Two-thirds of professionals under the age of 24 years claim to have a so-called ‘side hustle’, with 74 percent stating it is ‘too risky’, in terms of security, to focus on just having one job as they may have done pre-pandemic. In fact, 18–24-year-olds reported feeling twice as anxious as their more experienced colleagues in the past 18 months around job security, pay, relationships at work, and their mental well-being.
Another motivation is pay, with 59 percent of 18–24-year-olds are anxious about wages and many state they are often living pay-cheque-to-pay-cheque. In the U.K., almost a third of 18–24-year-olds are on a salary band of £16,000 – £21,000. With the largest proportion (25 percent) being on salaries of £21,000 – £28,000. Given the current cost of living, figures show that this cohort of young workers are unable to financially live by themselves – whilst also saving money for the future and investing in a pension for their retirement. This partly explains why many begin looking for additional sources of income.
These findings are based on a poll undertaken by recruitment consultancy Robert Walters, drawing on the experiences of 6,000 working people. The research found that 54 percent of young professionals expressed a desire for a ‘portfolio career’, defined as the concept of monetizing your skills in several ways and having multiple income sources, rather than a single job at one company.
It followed that 53 percent of young workers have stated that flexible hours and a hybrid working environment is a must when looking for a job, otherwise it will impact their side-hustle.
This form of working is not popular with older workers. Family commitments, working long hours, and fear of burnout are primary reasons holding older workers back from pursuing a ‘side hustle’.
Toby Fowlston CEO of Robert Walters looks at what these data mean in a statement sent to Digital Journal: “Our survey has found that side-hustles are a priority for young professionals but for too long side-jobs have been considered a ‘dirty secret’ by employers.”
Fowlston sees risks with this: “However, I don’t believe this is the right approach. Portfolio careers have long been a go-to for highly experienced professionals who use their knowledge and offer consultancy, training, or advisory services when near or post-retirement.”
Nonetheless there are potential advantages, observes Fowlston: “If viewed through a different lens, a side hustle or portfolio career for a junior professional showcase’s entrepreneurialism, initiative, innovative thinking, and great project management skills. All characteristics which should be championed by employers.”
Addressing prospective employers, Fowlston points out: “For those concerned about employees being distracted it’s worth noting that 70% of Gen Z professionals state that their employer does meet their career expectations, the highest out of any other age cohort. A side hustle does not necessarily mean that an employee is not interested in progressing within their primary job.”
