58% of Workers Consider a Side Hustle to Supplement Income
As reports of large tech layoffs and skyrocketing mortgage rates continue to dominate news headlines, more and more U.S. workers are preparing for future economic uncertainty.
According to a recent American Staffing Association Workforce Monitor® online survey conducted by The Harris Poll, nearly eight in 10 adults (77%) say the U.S. economy is either on the road to a recession in the next 12 months (35%) or already there (42%).
As workers brace for the impact, another theme from the survey spotlights how the impact on compensation is greatest at lower income levels.
The study found that 58% of adults are likely to get a second job or “side hustle” in the next year to supplement their primary income. While the likelihood of taking on an additional role decreases with age, with 72% of Gen Z (18-25) and 67% of Millennials (26-41) considering a side hustle compared to just 30% of Baby Boomers (58-76), a majority of the workforce may be boosting their resources as inflation continues.
Moreover, in the last three months 62% of employees noticed employer cost-cutting measures or received internal communications from management regarding a potential recession. Of these workers, 32% with household incomes of less than $50,000 annually have already experienced or heard about reductions in hours at their company.
“The effects of a recession are hitting workers across business sectors—including tech and social media companies, e-commerce, and real estate,” said Richard Wahlquist, president and chief executive officer at the American Staffing Association. “As employers focus on reducing expenses and belt tightening, workers are considering turning to second jobs or extra shifts to make ends meet.”
Method
This survey was conducted online within the U.S. by The Harris Poll on behalf of ASA from Oct. 27–31, 2022, among a total of 2,019 U.S. adults age 18 and older, of whom 1,140 were employed. The sampling precision of Harris online polls is measured by using a Bayesian credible interval of +/-2.8%. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Megan Sweeney at 703-253-1151.
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About the American Staffing Association
The American Staffing Association is the voice of the U.S. staffing, recruiting, and workforce solutions industry. ASA and its state affiliates advance the interests of the industry across all sectors through advocacy, research, education, and the promotion of high standards of legal, ethical, and professional practices. For more information about ASA, visit americanstaffing.net.
About the ASA Workforce Monitor
The ASA Workforce Monitor is a periodic survey commissioned by ASA and conducted online by The Harris Poll among 2,000 or more U.S. adults age 18 and older. The survey series focuses on current workforce trends and issues. For more information about the survey series, visit americanstaffing.net/workforcemonitor.
About The Harris Poll
The Harris Poll is one of the longest-running surveys in the U.S., tracking public opinion, motivations and social sentiment since 1963. It is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. They work with clients in three primary areas: building 21st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Their mission is to provide insights and advisory to help leaders make the best decisions possible. Learn more by visiting www.harrispoll.com and follow Harris Poll on Twitter and LinkedIn.
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