Following last month’s report from CV-Library, the UK’s leading independent job board, that over half of the UK’s professionals (55.1 per cent) struggle to make ends meet at the end of each month, brand new research reveals that side hustles are providing a much-needed extra cash flow. In fact, 59.9 per cent of Brits who work on the side claim that they started their side hustle to earn more money.
The study surveyed 1,200 professionals and found that additional financial income is the main driving force behind having a side hustle. In fact, over two thirds (67.7 per cent) of Brits said they would consider giving up their side hustle if their employer paid them more. The other reasons why Brits started their side hustle include:
- To earn more money (59.9 per cent)
- Just for fun (14.1per cent)
- To improve a hobby (10.4per cent)
- For added job security (9.4per cent)
- To start a new career (6.3per cent)
Interestingly, the study also found that a third (33.2 per cent) of Brits plan to eventually make their side hustle a full-time role, rising to 34.8 per cent amongst women.
Lee Biggins, founder and CEO of CV-Library, comments on the findings:
Our findings show that while almost one in five Brits have a side hustle, not very many seem to have one out of their own choice. Rather than taking up a side hustle because of personal interests or for fun, people are being forced to find other ways to top up their monthly income.
What’s worrying about so many Brits struggling for cash is that while Britain is almost at full employment, the quality of jobs on offer is dropping. Rather than trying to scrimp and save on salaries, ensure that your offerings are in line with the market rate. You’ll find employees are more loyal and willing to dedicate themselves to the job at hand.
What’s more, despite over a quarter of employers (28 per cent) having a policy on working on the side, plenty of the UK’s professionals are putting in extra hours every week for their side hustle. In fact, a third (30.4 per cent) of Brits work an extra 10 hours per week on their side hustle.
It’s concerning that nearly a third of Brits are working an extra 10 hours or more a week in their side hustle, as they could be putting themselves in serious danger of burnout. It’s tough enough at times to get through a full working week, let alone while working two jobs.
Policies on working on the side are in place for a reason. Working so many extra hours is bound to distract anyone from their main job. As an employer, you need to make sure that your employees don’t feel like they have to pick up a side hustle. Put regular meetings in place to review their salary and give them the chance to voice any concerns before escalating the matter.