New data from Whop, an online marketplace for digital tools and communities, has found three in five Gen Z at working age are increasingly having to choose job security over ‘being their own boss’, with many innovating through online platforms to start side-projects. The company suggests that employers who encourage staff entrepreneurship are set to reap the rewards, tapping into the Gen Z entrepreneurial talent pool while providing the job stability they crave.
Online platforms such as Etsy, Whop and Vinted are facilitating these side ventures for Gen Zs, with users on Vinted rising over 116% in the past three years. Over two million posts on TikTok use the hashtag ‘side hustle’ and searches for the term ‘AI side hustle’ have increased by 311% in the past year.
Among the benefits of supporting staff with side ventures are:
- Enhanced skills: Side hustles help employees gain new skills and insights that can benefit their main job.
- Higher job satisfaction: Supporting side hustles boosts morale and loyalty, reducing turnover rates.
- Increased productivity: Pursuing passions outside of work recharges employees, enhancing their productivity and creativity.
- Attracting talent: A supportive culture for side hustles attracts motivated and ambitious candidates.
What can businesses do to support staff with side ventures?
- Flexible work schedules: Offer flexible working hours or remote work options to help employees manage their time between their main job and side hustle.
- Access to resources: Provide access to company resources like training programs, mentorship, or professional development opportunities that ensures growth in their primary job.
- Encourage a supportive culture:Ensure an open and supportive workplace culture where employees feel comfortable sharing their entrepreneurial endeavours and can receive encouragement and advice from colleagues and management.
- Legal and financial guidance: Offer workshops or access to legal and financial advisors to help employees navigate the complexities of running a side business while ensuring it doesn’t conflict with their main job.
“The way that we work has changed – thanks to advancements in technology, there are now more people than ever before working remotely or as freelancers,” says Cameron Zoub, CGO and co-founder of Whop. “What entrepreneurs have now is the flexibility to build their businesses online, and what they need is a platform to help them on this journey. Our ecosystem at Whop enables everyone to make a sustainable living on the internet, regardless of their technical abilities, and we’ve seen this first hand.”