Money worries prompt full-time workers to take on multiple jobs

Money worries are leading to many full-time workers taking on more than one job.

That’s a problem both for the employee and the business, as splitting attention between two roles can reduce productivity and increase the risk of burnout. 

Employees may struggle to perform at their best, while employers face challenges in engagement, retention and overall team morale.

So what can businesses do to tackle this problem and why is it happening?

New research by People Management shows that nearly one in four (23%) people have worked multiple full-time jobs simultaneously.

And when asked why, many said financial pressures were behind their decision.

For example, 55% said they work multiple jobs to hit their financial goals, and 17% feel their pay is unfair.

Meanwhile, 13% cite a lack of professional development, and 7% say boredom with their current role is a factor.

If financial pressures are a big reason why people are deciding to take a second job, tackling the root cause could be mutually beneficial. 

Supporting employees in managing money worries may reduce the need for them to seek extra work, keeping them focused and healthy.

Consider providing employees with access to digital financial wellbeing platforms or apps, like moneyappi.

These tools help employees manage money more confidently, plan ahead and avoid future financial stress before it impacts work.

It’s also important that employers let new members of the team know their stance on working multiple jobs straight away.

Setting expectations at the outset might also prevent people taking on extra roles and being less productive at work.

And if you have transparent policies in place, it should be easier to manage situations where employees may not be upfront about their extra roles.