side hustlers must manage their own schedules, set deadlines, and maintain productivity without the external structure provided by a traditional job.
Time Management: Balancing multiple projects or a full-time job with a side hustle requires excellent time management skills to ensure that all commitments are met without sacrificing quality.
Networking: Building a client base or customer network is crucial for sustained success in freelancing and side hustles. This involves actively seeking out new opportunities and maintaining relationships with existing clients.
Adaptability: The ability to quickly adapt to new challenges and learn new skills is essential, as freelancers and side hustlers often work on varied projects that require different competencies.
Entrepreneurial Mindset: Treating a side hustle or freelance work as a small business can help in understanding market needs, pricing services appropriately, and strategizing for growth.
“EMPLOYEE TENURE IN 2022.” U.S. Bureau of Labor Statistics, 2022. https://www.bls.gov/cps. ↵