Tapping into the side hustle surge

Written By Molly Weaver

A side hustle is a part-time job or business venture that individuals pursue alongside their full-time employment. It’s a way to diversify income, follow a passion, or simply make ends meet. The concept has gained incredible traction in recent years. Here are some key statistics:

  • Side Hustle Prevalence: A survey by Bankrate found that more than 45% of American workers have a side hustle. This means nearly half of the workforce is finding ways to supplement their income.

  • Generation Side Hustle: Millennials and Gen Z are leading the side hustle charge. In a study by MetLife, 38% of Millennials and 29% of Gen Z reported having a side hustle.

  • Income Boost: Side hustles are not just for pocket money. According to a QuickBooks survey, 49% of side hustlers earn over $500 per month, and 31% earn more than $1,000 monthly.

What’s driving this surge in side hustles? Several factors contribute to the popularity:

  • Flexibility: Side hustles offer the freedom to work when and where you want. This flexibility is especially appealing to those with busy schedules.

  • Passion Projects: Many side hustles are born out of passion. People are turning hobbies and interests into income-generating ventures.

  • Financial Security: With economic uncertainties and rising living costs, a side hustle can provide a financial safety net.

  • Skill Development: Side hustles often allow individuals to develop new skills or hone existing ones, which can benefit their primary careers.

The rise of the gig economy, particularly the side hustle scene, makes it important for organizations to find a way to tap into this talent.

Ask yourself three questions. Can you hire a “Side Hustle” worker to:

1) Complete a short-term project? (Think event planning, copywriting, or a surge in hiring.)

2) Supplement your current workforce? Can the work be completed in off hours or remotely and allow you to find talent willing to help complement your current workforce?

3) Complete the projects your staff doesn’t have the bandwidth to get to? Think about those “would like to do” items on your strategic plan and look for talented professionals who could complete that work.

Tapping into the side-hustle talent pool can help ensure your organization gets work done in a tight talent market.

Molly Weaver
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