When 29% of employees are willing to seek a side hustle or a second job, your company needs to consider how this affects its hiring strategy and what it can do to retain its workers and keep them happy. Why are employees seeking side hustles? What makes someone want to take on a second job? The answers to these questions will give you insight into what employees want from their current jobs and the mindset behind seeking additional work.
We're going to explain what you need to know about side hustles, why employees might want a second job, and how this affects your company's hiring strategy.
What to know about side hustles and second jobs
A side hustle is when people take on jobs that aren't permanent and that provide 1099 income, which means the pay can vary from one client to the next. A second job is usually one that has regular hours and a steady W-2 income. Side hustles can be things like:
- Freelance writing gigs
- Rideshare driving jobs
- Delivery jobs
- Landscaping tasks
- Running errands for people
Some side hustles offer regular work, and others are one-time jobs. This means the income from a side hustle can be less reliable.
A second job could be:
- Part time
- With a smaller company
- At a family-owned business
With a second job, people want a steady income from a trusted company, and although some are part-time jobs, many people may take a second full-time job for financial reasons. These employees are often looking to ensure they have money to pay for their needs and their bills. Surprisingly, many remote workers also take on second jobs.
Why are employees seeking side hustles and second jobs?
The reasons for taking on a side hustle or a second job vary from one employee to the next, but there are a few that stand out. Knowing why someone might seek alternate employment can help your HR department search for these workers as well as learn what to do to retain the talent your company already has. This might prevent losing anyone to their side hustle or second job if it ends up providing more opportunities or better pay. These are the reasons that 29% of employees are likely to seek a side hustle or second job:
One of the top decision-making factors that employees report as their reason for taking on additional work is that they need more income. While it might be to get ahead or to increase savings for retirement, more often it's because people need more money just to pay their bills. They feel that a side hustle can bring in a few extra bucks for emergencies, or they need a second stream of steady income to ensure their bills are paid. With rising inflation, this concern just grows, increasing the number of Americans searching for a way to earn extra money.
"The fact that 29% of employees are likely to seek a side hustle or a second job is going to affect the hiring process and strategy that your organization uses, so you'll need to be prepared to take advantage of this shift."
Job security is another reason workers are holding two jobs now more than ever before. If they lose their jobs because their company shuts down or has to lay people off, they want something they can fall back on. Most people can't afford to lose their income for even a single month. They can't go without their pay for even one pay cycle, so a second job means they'll have at least some money coming in if anything happens to one of their positions.
Inflation rising has resulted in several companies doing huge layoffs, which makes employees nervous. They don't want to risk losing their jobs, but they also want to have something in place in case inflation causes their company to close. Economic worries are a big reason people seek side hustles or second jobs. We can expect this trend to keep rising as a recession looms.
How does this affect hiring and recruitment for employers?
The fact that 29% of employees are likely to seek a side hustle or a second job is going to affect the hiring process and strategy that your organization uses, so you'll need to be prepared to take advantage of this shift. Here are some of the ways you can use this job market trend to your advantage when looking to hire and retain talent:
Part-time hiring potential
With increasing numbers of people seeking more work, it gives your company a chance to recruit employees from this market. By hiring part-time employees, you can ensure that everything is taken care of on time because you have just a little extra help. Part-time employees make the difference when you want to expand the business one step at a time.
Employees going the extra mile
Many employees have said that they're willing to take on extra work and go the extra mile to keep their current jobs. While you don't want to exploit your workforce, you'll be able to get a little extra effort from many employees. Some workers are even willing to perform tasks off the clock if asked, but this should never be something employers require. It just illustrates the point of how willing employees are to stand out at work. Your new employees may also come in with a positive attitude and be ready to go the extra mile.
Keeping wages steady
Also affecting the hiring process are wage levels. Because of high inflation, many employers aren't able to offer wage increases right now. To combat this, people are getting second jobs. This can delay how often they might expect a raise from your company, as they'll be making money from two sources instead of one. People might also be willing to take less money from a second job or a side hustle than they are from their primary source of income, so you may be able to pay a lower starting wage to someone seeking a second job.
Pros and cons of 29% of employees seeking a side hustle or second job
The fact that 29% of employees are seeking a side hustle or second job has its pros and cons for the recruiting industry and your organization. Understanding the effects of this job-searching trend can help you plan your recruitment and retention strategy.
These are the pros for recruiters where a second job or side hustle is concerned:
- Employees are more willing to work extra hours or take more shifts right now.
- You can stretch pay increases to longer intervals, conserving money.
- You'll have a larger hiring pool of potential candidates.
- You have the ability to hire temporary workers.
Consider these potential downsides when employees are seeking more work:
- A second job or side hustle can detract an employee from their primary job.
- An employee working two jobs may not give as much effort at either if they're tired.
- An employee's side hustle or second job may become their primary source of income, putting your company after the higher-paying gig.
- An employer may have to offer an enticing deal to win over candidates who have more than one job.
Because 29% of employees are likely to seek a side hustle or second job, you need to understand what it means for your company. Use this information to guide you as you implement a plan to hire the best employees out there.
Read more about hiring strategies for your workplace:
Understand the pros and cons of overemployment so you can hire the right number of people for your company.
Discover why job candidates abandon the hiring process so you can keep this from happening to you.
Learn the one simple way you can get more applicants for your company's open role.