Gen Z Massively Pondering Over Taking Up Additional Jobs to Make Ends Meet, According to Fresh Findings
In a recent study published by Boostworks, a leading provider of employee reward and recognition, benefits delivery, and wellbeing solutions, it has been revealed that financial pressure is the biggest motivator for young workers to take on a side hustle [1]. This finding underscores the need for employers to provide meaningful support to their employees as financial pressures continue.
Jo Werker, CEO at Boostworks, stated that the vast majority of young workers are taking on second jobs because they can't make ends meet [2]. The study highlights varied needs across different generations in terms of benefits. For instance, Millennials and Gen X employees value shopping discounts, cashback, and reward points, while more than half of Gen Z workers in the UK are considering taking on a second job to cover basic living costs [3].
The study also emphasizes the importance of understanding the reasons behind employees turning to side hustles. Werker suggests that if more employees are turning to second incomes, it could be a sign that existing pay and benefits aren't fully meeting their needs [2].
Financial pressure isn't limited to younger workers, but they are likely to feel it most intensely. Nearly half of Millennials (49%) and 44% of Gen Z said that financial stress was affecting their ability to concentrate at work [4]. This finding highlights a workforce under real pressure and suggests a potential gap between existing support and the realities of rising living costs.
Employers have an opportunity to strengthen loyalty and help their teams stay focused, energized, and engaged by opening conversations around fairness, support, and wellbeing [2]. Boostworks encourages employers to look beyond the assumption that side hustles are simply a sign of ambition or creativity. Instead, they should recognize the role of financial necessity in driving these additional income sources.
The study suggests the cost-of-living crisis is reshaping how the younger workforce engages with work, rest, and their primary employers. To address this, employers can enhance financial support for Gen Z and Millennial workers beyond traditional benefits and performance bonuses. This could involve providing access to financial education and planning tools, improving financial wellbeing programs, and fostering dialogue around financial fairness and employee welfare [2].
In summary, beyond traditional pay and bonuses, employers should:
- Offer financial education and planning tools tailored for young workers.
- Enhance financial wellbeing support programs.
- Foster dialogue around financial fairness and employee welfare.
- Reassess compensation packages to align better with current living cost challenges.
These steps can help employers reduce the need for second jobs among their workforce and support the financial stability of younger employees [2][3][4]. By addressing financial stress proactively, employers can safeguard employee engagement, wellbeing, and retention.
- Employers can augment traditional benefits and performance bonuses by offering financial education and planning tools specifically designed for young workers, aiming to reduce the need for second jobs and promote financial stability.
- To address the reshaping workforce dynamics due to the cost-of-living crisis, employers should consider enhancing financial wellbeing support programs to meet the varied needs across different generations.
- Fostering open dialogue about financial fairness and employee welfare may help employers reassess compensation packages, ensuring they align better with current living cost challenges and safeguarding employee engagement, wellbeing, and retention.
