The latest findings from leading independent job board CV-Library reveal that 58.2% of UK workers are planning to take on a side hustle in 2023, driven by the twin priorities of job security (62%) and earning more money (38%).
As the cost of living continues to bite, 76.6% of those considering taking on a side-hustle this year are doing so because they want/need more money. The remainder (23.4%) are looking for additional job security in these unpredictable times.
With the world's biggest trial of a four-day working week hailed a breakthrough success (56 out of 61 of the companies involved say they would continue offering a shorter week), more companies are predicted to follow suit. Employees following this working pattern will gain an extra day a week, which could be used to turn passions into side hustles. This might also fulfil the aim of keeping a main job secure while providing new ways to scratch a creative itch and supplement income amidst the cost-of-living increases.
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.”
Biggins continues: "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.”
Survey based upon 2,250 respondents