A new study finds that side hustles are becoming more common, particularly among working parents.
According to research from Qualtrics, 64% of workers believe it has become more difficult to pay for expenses today than even one year ago. As a result, 47% of working parents — and 38% of all employees — have started seeking a second job.
Inflation has been one of the biggest perpetrators of dwindling affordability, with the prices of essential products like baby formula, gas and groceries hitting record highs in recent months.
Pivoting to remote work offered some relief for parents, who were able to eliminate expensive commutes and tend to their personal responsibilities easily. However, employers have become more valiant with their return-to-office strategies in recent months, leaving workers desperate to find another revenue source or adjusting their budgets to accommodate commutes once again.
Around 18% of adults said they are addressing the increased cost of living by moving to more affordable regions, while 57% are taking up extra shifts or working overtime.
“With budgets tightening, workers are searching for ways to meet the rising cost of living, including finding new jobs,” said Dr. Benjamin Granger, Chief Workplace Psychologist at Qualtrics.
“Employee turnover is a huge cost for companies, so it’s business critical for organizations to understand which of their employees are likely to leave and why, so they can make adjustments to reduce attrition and retain key performers.”