The ongoing pandemic has prompted many Americans to take up side hustle and venture into entrepreneurship. According to a survey of 2,001 Americans over the age of 18 by workflow automation platform Zapier, one in three Americans had secondary agitation in early 2021. Twenty-four percent planned to start one in the future.
Side hustles can be great for earning extra income, creating financial stability, and bringing flexibility into your life. But how do you handle your jostling with your full-time boss?
Telling your boss about your stampede can be tricky, but that doesn’t make it impossible.
CNBC Make It spoke with Jazmine Wilkes, a senior human resources professional, blogger and speaker with five years of experience and deep knowledge of employee engagement, talent management, diversity and inclusion for Discuss the do’s and don’ts of discussing outside income with your employer.
Determine if your side business is important enough to disclose
Before sparking a conversation with your boss about your stampede, consider whether the information will benefit either party. A harmless hobby that doesn’t compete with the business or interfere with work time may not matter to your employer. However, a side hustle that will directly impact your full-time job performance could be detrimental.
Wilkes says balance is key when juggling a side hustle and a full-time job.
“Time is a big issue,” she said when asked about the challenges of maintaining multiple streams of income. “You don’t want to lose your full-time job due to a lack of commitment. Be respectful of your time and hold yourself accountable.”
People who struggle with time management can opt for more passive income opportunities, which help you earn money without active involvement. Stock market investing, affiliate marketing, and cryptocurrency are some of the many passive income opportunities that have grown in popularity this year.
According to CNBC, more than one in 10 Americans have invested in cryptocurrency in the past year. Twenty-four percent of Americans have invested in stocks over the same period.
Refer to the employee manual
To determine how to tell your boss about your stampede, Wilkes says employees should always refer to the employee handbook.
“It’s important to double-check your employee handbook and find out if there’s anything in there about getting another job,” she says. “For example, if you work for a competing company, which is a no-no, the manual will tell you how to navigate it.”
Wilkes says, on a lighter note, if your side hustle is tied to your full-time job, you might be able to leverage it in a way that helps both parties.
“Ask yourself if it could benefit the company if they are willing to take that risk?” she says. Wilkes, for example, used her knowledge of HR and employee relations to start a blog and YouTube show with fellow HR professional Kristina Minyard. She has also spoken at several conferences with the support of her full-time job, which has given her exposure and a better understanding of her workplace.
Just do it
While it can be intimidating to have these kinds of conversations, Wilkes says it’s best to “just rip the bandage off.”
“If your stampede is going to change the way you work full time, you need to be open and honest about your company, especially if you still want to get a check from them,” she said in a blog post. .
Wilkes points to the growing need for hustles since the start of the pandemic.
“People almost have to have a scramble these days,” she says. “Whether it’s two separate jobs, or applying for a remote position and doing Uber on the side, the pandemic has made working more flexible. Employers recognize that, so just have tough conversations. “
Wilkes points out that the most important piece of advice is to “make sure you don’t lose your full-time job by continuing your hustle.”
“A side hustle is not a main hustle, pick and choose what you want to keep and what helps you achieve your dreams.”
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