The current economic landscape in the United States is witnessing a significant trend: the surge in the number of full-time employees engaging in side hustles or gig work. Recent data from the US Bureau of Labor Statistics reveals that a staggering 8.9 million Americans, constituting 5.4% of the civilian workforce, now juggle multiple jobs, marking an all-time high. This rise is indicative of the economic worries plaguing many workers across the nation.
A recent survey conducted by Remote, a global HR tech firm, sheds further light on this phenomenon. The survey of 2,000 full-time desk-based US employees unveiled that 18% have already taken on a second job or side hustle, with an additional 57% contemplating the same. This growing inclination towards supplementary work is a clear response to the prevailing economic uncertainties faced by individuals.
Moreover, only 17% of full-time office workers feel adequately supported by their employers to maintain stability and motivation at work. This lack of employer backing contributes to the increasing number of individuals seeking additional income streams through side gigs.
Despite the rising popularity of side hustles, challenges persist. Gig workers, who leverage short-term, flexible job opportunities through online platforms, are in high demand. The United States, leading in the global online freelance market, sees software and tech roles dominating the freelance landscape, highlighting the evolving nature of work structures.
Emily Rose McRae, a senior director analyst at Gartner Research, notes a shifting perception within organizations regarding employees engaging in side gigs. The focus has shifted from prohibiting such activities to actively managing potential issues that may arise, such as poor performance or conflicts of interest.
The proliferation of side gigs also poses concerns such as workers outsourcing tasks to cheap overseas labor, a practice known as “shadow stand-ins.” To address these challenges, organizations must monitor employees effectively, ensuring adherence to work standards and preventing burnout from multiple job commitments.
The increase in side hustles has coincided with a rise in work-related stress among employees. Remote’s survey indicates that 62% of respondents reported higher stress levels compared to the previous year. This stress, coupled with a lack of motivation in the workplace, underscores the need for employers to prioritize employee well-being and engagement.
To mitigate stress and bolster employee motivation, companies should foster transparent communication, offer development opportunities, prioritize financial wellness, and create a culture of open feedback. By acknowledging and accommodating employees’ needs beyond work, organizations can enhance retention rates and attract a diverse pool of talent.
In conclusion, as the number of US workers engaging in side hustles continues to climb, organizations must adapt their approaches to support employees effectively. By addressing the challenges associated with side gigs, prioritizing employee well-being, and fostering a culture of open communication, businesses can navigate the evolving work landscape with resilience and empathy.