The current economic landscape in the United States is pushing more full-time employees to seek additional sources of income through side hustles and gig work. According to the US Bureau of Labor Statistics, a record 8.9 million Americans, constituting 5.4% of the civilian workforce, now juggle multiple jobs, marking an all-time high. This surge is fueled by economic uncertainties, with 79% of respondents expressing heightened concerns about the nation’s economic trajectory compared to the previous year.
A recent survey conducted by Remote, a global HR tech firm, unveiled that 18% of full-time desk-based employees have already taken on a second job or side hustle, while an additional 57% are contemplating doing so. Despite this shift, only 17% of office workers feel adequately supported by their employers, highlighting a gap in resources and motivation in the workplace.
Gig work, characterized by short-term, flexible jobs facilitated through digital platforms, is on the rise, with freelancers representing a significant portion of the workforce. The United States leads the global online freelance market, with software and tech roles comprising a substantial 36.4% of freelancers, followed by creative/multimedia and clerical/data entry positions.
Emily Rose McRae from Gartner Research notes a shift in organizational attitudes towards employees engaging in side gigs, indicating that such activities are no longer viewed as inherently problematic. Instead, the focus has shifted towards performance management and ensuring that employees meet expectations across all roles they undertake. However, concerns such as intellectual property issues and outsourcing work to overseas labor persist, necessitating active monitoring by organizations.
The rise in side hustles and gig work has also brought about increased stress levels among employees, as reported in Remote’s survey. Addressing this issue requires employers to prioritize transparent communication, offer development opportunities, support financial wellness, and create avenues for honest feedback. By acknowledging and accommodating employees’ lives outside of work, companies can enhance talent retention and appeal to a broader pool of potential hires who may not fit the traditional 9-5 office mold.
In conclusion, as the number of workers engaging in side hustles continues to climb, organizations must adapt their approaches to support and manage employees effectively. By fostering a culture of open communication, prioritizing employee well-being, and proactively addressing challenges associated with multiple job roles, companies can navigate the changing dynamics of the modern workforce and ensure sustained productivity and employee satisfaction.