These companies actually encourage staff to have side hustles
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LONDON — The pandemic may have been the stimulus people needed to start their own side hustle, but they’re not always encouraged by employers that may fear staff lack commitmentto full-time.
Michael Hudson is the CEO and cofounder of GameBake. He encourages his staff to pursue side jobs. This is something that I don’t have a problem with. It’s something I enjoy outside. It’s something that everyone should have the opportunity to do. [side hustles]”Find what they are good at,” Hudson said via video to CNBC. Hudson explained that diversifying the team is possible by having other interests.
Jack Robson, chief commercial officer of the company, was a venture capitalist and makes deals. Hudson explained that a colleague was an investor in Bitcoin, which he continues trading on the side. Learning in other areas and markets is beneficial. Robson stated that although we are in the gaming industry, understanding ecommerce is hugely advantageous for GameBake. Robson doesn’t keep track of how long employees spend on other projects, and trusts his staff to do the right thing.
“If you offer more flexibility and provide more opportunities to learn, it’s a sign of a good teacher.” [and] … engage with the industry … then naturally you keep people for a long time,” he added.
Others are going further. At training firm Rebel Business School, permission to have a side hustle is written into employees’ contracts — as long as what they’re doing doesn’t compete with the rest of the business.
Simon Paine, the CEO and co-founder of CNBC spoke by telephone to say that staff can sometimes react with “I don’t believe” when the company tells clients it encourages them to make side hustles.
The benefits for business
“But the logic [is]He replied, “Hey, look, I’m letting myself do this because there is a business advantage.” Paine stated that Rebel Business School offers courses in entrepreneurship and it is a good idea for employees to get some experience.
“If the majority of the team have got their own experience of starting and failing, starting and succeeding … when they have conversations with the participants of our course, they’re coming from a place of experience [and]Paine stated that they have more credibility because of this. Some side jobs for his team include setting up a movie reviews site and running a web design firm.
If you do not give your employees the chance to grow, it is likely that you will lose an employee who has a growth mindset, and the energy to make something.
Simon Paine
Rebel Business School CEO and co-founder
Tribal Worldwide London’s CEO is Tom Roberts. The agency employs 150 people. The staff are encouraged to start their own business, from launching a subscription coffee brand to opening an Etsy shop. People who are able to have more fun with their side hustles tend to get valued more by clients, as they will have better conversations. Roberts said that clients feel more comfortable discussing business issues with them when they are talking directly about the problem.
For more than twenty years, he has managed a record label as a side hustle. He also has the real-life experience working in an industry that is being disrupted digitally. This allows him to advise his clients.
Is it possible for workers to start side ventures that work in the interest of larger companies? Paine recommends keeping an open mind. Paine stated, “Be open to the possibility that you might lose an employee who has the enthusiasm and energy to create something.”
Jessica Morgan of Carnsight Communications, a PR company, says that conversations are crucial if an employer wants to allow workers to have side ventures. You must ensure that work is properly tagged. Although you must be realistic as an employer, it is unreasonable to expect employees to service other businesses in addition to their work. “It’s best to maintain an open dialog about it, as most things,” she said via email to CNBC.
Others allow employees to work side jobs if it brings more benefit to society. Albert Larter, who works day shifts as an account manager with Prodege marketing software, runs Wakuda. This online marketplace allows black-owned companies to sell clothes, homewares, and gift items to their customers.
His side hustle: What do you think his boss at Prodege thinks? “My manager is aware that I run Wakuda on the side … they are very supportive as they understand that I am helping to make a change with the impact in the black community Wakuda is creating. He stated that the main thing was to perform well and drive Prodege’s goals.
The larger picture
Larter (aged 30) works on Wakuda every day from 5.30pm until 11pm. He said it was worth his time and that it pays off, as he spoke to CNBC over video. I had an idea when the George Floyd incident occurred, and it was the best. [Black Lives Matter] protests happening, and what was running through my mind … was how can I really help the black community?” Wakuda was founded by Larter in August 2020. It now boasts around 300 sellers.
After working side jobs for over six years, Larter has learned to manage his professional life. Larter earns a passive income from a deals website he set up that makes money via affiliate advertising — a marketing model where the site earns commission when it generates sales leads for another company — and also makes money from a rental property.
Larter’s annual earnings are just shy of £100,000 ($132,000) and he is going for his first funding round for Wakuda in the New Year, aiming to raise around £650,000, at which point he expects to switch to running the business full time. Although it’s difficult to manage, Larter believes in seeing the bigger picture.
He said, “The fact we help small businesses gain customers, grow and learn is what keeps me going daily.”
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