As the job market gets more uncertain day by day — with rising layoffs and inflation hitting hard — side hustles have become a go to thing for the workforce, especially for Generation Z or Gen Z.
Side hustles, which were seen as at best a hobby, have become a necessity for the younger generation due to the tense economic situation.
According to a recent survey conducted by Deloitte, an increasing number of Gen Zs — 46 percent to be exact — currently have either a full- or part-time jobs in addition to their main one. When it comes to millennials, the number stands at 37 percent.
Deloitte’s 2023 Gen Z and Millennial Survey, which gathered responses from 14,483 Gen Zs and 8,373 millennials across 44 countries, reveals a significant rise in the number of individuals with second jobs compared to the previous year. This report includes responses of 800 individuals from India.
The report reveals a 3 percent rise among Gen Z and 4 percent increase among millennials. This data highlights the growing prevalence of side hustles as a means of income generation for younger individuals.
Gen Z's favourite side hustles
Selling products or services online, working in the gig economy (such as food delivery or ride-hailing), artistic pursuits, and creating social media content as influencers rank among the most sought-after endeavours for the Gen Z. The reason? As per the report, these side hustles offer flexibility, creativity, and the potential to generate additional income, making them attractive options for young individuals looking to enhance their financial stability.
Interestingly, it’s not just about money. As per the report, 25 percent of Gen Zs and 28 percent of millennials say the main motivation for their side job is to gain skills and build relationships, with just under a quarter of each generation saying it is linked to their hobbies or it helps them switch off.
Remote and hybrid jobs still preferred
The report also highlighted the value that Gen Z and millennials place on remote and hybrid work. Nearly 75 percent of respondents currently engaged in remote or hybrid roles expressed that they would consider searching for a new job if their employer required them to work on-site full-time. This emphasises the importance of flexible work arrangements for the younger professionals.
Furthermore, the findings also highlighted the prevalent stress and anxiety experienced by Gen Z and millennials in the workplace. Nearly half of Gen Z respondents (46 percent) and four in 10 millennials (39 percent) reported feeling stressed or anxious at work most of the time.
The top stressors identified include long-term financial future, day-to-day finances, and the health and welfare of their families. Mental health concerns, heavy workloads, poor work-life balance, and unhealthy team cultures were also contributing factors to their burnout.
Deepti Sagar, Chief People and Experience Officer at Deloitte India, told PTI that Gen Z and millennials strive for a balance between their personal and professional lives. "They are also guided by a strong sense of purpose, are deeply concerned about global issues, and aspire for a future where they can be active change agents. It is incumbent on employers to align with this mindset, fuelling their drive for positive impact. Businesses that respond to these needs and concerns will not only enhance their own resilience but will also contribute to meaningful societal transformations," she added
