2020 was indeed a year of trials. Personally. Professionally. Financially.
Financially, many people saw the need for an additional source of income. Some came to this realization long before 2020 though. While having a 9-to-5 is a great blessing and opportunity, many people need supplemental income. Especially women.
According to a recent analysis, women lost a total of 156,000 jobs this past December, while men gained 16,000. Compared to January 2020, women’s unemployment rate has doubled.
But having a side hustle is not just about the income. Here are the top five reasons employers should support employees who have a side hustle:
- They will be more content with your current salary offer.
- They have a creative outlet and a positive way to cope with stress and manage pressure.
- They have better time management skills and are often more productive.
- They learn new skills that may be beneficial to their fulltime job.
- They take initiative.
Usually, side hustles are hobbies and passions that can generate income. Those that have side hustles want to remain fulltime employees, but they also have passions they want to pursue.
In March 2020, this topic was discussed in an article by Harvard Business Review. The authors noted that 45% of those with a side hustle were motived by the money. Others wanted the variety, autonomy or greater social interaction. The study also noted that “workers even carried forward the positive emotions associated with this experience to their full-time jobs.”
The challenges of 2020 will remain with us in the months and years ahead. To help your employees cope with these challenges and find support, it’s helpful to provide an employee assistance program and access to organizational development. To learn more, please check out our services.