Hot topic: Portfolio careers and 'side hustles'
Stephan Gerschewski and Jo Taylor, June 12, 2019
The Association of Independent Professionals and the Self-Employed (IPSE) recently found that 320,500 self-employed people now have two or more jobs
Does this rise of the ‘slashie’ signal a more creative autonomous way of working, or are multiple jobs a sign that people are struggling to make ends meet? And how should employers respond?
Stephan Gerschewski, lecturer in international business and strategy at Henley Business School University of Reading, says:
"Portfolio careers have become increasingly popular over the past few years. Research from Henley found that one in four employees in the UK have a ‘side hustle’, which is consistent with the IPSE findings. The motives for starting one can be grouped into two broad categories: pay or passion.
"It is important to better understand the motives as studies have shown that ‘passion’ for portfolio careers can translate into higher likelihoods of success. In addition, people with portfolio careers can become more productive in their main workplaces, as they often tend to be happier and more fulfilled when they’re able to pursue their passion in their ‘free time’ away from their main jobs.
"The response from employers is mixed. While some prohibit another job others tend to adopt more flexible and employee-friendly policies. Open and transparent HR policies about portfolio careers can foster more supportive corporate cultures, which in turn can positively influence motivation, happiness and, ultimately, productivity."
Jo Taylor, founder and MD of Let’s Talk Talent and former director of talent management at TalkTalk, says:
"As someone who started their business four years ago to have more freedom, autonomy and variety, I think that if we are seeing people having to take multiple jobs to survive then we should be extremely concerned.
"It is definitely true that we have seen a rise in self-employment in the past five years, especially among Generation Z – for whom the thought of working in large organisations is less appealing.
"However, what I would like to see is more businesses embracing the gig economy and committing to empower, trust and engage their people. This could create a thriving entrepreneurial economy as seen across Europe.
"The world of work is changing at such a fast pace. We need to create opportunities not barriers for future talent so people can express their creativity, and so we can develop a generation of people not stifled by unnecessary rules and bureaucracy. This will develop and attract an agile talent economy and mindset for the UK."
Check back tomorrow for part two of this hot topic
This piece appeared in the June 2019 issue. Subscribe today to have all our latest articles delivered right to your desk