With 44 million Americans working a side hustle in addition to their regular, full-time job, we feel it’s time that employers embraced that fact and supported their employees in their entrepreneurial endeavors.
Many of us can’t make ends meet on our main job: half of all U.S. workers make less than $15 an hour and even if two people making minimum wage on full-time jobs (the federal minimum wage is $7.25, although several states pay more) pool their resources, that’s just $30,160 a year, making it tough for the couple to make ends meet, let alone raise a family.
So these side gigs help a family with finances: the CNN Money story linked to above said 36 percent of those with a side hustle make $500 a month or more.
Many workers report taking on a part-time job with another employer, but many others hustle as Uber or Lyft drivers, sell items on eBay or Amazon, design websites for businesses, and so on.
Unsurprisingly, a PWC survey this year found that 53 percent of all employees were stressed about their finances and that stress actually causes the workers to spend three or more hours each week thinking about their sad state of affairs, which lowers their productivity.
In addition, what would happen to these employees if a spouse were laid off, a child or parent became sick, or the employee herself was injured and therefore unable to work?
But what if employers helped their workers be prepared for financial tough times? What if they encouraged their entrepreneurial bent?
After all, if finances are such a huge stress on employees – and that stress is lowering their productivity – why not support their spare-time, off-the-clock efforts?
Businesses, of course, would need to come up with guidelines regarding the side gig (not working on the enterprise while at work, no starting a business in direct competition with the employer, no using the employers’ equipment in the side hustle, etc.).
But instead of saying “no” most often, why shouldn’t businesses provide resources for their workers to learn how to launch a business, invest wisely and so on? Businesses also could provide classes or seminars on how to create a budget, how to put money aside for emergencies and for retirement, and so on.
Doing so could help lower workers’ stress and therefore help them be more productive, a big benefit to the employer. In addition, who knows? A worker who embraces and learns about entrepreneurship for his own enterprise may come up with some fresh ideas for his employers’ business!
Want to find some hustling workers for your Los Angeles or Orange County business? Let Helpmates find them for you! Contact the office nearest you today.