iscover
A new study has revealed that employers across Australia are supportive of their workers partaking in side hustles considering volatile economic issues.
A new report by Fiverr International has highlighted that the widespread engagement from workers in various side hustles is not causing issues between employees and employers, with the majority being supportive of such endeavours.
According to the report, nearly 70 per cent of employed Australians are now engaging in or contemplating side hustles. This widespread trend is particularly occurring among younger Australians, with 81 per cent of 16- to 24-year-olds diversifying their work through roles ranging from digital content creation to e-commerce.
Despite this movement seemingly being kick-started by younger workers, older Australians are beginning to partake, with 45 per cent of those over 55 engaging in side-hustle projects.
The motivations fueling these side-hustle endeavours are diverse; however, the main driver is, of course, financial gain – a no-brainer considering the volatile economic climate. Over 72 per cent of employed Australians who have or are planning to start a side hustle cited an increased income as the main motivator.
However, skill development and flexibility were also drivers for workers partaking in side hustles.
“Side hustles are no longer solely about earning extra cash; they are pathways to professional and personal advancement,” said Micha Kaufman, chief executive of Fiverr.
“While income is still a powerful incentive for workers, it’s promising to see how various generations are also leveraging side projects to gain autonomy and acquire new skills – showcasing a workforce that’s more flexible, adaptive, and fulfilled.”
As the report shows, 79 per cent of business leaders are in support of side hustles, recognising the financial benefits and how they appease employee satisfaction. Despite this endorsement, however, transparency from employees remains an obstacle, as 44 per cent of those who have/are planning to start a side hustle choose not to disclose their side activities.
Although this transparency can lead to loyalty or engagement issues, a surprising finding in the report was the link between allowing employees to partake in a side hustle and employee loyalty. The data shows that 66 per cent of leaders recognise that allowing employees to pursue personal projects can deepen their commitment to their main jobs.
Overall, with the economy continuing to restrict workers and the labour landscape evolving, embracing the benefits that side hustles can have while mitigating the challenges could be a major strategy going into 2025. The data shows that the preconceived notions around allowing employees to have a side hustle may not be accurate, as innovation, engagement, and loyalty can remain strong and even grow.
RELATED TERMS
An employee is a person who has signed a contract with a company to provide services in exchange for pay or benefits. Employees vary from other employees like contractors in that their employer has the legal authority to set their working conditions, hours, and working practises.
Kace O'Neill
Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.
