Are you thinking about getting a second job? If so, you’re not alone. At least 6.6% of the workforce has more than one job with many more considering this option. The number of multiple job holders has been steadily increasing since the pandemic began in early 2020, rising from 788,000 to nearly a million by March 2023, according to the ABS.

A recent poll conducted by Edge Recruitment on LinkedIn showed that 52% of respondents were considering a second job or actively looking for one in the next quarter.

So why are so many people considering a side hustle? The primary driver is financial stress. As interest rates and the cost of living continues to bite, more people are considering a second job to make ends meet. Other reasons include working on a passion project or because a primary job is part-time or casual.

Of the 4 million people who earned less than $1000 per week in their main job, 8.9% (350,000) had a second job. Of people who earned $1000 or more per week, 4.5% had a second job, showing that lower-income earners are more likely to work multiple jobs.

The negatives

What will the consequences be of this growing trend? Spending more hours at work can lead to reduced work-life balance, a potential decline in overall well-being and physical and mental exhaustion. Striking a healthy balance between work and personal life is crucial to avoid burnout and maintain overall happiness and productivity. This will be harder to avoid for those adding more work hours to their week.

The positives

It’s not all doom and gloom though. Additional jobs can provide increased financial security, a sense of control, and the ability to meet financial obligations. They may also offer opportunities to diversify skills, expand professional networks, and gain experience across multiple industries.

If you're considering taking on a second job, it's important to approach the decision thoughtfully. Here are a few things to consider:

• Notify your current employer
  It is a good idea to let your current employer know if you are taking a second job. Additional employers may pose a conflict of interest and some employers have clauses about second jobs in their contracts.
  
  
• Identify your skills and interests
  Look for second job opportunities that align with your skills and interests. This can not only make the experience more enjoyable but also provide avenues for personal and professional growth.
  
  
• Seek flexibility
  Consider second job options that offer flexible working hours, allowing you to manage your time effectively and minimize conflicts with your primary job and personal commitments.
  
  
• Evaluate your current financial situation
  Understand your income and expenses to determine if a second job is necessary. Create a budget to gain clarity on your financial goals and assess how a second job would impact your overall financial well-being.
  
  
• Prioritize self-care
  Remember to prioritize self-care and allocate time for relaxation, hobbies, and spending quality time with loved ones. Maintaining a healthy work-life balance is key to avoiding burnout.

There are pros and cons to taking on a second job. While it can alleviate financial strain, it can also create more challenges. Assess how much time and energy you can realistically devote to a second job. Maintaining a healthy equilibrium between work and personal life is essential for well-being and successfully maintaining both roles.

Words by Jo Kiley