2019 feels like the year of the side hustle, and many of your employees are probably engaging in work outside of your regular business hours that aligns with their interests or passions. While some employers are nervous about employees pursuing work outside of office hours, others realize that a side hustle can allow an employee to develop a broad skill set that ends up making them an even better business asset.
Who Is Working Side Hustles?
Less than a third of employees nationwide have a side hustle, but you can probably guess who these workers are! 40% of workers between 18-24 have a side hustle, and almost 45% of workers 24-34 have a side gig. Where are these employees working during the day? The majority of them work in shift-work and industries including hospitality, leisure, retail and transportation. In general, workers who are making under $35,000 or $50,000 a year are more likely to seek out a job on top of their day job.
Why Are Side Hustles Great for Your Employees?
You might assume that employees who maintain side gigs outside of your company are using some of the energy they would be spending at your workplace to pursue other interests, but that often isn’t the case. 75% of workers with a side hustle have no interest in turning their side job into a career. What are the other benefits of side hustles for your employees and your business?
- More Skills: Creating, working or gaining other skills outside of the office is great for your business. How much more creative could your office be if your accountant was also moonlighting as a designer? When workers broaden their skill sets and practice other soft skills, your entire organization can benefit.
- Entrepreneurial Employees Are an Asset: Think about what qualities you look for in an employee—being proactive, creativity, innovation, being a self-starter and more. What other type of worker has these? An entrepreneur! Many side hustlers have exceptional problem-solving abilities and know a great deal about the business side of things, which can come in handy for you.
- Money Isn’t the Only Motivation: Because employees with a side gig are making extra income on the side, many of them are less money-motivated than employees who aren’t working outside of your office.
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