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Insight of the Day: Why Gen Z, millennials are turning to ‘side jobs’ to stay afloat

Gen Z and Millennials Turning to Side Hustles: Key Takeaways

Main Reasons:

  • Financial Pressure: Rising cost of living and financial insecurity are primary drivers.

  • Skill Development and Networking: Side hustles offer opportunities to learn new skills and build professional relationships.

  • Personal Fulfillment: Some individuals pursue side gigs to monetize hobbies and passions.

Impact on Employers:

  • Demand for Flexibility: Workers with side hustles expect flexibility from their primary employers to pursue their additional ventures.

  • Focus on Meaningful Work: Younger generations prioritize purpose-driven work and seek employers aligned with their values.

  • Wellbeing and Growth: Side hustles can contribute to employees' overall well-being and career development.

Implications for the Future of Work:

  • Rise of the Skills-First Approach: Companies are shifting towards prioritizing skills over traditional job roles, recognizing the diverse talents individuals bring.

  • Talent Agility: A skills-based approach enables organizations to adapt quickly to changing business needs and leverage a wider talent pool.

  • Technology's Role: AI-powered tools play a crucial role in identifying, managing, and utilizing skills data to optimize workforce planning and internal mobility.

Conclusion:

The trend of Gen Z and millennials taking on side hustles reflects a changing work landscape. While driven by financial pressures, side gigs also offer opportunities for personal growth and fulfillment. Employers need to adapt to this trend by offering flexibility, prioritizing mental health, and fostering a sense of purpose in the workplace. The future of work is evolving towards a skills-based model, enabled by technology, that promotes agility and adaptability in the face of rapid change.

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