Side Hustle’s: passing trend or here to stay?

The Hustle:

Side hustle, what a great phrase, as soon as anyone uses it, I smile and instantly get excited.
It no longer just describes someone engaging in questionable illegal activity to survive but is a recognised way of earning extra income, discounts, and skills through using and nurturing individual creative talent.
The term Side Hustle has been coined to describe a person who has a second job, business, or hobby where they make money on the side of their stable job. Think social influencer, marketing gurus, or vlogger. These are only three generic examples, there are many creative, talented young people out there working in businesses balancing their side hustle with their stable job.
This is due in part to high costs of living and the belief that to achieve the quality-of-life people want they need to earn additional income.
Covid-19 has also acted as a catalyst, many people have lost their jobs or were furloughed, and now hustle to provide an income and or additional income. It is unlikely that people returning to work will want to give up their side hustle, especially if it is successful.
Is your business embracing the Hussle?
Focus Group:
Recently I had the opportunity to consult with a group of apprentices, we discussed side hustles and how they have become a part of Gen Z’s working life.
As a focus group we watched ‘Talent on Tap’ a video created by the Times, LinkedIn’s head of recruitment, and authors David and Jonas Stillman who discussed the importance of Gen Z in the workplace and the rise of the side hustle. This is an American video and the statistics they used are from a survey carried out in the US. However, it gave us a platform to start to discuss this topic and better understand our friends across the pond, thinking about Gen Z in the workplace.

Each participant in the focus group recognised and understood the term side hustle, for some they already had one or two, promoting a local fitness brand and managing a company’s Instagram account, for others, it is something they had considered but at present have not actively pursued.

Gen Z are described by Jonas as a realistic generation, the focus group agreed with this and were clear they know what they are striving for ‘Structure and Security’.

The group were asked ‘how important is it that your manager knows what you are striving for personally?’

The answer: It is Important! The group unanimously agreed knowing your team can help achieve personal and professional attainment.

FOMO:

For all of us that have to ask; what does that mean again? It’s the Fear Of Missing Out. The group felt strongly that this links directly to worry and concerns over not achieving one’s aspirations or goals. ‘Structure and Security’

Participants felt they are now able to talk about FOMO and how this directly impacts their health and wellbeing.

Embracing the side hustle could be the difference between your team achieving their personal and professional goals and having/maintaining a positive lifestyle. 

Blended:

There is also another term used simultaneously with side hustle and that is blended.

Blended working in terms of a Side Hustle means working on your side hustle whilst in your stable job. i.e. on your lunch break or during the day, making up the hours for your stable job in the evening.  

This group of apprentices felt side hustles should be worked on outside of your stable job. They should not be blended.

Blended working might be more favourable in different business sectors, consider what is best for your business and have an open conversation with your team to find a fit that will work.

Attitudes:

Young people see side hustles as a way to enhance skills and positively promote work to secure a promotion or higher employment.

Knowing your team’s side hustle and aspirations for the future feeds into the bigger picture of achieving your company’s business objectives.

Side Hustles are a way of enhancing skills, confidence, and releasing potential, if someone is operating at their full potential they will be functioning at a higher level and producing quality work.

Did You Know

Statistics:

There are 1.1 million people in the UK with a second job or who are self-employed in addition to a primary job. That’s 3% of the working population.

Despite this, 25% of people in the UK claim to have a side hustle.

37% of people in the UK say that their salary alone does not allow them to have a comfortable lifestyle. (Microblazing Mag

Embrace the Hustle:

Side Hustles are or will be part of your team’s identity. Embracing the hustle is something each business will need to consider. Here are 7 tips for business and managers who are considering what this means in their workplace:

  1. Find out if a member of your team has a side hustle
  2. Identify if there is a business conflict? Address this, and be transparent
  3. Get excited about their side hustle
  4. Understand how these skills can be transferable into their ‘Stable Job’
  5. Get an agreement in place so all are clear about expectations and working arrangements
  6. Build this into your interview questions or recruitment process
  7. Consider how the younger workforce looking at your business will know if your side hustle friendly

Conclusion:

Side hustles are on the rise and there is evidence to suggest this is not a passing phase but a growing trend. It is a term that generates lots of interest, is used by many and is rising in popularity.

Know your team, have those difficult conversations, set fair and clear agreements.

It is important as a business you recognise the advantages and potential disadvantages individual hustles might pose and embed these findings into your business infrastructure.

Lastly, embrace the hustle. You know you want to.

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