Uk employees considering side hustle in 2023
UK workers considering side hustle in 2023

Based on a survey by the UK's leading independent job board, CV-Library, 58.2% of UK workers contemplate taking a side hustle this year.

This idea was motivated by UK workers prioritising earning more income - 38% and job security - 62%. The latest findings stated that the notability of the four-day working week could see the number grow.

CV-Library noted that with the constant increase in the cost of living, 76.6% of those contemplating a side hustle are doing so "because they need/want more money." The remaining 23.4% are planning so that they can get added job security in times when things are unpredictable.

Among 61 UK companies involved in the trial, 56 said they would continue to offer a "shorter working week". We could also see more companies joining the train in the coming months.

The trial, described as the world's most extensive trial of a four-day working week, was conducted between June and December 2022 and organised by a non-profit group, 4-Day Week Global, with the think tank Autonomy, the University of Cambridge and Boston College in the United States.

The organisers said in a statement that the study discovered that nine out of ten firms would or plan to continue with the four days working week.

The Lead Researcher and Boston College Professor, Juliet Schor, said the results of the trial among different firms were of various sizes, "demonstrating this is an innovation which works for many types of organisations."

According to the results published, the employees of these firms gave feedback on several benefits relating to their stress levels, personal lives, sleep and mental health at the end of the trial. According to research, this could be a way for companies to target employees' mental health.

A similar report also showed that the trial was productive as few people resigned, and there was also an increase in the companies' revenue, as it rose by 35% on average, compared with previous years.

CV-Library stated that UK workers following the working pattern of a four-day working week would have an additional day a week that could be utilised to turn their passions into a side hustle. It can also satisfy their purpose of keeping a main job secure "while providing new ways to scratch a creative itch and supplement income amidst the cost-of-living increases".

Lee Biggins, founder and CEO of CV-Library, said it might appear that many UK employees are looking at ways to add to their income while also ranking their job security. According to him, this is due to the continuity of economic uncertainty.

Biggins mentioned that "with unemployment levels at record lows, supporting employees' side hustles could boost staff loyalty and help retain key talent."

He, however, advised businesses, particularly those "operating a four-day week" to be wary of some grey regions.

The CEO of CV-Library further said, "The benefits of increased motivation, productivity levels, and mental health along with reduced sickness levels could be counterproductive if staff are dedicating their downtime and attention to a side hustle."

The four-day working week involves employees working four days a week without sacrificing pay or benefits. Companies are embracing this new model of working that allows staff to have more free time while still being able to complete their job responsibilities with equal efficiency.