Why do employees opt to work in so-called side hustles? Is it by choice or is there something else forcing their decisions?
If you read our recent salary news roundup, you’ll know that more than 1/2 of professionals are finding it difficult to meet their financial needs on a monthly basis.
So, it’s of little wonder that the majority of people who undertake side jobs are motivated by the chance to earn more money.
The top motivations for side hustles are:
- To increase income (59.9%)
- For personal enjoyment (14.1%)
- To ‘improve a hobby’ (10.4%)
- For better job security (9.4%)
- Or to enter a new career (6.3%)
The fact that 67.7% of respondents could be willing to stop their side jobs if their employer increased their salary adds further proof of their financial incentive.
That said, the remaining 1/3 of respondents intend to eventually turn their side gig into their career role.
Should employees and/or their employers be concerned?
There are important considerations for all parties…
- As the Onrec post suggests, employees should have a good look at their employment contracts before embarking on any side jobs. Many businesses place restrictions on work that can be completed out of office hours.
- Naturally, employers need to promote productivity and will be concerned if their team members turn up unreasonably tired or distracted. There’s also the chance of competitive overlaps and even public relation problems.
- Yet, as the piece also mentions, businesses need to do more to attract and retain their employees; particularly in a time of continued skills shortage. Where possible, increased salaries can help professionals to better balance their work and home needs.
- Business leaders can consult their recruitment agencies for more guidance on achieving competitive and attractive salary packages. We’re delighted to assist local employers with their recruitment enquiries – please call the office on 01225 313130 for more information.
- Employees who feel overwhelmed with balancing extra work alongside their careers should consider whether their day job is the right role for them. If they’re not able to negotiate a salary increase, they may find their earning potential is greater in a new role. Regularly reviewing local job opportunities can help you to gauge your salary potential.