COVID forced many employees to work from home, whether they wanted to or not. As recovery continues employee and employers are deciding between their preferred work location. Many employees chose to remain at home even when their business called them back. Some employers, on the other hand, decided to trim costs and allow employees to stay home indefinitely. This battle between home and the office also created a third group--those who are leaving the traditional workforce to “do their own thing.”
As we have seen with recent rising costs like skyrocketing property and rent, increasing fuel charges, and groceries, the dollar just isn’t covering what it used to. Salaries aren’t keeping up with costs. The average increase in salaries since 2021 is 3.4%, while the average increase in costs (the inflation rate) is 8.5%. For this reason, it is becoming increasingly harder not only for business owners to make a sizeable profit, but for their employees to make what they need to cover running their households. 58% of Americans live paycheck to paycheck and with inflation outpacing salary increases by more than double, financial troubles are getting worse.
What previously was an “either or” situation of working for someone or working on your own, has become yet another “hybrid model.” Many employees are now working for someone and on their own to make ends meet. It’s possible a good portion of your employees have a side hustle. Here’s why you should be happy about that:
Why You Should Support Your Employee’s Side Hustle
When some business owners hear their employees have a side hustle, they get concerned. But that doesn’t have to be the case.
Christina Metcalf is a writer/ghostwriter who believes in the power of story. She works with small businesses, chambers of commerce, and business professionals who want to make an impression and grow a loyal customer/member base. She loves road trips, hates exclamation points, and believes the world would be a better place if we all had our own theme song that played when we entered the room. What would yours be?
Write something about yourself. No need to be fancy, just an overview.