Growing as a leader: How to pivot into a portfolio career

Building a portfolio of non-executive board roles can be an intellectually and emotionally fulfilling experience. For C-level executives aspiring to a portfolio of NED roles, it’s never too early to start shaping yourself and your career to put yourself in the best position possible for the future. 

It does, however, take focus, commitment and consistency. It requires an in-depth understanding of the challenges facing boards today, and a dedicated effort to develop yourself into a board candidate who can help lead a company through those challenges. It is possible to move into the non-executive track by taking on a board position alongside your executive role. Depending on the stage and seniority of your executive career, you can start small to build your ‘non-executive muscle’, for example by taking on an unpaid or not-for-profit board role. This will give you exposure to the full breadth of the board’s responsibilities and agenda.

The board landscape

In a world where more is expected of corporations than ever before, where more is uncertain, more is at stake, and more people are demanding access and inclusion, leaders are expected to be visible and accountable to a diverse set of stakeholders. And with organizations being unmoored by AI, climate change, war, pandemics and changing attitudes about work, new perspectives are emerging on what it takes to lead successfully. This has a major impact on the quality and breadth of skills, experiences and insights required by boards. Despite your (potentially narrow) background in terms of sector or function, you will be expected to be an all-round contributor on strategy, opportunities and risks, among other things. You will not necessarily need to have the answers, but you will need to know the right questions to ask.

Growing into a leader who can handle a portfolio career therefore requires you to shift your focus from executive development to strategic impact and executive presence. Research by Heidrick & Struggles has found that specific leadership capabilities focused on connection particularly matter now, and for no-one more than portfolio leaders spreading themselves across a number of organizations.

The connecting leader brings inspiration and influence, learning, adaptability, and a focus on building talent and teams. We have identified four imperatives through which they focus these connecting capabilities, all underpinned by a curious, agile and entrepreneurial mindset.

• Envision the future, deliver today: Strategic and forward-looking, digitally attuned, transformational, simplicity focused and decisive, they plan for multiple futures, develop flexible strategies, and stay ahead of emerging trends and tech.
• Act with purpose and courage: Self-aware, purpose-driven, inspirational, courageous and resilient, they take tough decisions and align personal and organizational goals.
• Harness the power of others: Human-centered, inclusive, empowering, collaborative and talent focused, they raise others up and develop talent.
• Orchestrate ecosystems: Customer-centric, externally networked, culturally adept, they are committed to solving big problems collaboratively.

Pivoting into the portfolio space

As you develop into a connecting leader, you also need to address the practicalities of growing and developing your portfolio career. Start by defining your goals. What’s your motivation for a portfolio? How will future roles align with your long-term targets?

Then consider the type of roles you want. Be clear about any sectors you are not interested in, companies you are conflicted out of and what your motivations are for building a portfolio. Be realistic about the scale of organization you will be qualified to lead as a board member. Try to be relatively open-minded – in the early years, as you build a name for yourself as an effective non-executive director, getting the board experience should be a priority.

NED roles can offer a unique opportunity to leverage your experience, insights and leadership skills in a strategic capacity, but securing one can be daunting. The path to the boardroom requires a different approach than traditional career moves. It involves understanding what boards need, how the different board members work together, positioning yourself as a strong candidate, and navigating boardroom dynamics.

Next, define your value proposition. Understand your strengths and what you bring to the table, and what sets you apart from others in your field. Tailor how you present yourself to each new opportunity, drawing out relevant experiences unique to this particular board.

To find opportunities, cultivate broad reaching professional relationships. This will help grow your personal brand, raise your profile, and could lead you to your next role. Leverage these connections to uncover openings, seek mentorship and keep on top of trends. Connect with former colleagues and consider joining professional associations and attending industry events.

But don’t over-reach too early. Start small, testing the water by volunteering for a committee or board in a professional organization or non-profit. Then adapt and iterate by regularly assessing what’s working and what’s not. Periodically review your portfolio against your goals to ensure they remain aligned.

Considerations when developing a portfolio

When branching out into a portfolio, you need to be sure of what you’re getting into. Considerations include:

• Time commitment: Assess if you can truly fulfil a new role without compromising others. Do you have the capacity? Find out how many meetings and other time requirements it entails.
• Legal responsibilities: Be aware of legal obligations, fiduciary duties and the potential for personal liability in each role. Ensure you have appropriate insurance and understand the legal framework.
• Potential conflict: Maintain transparency and proactively manage any conflicts of interest across your portfolio.
• Affordability: For those who transition to a portfolio career earlier in life, an important consideration is fees. Does it pay enough for the time it will take? The amount you can earn will depend on the type and size of company, industry, and seniority and responsibilities of the role. You may need to supplement your income with advisory work.

When you embark on a portfolio career, you will need to demonstrate not just your track record, but how you are able to influence people. Be self-aware, open to evolving and learning, and able to translate your experience into different businesses with different sets of challenges. You need to show collaboration and strong listening skills.

Above all, remember that boards have an ever-expanding agenda. Economic and geopolitical uncertainty and volatility top the list of issues for boards in the United Kingdom, followed by workforce attraction and retention, and shifts in dynamic markets. As a portfolio NED, you need to be able to contribute on all these imperatives.