Side hustles are no longer just about extra cash; they're strategic career moves. Many use them as platforms for professional growth and exploration, especially in the current climate of widespread layoffs.
A recent Quicken survey revealed that nearly 18% of Americans with side hustles use them to develop skills for future careers, with this figure jumping to 44% among Gen Z. This highlights a trend of individuals proactively managing their career trajectories by gaining experience, expanding networks, and enhancing resumes through side gigs.
Quicken CEO Eric Dunn emphasizes that side hustles are becoming a way to build new skills and achieve greater financial independence and personal fulfillment, whether for career advancement or eventual self-employment.
Several key motivations drive the rise of side hustles:
- Independence and Self-Sufficiency: 72% of those with multiple jobs prefer self-employment over traditional corporate structures, with 73% reporting greater happiness managing multiple roles.
- Financial Security: Those with side hustles feel more financially secure and less stressed, mitigating the impact of layoffs and breaking the paycheck-to-paycheck cycle.
Side hustles contribute to skill development in three main ways:
- Skill Development: They allow individuals to learn and enhance skills, increasing their value in their primary jobs.
- Knowledge Expansion: Exposure to diverse projects broadens understanding of market trends and consumer behavior.
- Networking Opportunities: They foster connections with professionals and clients, leading to mentorship and potential job opportunities.
Given that 41% of side hustlers admit to working two jobs simultaneously, companies can support employees with side hustles while maintaining productivity by:
- Implementing Flexible Work Hours: This allows employees to manage their side hustles without compromising primary responsibilities.
- Establishing Clear Policies: Transparent guidelines regarding acceptable side hustle practices and boundaries are crucial.
- Offering Skill Development Programs: Providing opportunities like workshops and training sessions benefits both the employee's personal growth and the company through enhanced skills.
In conclusion, side hustles are a growing trend driven by a desire for financial security, professional growth, and greater control over career paths. By offering flexible work arrangements, clear policies, and skill development programs, companies can support employees with side hustles, creating a mutually beneficial environment.