US-based employers announced 108,435 job cuts in January, which is the highest number since 2009.
There may be a number of thoughts that come up when you hear this ranging from feeling stuck to glimmers of opportunity.
“I can’t switch careers now. I feel stuck here.”
"I need to keep working hard, so I don’t lose my job.”
“I hope I get laid off, so I can get severance.”
“If it’s this bad, I might as well try to make money doing something I actually enjoy.”
And honestly, these are all thoughts I’ve had before.
If you’re looking for an alternative way to make money, I break down the definitions of each non-traditional career path and when to consider each one.
Your portfolio career menu (part 1)
Fractional
Fractional is a hot word that’s been thrown around these days.
Essentially, you work on a part-time basis as a 1099 contractor. You set the number of hours you work—this could be a range or approximation, and you get paid a flat rate.
Within those hours, you might have a list of activities that you share in your proposal that you plan to work on, so you can set expectations with the company you’re working for. Typically, it’s not as tight as a consultant on a project (which I’ll explain later).
For example:
You get paid $8000 to work 10-15 hours per week as a fractional marketer
Within those hours, you outline that you’ll work on launch documentation, sales enablement, and whatever else
Whether you work 10 hours or 15 hours per week, you still get paid $8000
Fractional might be for you if:
You enjoy the work you do now but want more flexibility
You want to leave full-time work sooner vs later
You value a more stable paycheck
Fractional might not be for you if: