New studies reveal that younger workers are not fazed by a downturn in the economy. Listen...

New studies reveal that younger workers are not fazed by a downturn in the economy. Listen to the podcast below. Many have side-hustles which bring them to a sustainable level. Others feel as if they can't rely on corporate America the same way past generations could. This week you are asked to study (research) this phenomenon (millennials and Z's in the workplace) and answer the following:

1) As part of these generations, does this seem to be a trend that you see empirically, will it continue? and why or why not?

2) What are some of the side hustles your generation, you or your friends have and how successful are they?

3) Is better to have multiple streams of income as compared to one steady job, based on the individual and the economy? why or why not?

4) Will this way of earning a living become more common place and what impact do you foresee occurring as a result?

5) Will you strive to have multiple incomes, (or a side hustle) in the future? Why or why not?

Solutions

Expert Solution

1) Side hustling seems to be trend as according to a Bank rate study 37% of American's have a side hustle as some jobs are easily being done from the comfort of the home environment. Thus makes it easy to side-hustle and earn a living without wasting time and energy on travel.

It is expected to continue with technological usage on the rise. One is able to take care of the vegetable garden and make an online trending video from the comfort of the house. And as technology becomes omnipresent. The trend will continue to grow.

2) Some of the side hustles are focusing on art work, performing for a band, selling items online, renting a spare bedroom, looking after social media platforms for small businesses. These side hustles are successful as long as the person is passionate about doing so, and doesn't mind to do it for a longer duration because one is ultimately passionate at the end of the day.

3) It is better to have multiple streams of income because one needs to diversify in order to reduce the risk. One steady job can be lost at any instance, due to a structural change in the industry or because of a downturn which is beyond an individual's control. However having a secondary income source ensures stability and increases resilience.

4) This way of living will become more common place as people ultimately will start doing jobs regarding what they are passionate about. The generation Z will increasingly try to make their own rules and have a work life balance which is very important in this day and age. This will lead to creation of small businesses which are passionate about their customers and want business on a personal level.

5) I will strive to have multiple incomes in the future because it ensures stability in the long run. Economies transform and industries become redundant. Having diversity in the income source helps create a stable environment and ensures a person is ultimately free to do, what s/he desires.

Source: Forbes: How Generation-Z Will Revolutionize The Workplace

Creative insights: The rise of the side hustle.

Rahul Sunny answered 2 years ago

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