Empowering the polyworking trend

Frank Weishaupt at Owl Labs explores the side hustle surge

 

Polyworking, the practice of pursuing side hustles or additional jobs alongside one’s primary employment, is gaining considerable popularity among UK workers. So much so that the UK government has decided to implement additional taxes for people generating income from online platforms like eBay and Vinted. 

 

According to new data from Owl Labs’ 2023 State of Hybrid Work report, as many as 29% of professionals in the UK are currently engaged in polyworking, with an additional 16% planning to embark on a side hustle within the next year. Furthermore, an additional 31% express a desire to start their own additional job in the future. 

 

In 2024, it seems that polyworking will be the new ‘quiet quitting’. However, it’s up to business leaders to ensure their employees remain engaged in their primary jobs through effective engagement strategies that don’t alienate them from their day-to-day jobs.

 

Polyworking is booming

Polyworking has transcended from being a fad and proved to be a significant trend with profound implications for the UK workforce. The ongoing cost of living crisis, coupled with stagnant wages, has compelled many individuals to seek alternative means of supplementing their income.

 

Consequently, for a considerable portion of polyworkers (34%), the need to cover their expenses and achieve financial stability is the primary driving force behind their decision to engage in side hustles.

 

While financial considerations dominate the motivations of polyworkers, a noteworthy proportion is also driven by an innate passion for their side hustle. These individuals view their additional job as an avenue to explore their genuine interests and pursue their dreams.

 

The ability to turn hobbies or personal interests into income-generating activities provides polyworkers with a sense of fulfilment and purpose beyond the realm of their primary employment.

 

The flexibility of post-pandemic working, with almost half (46%) of UK employees working in a hybrid fashion, means that workers have more time to pursue their passions outside of work. It also enables workers to expand their skill sets which they can also bring to their primary job roles.

 

The future of polyworking

While polyworking presents numerous advantages, additional responsibilities do need to be managed carefully so they don’t become overwhelming. Balancing multiple commitments, managing time effectively, and avoiding burnout are common obstacles faced by polyworkers. 

 

However, the rise in flexibility in general - including flexible hours and location, shift-splitting, and four-day work weeks - allow employees to pursue side hustles without it having a detrimental impact on their primary job.

 

Businesses that promote these benefits and allow employees to be flexible, are more likely to create an engaged and productive workforce. This is evidently what employees want, with 38% of UK employees saying they would give up 10% or more of their salary for flexible working hours.

 

Technological advancements have digitised work processes and enabled individuals to connect with clients and customers worldwide, regardless of location. Developments such as AI - which could attend meetings on your behalf and take notes - are allowing employees to be more productive and keep up with their time management easier.

 

These developments have made it easier than ever for individuals to embrace multiple roles and pursue their passions while remaining focussed in their day to day.

 

Keeping your employees engaged

With employees free to pursue their passions outside of work, now is a good time for business leaders to revisit employee engagement offerings and  benefits to keep their workforce incentivised.

 

This is where employee engagement strategies are important. Lower cost options still play a role here with 39% of workers wanting their company to pay their commuting costs and 34% wanting free or subsidised food and beverages. Surprisingly,18% said they would be enticed to go to the office if they were able to wear whatever they wanted. These are small things business leaders can keep in mind to ensure engagement and happy employees across the board.

 

Overall, polyworking is altering the way UK workers approach their careers, providing them with opportunities to pursue financial security and personal passions, while leading balanced and fulfilling lives.

 

Embracing the benefits of polyworking, fostering employee creativity outside of work, while ensuring that employees are engaged, will be key to ensuring polyworking works for everyone.

 

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Frank Weishaupt is CEO of Owl Labs

 

Main image courtesy of iStockPhoto.com