Dive Brief:
- More than a third of full-time workers are already earning extra income to cover holiday-related expenses, and another 29% intend to do so, according to the results of a ResumeTemplates.com survey of 1,000 full-time workers, released Tuesday.
- Nearly half of those looking to boost their income said they were working more hours for their employer, while others turned to delivery services, seasonal retail jobs, ride-sharing and freelancing. Some also reported supplementing their income through social media, pet sitting and babysitting.
- However, 39% of those surveyed said taking on extra work has or will likely hurt their productivity at their full-time job.
Dive Insight:
“It’s not unusual for people to feel financial pressure during the holidays, but this year the stress seems even higher,” Julia Toothacre, chief career strategist at ResumeTemplates.com, said in a statement. “The deeper issue is that full-time employment no longer guarantees financial stability. Wages aren’t keeping pace with costs, and many people are being forced to find extra income just to maintain a basic standard of living.”
Toothacre warned that employees taking on more work need to monitor their energy and mental health — or else they might exacerbate existing burnout issues.
Most workers are using their side gigs as insurance policies for financial stability, according to a July Glassdoor report. In a survey of more than 800 Glassdoor Community members, 67% said their main driver for having a side hustle was to boost income. Another Glassdoor Community poll found that 27% of respondents said they have a side gig, namely to make extra money and have a backup plan as a safety net.
The CEO of TalenTrust, a recruiting and human capital consulting firm, previously told HR Dive that workers often look for second jobs when they can’t financially support their families.
“If the employers are paying a fair and reasonable compensation package, there shouldn’t be any issues. When they’re not, that’s when it opens up the door to look for other opportunities,” she said.
