Millennials significantly outpace other age groups for taking on side jobs, according to a CareerBuilder survey released today.
The survey found 29% of workers have a side job, a trend that is especially strong among the millennial demographic. Forty-four percent of those ages 25 to 34 and 39% of those 18 to 24 have a side gig, compared to 29% of those 35 to 44, 22% of those 45 to 54 and 19% of those ages 55 and older.
Workers at all income levels take on side work, the survey found. Nearly one in five workers with a side gig, 18%, make more than $75,000, and 12% of those making more than $100,000 currently have a gig outside of their full-time job. This is compared to a third of workers, 34%, making below $50,000 and 34% earning below $35,000.
Regionally, workers with side gigs were more common in the South at 34%, followed by 29% of workers in the West, 27% in the Midwest and 23% in the Northeast.
“Side hustles not only provide financial benefits to workers, but they make them more attractive candidates to employers, especially in a competitive job market,” said Rosemary Haefner, chief human resources officer at CareerBuilder. “When you’re applying to jobs, especially when you’re at the start of your career, other applicants could have more experience in your particular field. If you bring more skill sets to the table and have a unique perspective on how things can be done, you’re sure to stand out from the crowd and be seen as a valuable potential hire.”
The nationwide survey was conducted online within the US by Harris Poll on behalf of CareerBuilder among 3,244 employees between May 11 and June 7, 2016.
October 5, 2016
During and after the recession, many more banks reduced or held back on staffing increases. However, the survey found that banks returned to pre-recession levels with only 3.6% planning to reduce staffing and 34.1% planning to maintain staffing levels; 36% are planning for normal growth and 13.8% aim to expand. The survey also found bank employees are changing jobs at the fastest pace in 10 years, with nonofficer turnover at 18.7% and officer turnover at nearly 7%.
Tim Reimink, a managing director in the Crowe financial services performance consulting group, noted that the planned staffing increases combined with the increased employee turnover imply that the battle to find and retain talent is becoming even more heated, and many leading firms have implemented strategies and tactics to attract more millennials as part of this battle.
“Banks realize that attracting and engaging millennial employees requires some different approaches, and we’re starting to see relaxed dress codes and more ability for employees to work off-site,” Reimink said. “A community bank in Texas recently located its new call center in a city with a high number of colleges to purposely attract tech-savvy millennials.”
The survey also found the percentage of banks that plan to implement an above-market compensation strategy has increased steadily over the past four years. This year, 28.5% of banks reported plans to pay more than 10% above market, a 5% increase over last year
The annual survey, now in its 35th year, compiled data from 378 financial institutions.
September 30, 2016
THIS DAY IN TECH HISTORY 1980
Digital, Intel, and Xerox release version 1.0 of the Ethernet specification, known as the Blue Book. Since that time, Ethernet has evolved into the de facto networking standard for local area networks (LAN) in businesses and in the home.
September 29, 2016
Over 70% of global employers now use contractors to help fill IT skills shortages
A new report found that 40% of US businesses now have a hybrid workforce of permanent and contract IT employees to fill talent shortages and fast-changing technical skill needs.