People managers need to start considering how they will tackle this growing trend…
We often talk about developing careers and keeping employees engaged on our blog, but what do you do when alongside their career with your organisation, employees have a second job or small business?
It is a growing trend – with four in 10 working adults having some kind of ‘side hustle’ alongside their full-time job or career, according to Henley Business School’s white paper, The Side Hustle Economy.
And these side hustles form an important part of the economy too – their income adding up to a not-so-inconsiderable £72bn for the UK economy in 2017.
Does your organisation have any policy in place for these kinds of activities? It won’t be surprising if not as, in a recent survey, around half of the companies asked had no such policies in place.
With the trend on the increase – figures are expected to double in the next 10 or so years – it is an issue that anyone involved in human resources should be seriously considering.
According to the School’s Dr Charmi Patel, associate professor in international human resource management: “A key issue is compliance; if staff are working flexible hours, from home or virtually, the control might not be there, on whether they are conducting their own business on company time and using company property, resources and data to do so,” she said.
Open for business
But while it is important to have these policies in place, organisations should otherwise be open to the idea of employees running a separate business or job on the side. Often these kinds of activities are creative and involve the employee’s passion – and perhaps one that cannot be fulfilled at work. Of course, there is the risk that they eventually may become so successful that they are able to leave to pursue their dream full-time but, in many cases, it is the key to your employee feeling fulfilled and successful, and becoming someone who will carry that success into their full-time job as well.
Organisations that seek to restrict or control side hustles are likely to see employee engagement slide – and in turn well-being and hence productivity dip.
Where human resources may need to keep a careful eye is on people burning the candles at both ends to keep up with both their career and their extra-curricular business. And of course, you will want to ensue that it is not going to conflict with your own business.
A life balance, which enables staff to manage their job and their side hustle, is the ideal, and maintaining that equilibrium is something that people managers need to focus on.
If you would like to discuss this subject further and how it may affect your business, please contact Cecily Lalloo at Embrace HR Limited.
T: 07767 308717 or contact us here.
Based in Aylesbury, Buckinghamshire, Embrace HR Limited supports business owners who do not have their own HR department or those that do but need help from time to time. We also work across the Home Counties of Oxfordshire, Bedfordshire and Hertfordshire, and also SMEs based in London.
Image credit: Career Employer