Career Hoarding: Is It a Problem?

Extra income. Everyone appears to have one. A staggering 69% of fully remote workers have a second job. But the gig economy isn't just for folks who work from home. 

Given the state of the economy, these figures are hardly surprising: Approximately 46% of side hustlers utilise the additional money to cover basic living expenditures. 

Surprisingly, one-quarter to one-third of those who participate do so for no monetary gain. They do it for amusement.

 

There's a new movement among the ultra-motivated at work: career hoarding

Career hoarders work extra jobs because they want to, not because they have to. College-educated careerists with high-paying occupations are the fastest-growing population of multiple job holders. These aren't only young people, some are about to retire.

 

What is causing this seemingly masochistic work trend?

There has been a societal shift in how the well-to-do consider a "successful career." Back then, people rose to the top with incremental raises and promotions, a systematic approach that rewarded business loyalists with a healthy pension at the end. Employee-employer partnerships were long-term marriages, frequently lasting decades.

The ascent to the summit appears to be much windier now. There will be deviations along the path, such as starting a business or looking for new "growth opportunities." Cluttering one's life with numerous side gigs is sometimes merely a show of power and influence.

Consider CEOs who consistently serve on the boards of several other companies. It is a status flex for them to say, "Sorry I'm late, I was in a board meeting." These jobs enable CEOs to extend their reach beyond their own company and demonstrate how far they have cast their net. People observe this behaviour and believe they also want a second, third, or fourth high-profile side job one day because these leaders set the standard.

Perhaps the most shocking endorsement of career hoarding comes from those you'd think would discourage it: your "primary" job's employer.

Companies are beginning to actively support side gigs, arguing that the knowledge obtained from working a side gig can directly aid employee growth and development, which is the main career goal for a rising population of people.

If these side jobs "help society," they highlight employees' social influence. Even better if they train staff about the business world. Employers immediately benefit from the knowledge gained while performing tasks for which they are not compensated.

 

Is career hoarding good or bad? 

Of course, there is no easy answer.

Aside from the clear benefits of broadening people's abilities and networks, one of the unexpected psychological benefits of working numerous jobs is that it helps maintain self-esteem.

Humans are excellent at dealing with failure by telling themselves, "Yes, I failed at my food business, but my career as an influencer is on fire!" The more things you have going for you, the less it hurts when one of them fails. When the world sends us failure feedback, we lean on our strengths.

There's also the startling revelation that hustling makes people more effective at work, not less. According to one survey, 69% of those with two full-time jobs felt more productive; 31% felt similarly productive. Some even claim that side hustles relieve rather than raise stress. These individuals claim that side hustles offer them time management and prioritisation skills that their core professions do not.

 

The cost of career hoarding

There is, of course, a cost. Burnout is a clear one, and being cognitively overwhelmed at work and not having the mental capacity to handle everything is one of the strongest predictors of it. A side job that takes up 10 hours per week could occupy 40 hours per week in your brain. It is a figure that most of us vastly underestimate. 

If your side job demands multitasking, there's a strong possibility you're putting in long hours but getting little done. Multitasking is an urban legend. Side gigs take a heavy mental toll.

But the highest cost to people and organisations is what career hoarding does to our professional identities. Having a strong "work identity" is helpful. It gives people a sense of security and legitimacy while also assisting them in developing strong bonds and learning social norms.

People who do not have main jobs wrestle with these things. Being a happy "free agent" is a unicorn in the workplace, but one must maintain their identity. 

The more time you spend on side jobs, the less you will identify with your main job. Organisations struggle to engage people when their identity is eroded. Being de-identified at work can lead to side gigs, but side gigs can also lead to de-identification at work.

We may observe a link between career hoarding and another phenomenon related to fading identities in the future. A survey of 900 employers found that 83% had been ghosted by a new hire. The notion that you owe a polite decline to a company, something that people who respect relationships with others in their industry do, is practically extinct.

 

Career hoarding isn't going away, but there are some wise ways to do it. If you're considering it, think about how your side jobs will affect your well-being and how strongly you identify with your primary job. Because once something is gone, it might be difficult to regain.

Source: Yahoo Finance