Today’s Workers Want Multiple Income Streams

by Community Admin in Corporate Alumni
Published: 8th October 2018

Robin Chase, famed founder of Zipcar, recognizes a shift occurring in today’s job market. She says, “My father had one job in his lifetime, I will have six jobs in my lifetime, and my children will have six jobs at the same time.” This isn’t a surprising revelation coming from the woman who not only founded Zipcar but also created Buzzcar, GoLoco and Veniam. In addition, she serves on several boards, advisory councils and task forces. To say her plate is full would be an understatement.

Is this just the work ethic of a few successful CEOs? Or is this idea of securing multiple income streams becoming a global phenomenon?

Gig Economy

Many refer to this shift in the job market as the gig economy, where workers tend to seek out temporary work or flexible, short-term contract jobs and employers are seeking out freelancers and independent contractors versus full-time employees. In fact, some studies suggest that as much as 50 percent of the workforce could be independent contractors (at least part-time) by the year 2020.

Many Already Finding Success With Multiple Jobs

Chase isn’t the only one making a name for herself by wearing several hats. Everyone from top executives at major corporations to TV celebrities and musicians are holding more than one job today. Here’s a look at just of few of the many examples.

Jack Dorsey – He is most famous for being the co-founder of Twitter, but he also founded Square. Today, he serves as CEO of both companies.

Elon Musk – Musk is a very busy man. He is the co-founder and current CEO of SpaceX, Tesla and Neuralink.

Rob Lowe – This “West Wing” star didn’t stop at acting; he recently founded a new men’s skin care and fragrance company, Profile for Men.

Diverse Streams of Income Offer Security

For years, experts have advised companies to strive for diverse streams of income. This investment strategy enables companies to remain stable even if one stream of income falters. Despite companies often finding success using this type of strategy, employees typically aren’t encouraged to do the same. This seems counterintuitive considering nearly 50 percent of Americans are still living paycheck to paycheck.

Studies show that today, the average millionaire has seven different streams of income. It is the dream of financial freedom that is leading many people to seek out diversified income options.

What Does This Mean for Employers?

In order to remain competitive in today’s job market, employers must be willing to adjust to meet the new employee demands. While the need for full-time employees is not going to end anytime soon, employers must recognize the need to offer alternative employment solutions, such as temporary jobs, flexible work environments and freelance/independent contractor work options. Employers must also come to terms with the fact that many top job candidates aren’t looking for a permanent, full-time job and that even their full-time employees may want other income-generating opportunities.

This makes it more important than ever for employers to maintain positive relationships with former employees, contractors and freelancers. Cultivating relationships with these workers once the job is complete is likely to reap huge rewards in their future.

For example, former employees may be willing to provide consulting services or come back on a short-term basis to help complete a specific project, and independent contractors may be willing to provide professional services on an as-needed basis. These connections can save your company precious time and money when compared to searching for new candidates who have to be brought up to speed on the details of your business.

An efficient corporate alumni management platform, like the one offered by EnterpriseAlumni, gives employers the tools necessary to maintain engaging relationships with former employees and freelancers. The platform allows employers to store former employee details, such as contact information, communication records and skills, in one convenient location. This data is invaluable when it comes to navigating the next wave of how work is accomplished.

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