Will the popularity of the four-day working week increase the number?
More than 58% of UK workers plan to take on a side hustle in 2023. This is according to the latest findings from CV-Library.
According to the research, side hustle plans are driven by job security (62%) and earning more money (38%). With the increasing cost of living continuing to take its toll, 76.6% of those considering taking on a side hustle this year said they are doing so because they want/need more money. A further 23.4% said they are looking for additional job security in these unpredictable times.
Following the world’s biggest trial of a four-day working week, more companies are predicted to move in this direction. The trial was hailed as a massive success, with 56 out of 61 companies saying they would continue offering a shorter week.
Employees following this working arrangement will gain an extra day per week, which could see people turning their hobbies into side hustles. This allows people to enjoy the security of a main job while pursuing their personal passions and supplementing their incomes.
Lee Biggins, Founder and CEO of CV-Library, comments: “As the economic uncertainty looks set to continue, it’s understandable that so many employees are considering new ways to supplement their income while prioritising their job security.”
“With unemployment levels at record lows, supporting employees’ side hustles could boost staff loyalty and help retain key talent. However, there are grey areas that businesses need to be mindful of, particularly for those operating a four-day week. The benefits of increased motivation, productivity levels, and mental health along with reduced sickness levels could be counterproductive if staff are dedicating their downtime and attention to a side hustle.”