New report reveals widespread plans for Australians to engage in side hustles
More than three in four employers in Australia have expressed support for employees' side hustles as they recognise its benefits for engagement and loyalty, according to a new report.
Fiverr's 2024 Side Hustle Research found that 45% of employers said their business is "very supportive" of side hustles, while 34% are "somewhat supportive."
Support for side hustles is much higher for larger corporations (85%), compared to smaller businesses (64%).
Why? Respondents believe that side hustles can boost workplace engagement (39%) and deepen employee loyalty (66%).
The question of supporting employees with their side hustles comes as the report also found that nearly 70% of Australians engage in or are considering side hustles.
According to the report, side hustles were most pronounced among younger Australians, with 81%.
But older workers appear to join the trend as well, with the report finding that 45% of people over 55 are engaging in side hustles.
"This suggests a redefinition of retirement, where many blend work with leisure to stay active and financially secure while also signifying a holistic shift in how work and personal fulfilment are evolving hand-in-hand across generations," the report reads.
Financial gain is the most-cited reason by Australian employees for why they want to start with their side hustles.
Over 72% of employed Australians who have or want to have a side hustle said income supplementation is their motivation. But there are others who engage in the trend because they want to acquire new skills (22%) and have flexibility (21%).
Micha Kaufman, CEO of Fiverr, said their findings indicate that side hustles have become "pathways to professional and personal advancement."
"While income is still a powerful incentive for workers, it's promising to see how various generations are also leveraging side projects to gain autonomy and acquire new skills – showcasing a workforce that's more flexible, adaptive, and fulfilled," Kaufman said in a statement.
In Australia, 6.6% of all employed people across the country are multiple job-holders, according to recent data from the Australian Bureau of Statistics. This is equivalent to 986,400 employees as of September 2024.
Deputy's State of Hourly Work Survey said 22% of its respondents in Australia work multiple jobs to bring in additional income.
"Shift workers are making current economic challenges work for them by coupling together multiple income streams as a means to make ends meet," said Emma Seymour, chief financial officer of Deputy, in a previous statement.
