It used to be called a "second job." Now? It's called a "side hustle." And Americans nervous about paying the bills are increasingly turning to side hustles in the face of economic uncertainty.
Americans are "side hustling like we're in a recession," said The Wall Street Journal. Research shows that nearly four in 10 Gen Z and millennial workers hold down multiple jobs, suggesting that "holding one job at a time is on the way to becoming antiquated" for a generational cohort that has been "scarred by two recessions." They are working harder than ever, "padding their finances while they can" ahead of what they expect will be an economic downturn. Such uncertainty means it is "time to diversify," said Marie Incontrera, who runs a small public relations agency and a cleaning business.
Why are workers nervous?
A "distressing number" of American workers are "worried about their jobs," said USA Today. In May, just 44% of workers had a "positive outlook" for their companies over the next six months, the "lowest level recorded" in the survey's history, according to researchers. Workers say they are carrying heavier loads thanks to layoffs, which is "creating anxiety about when the next round will come or leaving teams understaffed and overworked," said Daniel Zhao, the lead economist for Glassdoor's online work community.
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Nearly two-thirds of workers report they "plan to get a second job or start a side hustle," said HR Dive. Just 19% of workers have enough cash on hand to pay a month's worth of expenses, according to a report from the American Staffing Association. And 95% say "wages haven't kept up with the rising cost of living." A side hustle "means having enough money to make ends meet," said Richard Wahlquist, ASA's CEO.
What do employers think?
Employers are finding they "need help managing workers who are taking second jobs," said Inc. Workers are "worried about the economy, unsure about their career future and searching for employers they can trust," according to a study by the software company Remote. That means companies might want to think about how to "address the sources of that unhappiness to avoid losing employees" who are stretching themselves thin with outside work.
Why not just call it a 'second job?'
"Side hustle" isn't the only term for the folks "juggling more than one job," said The New York Times. There is also "polyworking." The new word offers an "upbeat spin" on the trend. But "polyworking" can also gloss over the "hardship and economic need" that prompts workers to "cobble together a variety of subpar jobs," said Erin Hatton, a sociology professor at State University of New York at Buffalo.
What next?
Side hustling has usually been seen as a "countercyclical economic indicator," said Marketplace. In the past, when workers "patched together part-time work to make ends meet" it was a sign that economic growth had slowed. The rise of gig apps like Uber and Taskrabbit has made the relationship between the economy and second jobs "a bit murkier." With economic uncertainty rising, though, it "makes sense that some people are exploring backup options."
