New research commissioned by Global Test Market and SurveyMonkey shows that more and more people are exploring opportunities to earn money online. Currently, 19% of respondents say they are seriously considering a side-hustle, while another 14% say they are just experimenting with ways to earn additional revenue.
This exploration involves searching for opportunities online or through social media, and then using digital and creative tools to start or continue the side-hustle. In fact, 11% have already started a side-hustle, and 6% are currently operating in stealth, meaning they have yet to disclose their side-hustles to their employer.
While it’s encouraging to see workers flexing their creative muscles and investigating ways to make extra cash, employers must be mindful about the impact this has on employee engagement. Across all industries, respondents say they’re concerned about the time it takes to achieve real success, as well as the uncertain financial rewards.
What Is A Side Hustle?
Put simply, a side hustle is an additional source of income or revenue that is not your direct employer. It could be a simple side venture, like selling your photographs on social media or through a stock photography website. Or, it could be something more complex, like starting your own consulting or coaching business or becoming a brand ambassador for a company.
These are typically low-risk, high-reward opportunities. As long as you keep your day job and manage your time well, you can usually expect to make at least a few dollars an hour. And, if you put in the necessary (and often considerable) effort, you can quickly elevate your side-hustle to a profitable business.
We often associate side-hustles with online or digital marketing, selling your photographs, or designing websites. But, as this research shows, nothing could be further from the truth. In fact, only 6% of respondents have already begun their digital nomad or side-hustles in this way, and another 6% are operating in stealth mode. So, while digital marketing is certainly a viable option, it’s not the only way to begin a side hustle.
Mainstreaming Side Hustles
The above statistics paint an interesting picture. But, while it’s great to see respondents so creatively engaged, it also shows how little support employers provide in terms of guidance and guidance on how to make the most of these opportunities. In the main study, 47% of those who are seriously considering a side-hustle report they lack the guidance or understanding of how to make the most of these opportunities.
In fact, 20% say they are seriously considering a side-hustle because their employer does not offer guidance or understanding of how to make the most of this new way of earning. This clearly shows that while employers are innovating and changing to stay relevant, their approach to supporting and developing their employees is, at best, lagging.
Over time, as the above trends continue to evolve, more and more employees will turn to side-hustles to help make up for gaps in their wallets and to keep up with inflation. Given this, businesses that wish to harness the power of their employees must take this into consideration and develop a side-hustle strategy that will help their workers generate revenue while also keeping their productivity high.