Is a Side Hustle another name for a portfolio career?

by Barrie Hopson on July 5, 2018 · 0 comments

in Flexible working,Future of work,New ways of working,portfolio careers,Work

As many as four in 10 working adults in the UK are running ‘side hustles’ alongside their full-time career, in a growing trend with major implications for organisations, new research has revealed.

According to whitepaper The Side Hustle Economy, published yesterday by Henley Business School, side hustles – defined as small businesses or secondary jobs that people run in addition to their primary career – generated an estimated income worth £72bn for the UK economy, or 3.6 per cent of GDP, in 2017. They are now being undertaken by 39 per cent of all employees.

Yet despite the increasing trend, with the number of workers balancing a full-time career and a secondary job expected to double by 2030, the survey of more than 500 business leaders and 1,100 adults found that half (49 per cent) of organisations had no fixed policies around the practice.

Experts speaking at a panel event yesterday stressed the need for businesses to be open to the prospect of employees engaging in extra-curricular activities, instead of simply using policy to restrict them.

“If someone has a passion that is not their full-time organisation, of course there’s a risk that in 10 years they might leave – but people leave work for all kinds of reasons. While they are with your organisation, have them happy and engaged, because when people are treated as individuals they do a better job,” Danny Harmer, chief people officer at Metro Bank, told People Management.

I have to say that this sounds to me like starting a portfolio career. Some people will then make a decsion if they have 2’jobs’ to pick one at some point. But again this demonstrates the attractions to many people of doing more than one type of work.

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