Research shows that a growing number of UK professionals extend their work week beyond the traditional office hours as a result of rising living costs.
Robert Walters, a global talent solutions company, has released new data that shows 30 percent of professionals have considered starting a secondary income stream. 19 percent already do.
Many employees work well beyond the standard full-time schedule as inflation and tax increases continue to affect earnings. According to findings, one quarter of professionals who have side hustles dedicate an extra 10 to 20 hours per week to their activities, pushing up their total work hours to 67.5 hours.
This trend is part and parcel of a larger shift in how professionals manage time and income. This type of work pattern is becoming more common, particularly among younger workers, as alternative income streams are made more visible.
HM Revenue & Customs has launched a new campaign, Help for Hustles to increase awareness about tax obligations of individuals who generate income via platforms such as Etsy eBay and Airbnb. The initiative is designed to ensure those who are involved in side hustles adhere to relevant tax and reporting requirements.
The main driver is the increase in income
Most respondents said that they started a side business because of financial necessity. 75 percent of respondents said that they needed more income. This suggests that inflationary pressures as well as stagnant salaries were key factors.
Some professionals view side hustles not only as a way to earn extra money, but also for their personal and professional development. Robert Walters’ survey found that 36 percent of respondents said their side job inspired or motivated them in their primary job, and 24 percent claimed to have gained transferable skills which improved their performance.
The pressure to balance two workloads also takes its toll. Professionals with side jobs reported less time and capacity to perform their primary roles, while 13 percent felt more burnout. Working long hours can affect productivity and wellbeing in the end.
Side hustles: rewards and risks
Lucy Bisset is Director at Robert Walters. She acknowledged that side hustles present both challenges and opportunities. She stated, “The amount of professionals actively pursuing and considering side hustles is a true testament to the financial instability that many professionals, businesses, and entrepreneurs are currently facing.”
Bisset advises workers to weigh up the benefits and drawbacks of a side hustle, especially the time needed to earn a meaningful income as well as the possibility of overworking. She said that professionals must take into account several factors in order to maximize the benefits of side jobs. This includes understanding any new tax obligations, and remembering that the time invested is not always proportional to the reward.
Bisset noted that side projects can contribute to career advancement, despite the challenges. She added that side hustles could enhance a professional’s main role as well as their CV by bringing in new ideas, perspectives and pursuing a passion project. They can also develop transferable skills and improve their current capabilities.
The key to maintaining a healthy balance is to keep your side hustles in line with your professional goals and not detract from them.
