Millennials are the hustle generation. More than any generation (by a long shot) millennials are building their empires outside of their 9-5 jobs. In a survey by CareerBuilder, 44% of employees between ages 25-34 have some sort of side job, or ‘side-hustle’ as it is more commonly refer to.
So why is the side hustle so important to millennials? A few reasons:
First, this generation no longer subscribes to the idea that they will stay in one job for their entire careers. Today, successful careers are made by climbing the ‘jungle gym, not the corporate ladder” as Sheryl Sandburg outlined in her book “Lean In”, encouraging ambitious young employees to think broadly about their career aspirations and more creatively about their next steps than their grandparents did. They want a full breadth of professional experiences to round out their careers and make them stronger candidates. A side-hustle oftentimes allows a millennial to learn new skills and build their resume in a way that a their 9-5 may allow.
Second, this is the generation that watched their parent’s worlds come crashing down in the wake of the 2008 financial crisis. An entire generation of loyal and hardworking employees were suddenly left without the safety nets of their salaries. They lost their jobs, their homes, their 401k’s and their life’s savings. Because of that, Millennials have recognized the need to build their own safety nets by cobbling together streams of income that don’t all come from one place.
Third, a side hustle can provide a creative outlet that is unavailable within the confines of three cubicle walls. It provides an opportunity to stretch out and grow something on their own, a way to keep one foot in a passion that otherwise would have fallen to the wayside.
So what does this mean for the old world of the 9-5 grind and how can employers and HR teams tasked with inspiring and focusing their employees compete with the side-hustle? Well it is important to keep a few things in mind:
1) Lean in and acknowledge it:
Don’t back away from acknowledging that many of your employees have interests outside of the office walls. For many, it is something they are proud of, something that speaks to who they are and what sparks their interests, especially when it is of a creative nature.
Let employees talk about their passion, consider setting up a lunch and learn opportunity to let employees speak to what they’re doing. Let them talk about it. Let them support each other and hear what others are doing.
Just because their attention might not be singularly honed does not mean that they are giving any less to their main job. In fact, in many cases, the business skills that someone learns from their side hustle will make them better and more out of the box thinkers when it comes to their main hustle.
And a company and culture that is mature enough to accept that employees are three-dimensional people with interests outside of work will only earn the respect of their employees all the more.
2) This is not (always) about money:
It is important to understand that the side hustle is not all about the money. More often, it is about security. The average millennial is asking themselves “If I lose my job tomorrow, how will I pay my phone bill? Will I be out on the street”. They don’t want to be caught unprepared and in the lurch in the event of layoffs. Don’t automatically assume that someone with a side hustle is looking to take their side hustle into full time employment and quite their 9-5 job, or that they can’t make their ends meet and are looking elsewhere for work.
To achieve greater financial stability, our grandparents might have purchased dividend paying stocks, Millennials are driving for Uber or selling protein shakes.
3) Don’t worry about employees using work time to work on their side hustle:
Millennials are not the 9-5’ers of the past. They are not tied to being in the office, nor do they think of their full time gig as happening within the four walls of their office.
Give them flexibility and the respect to the business of their lives. They might send an email or two for their side hustle during work hours, but it’s safe to say that they’ll be hustling for their main gig in the wee hours of the morning and on weekends. They don’t see their cubicle as their workspace, they see their phone as their workspace, and we all know millennials are never without their phones.
In conclusion, if today’s HR professionals opt to embrace the side hustles of their employees, it will only add to the company culture and instill your employees with a sense of trust in you as their employer. Side hustles are not a threat to the 9-5 job, but oftentimes an enhancement that will add value to your workforce.