These days, it’s not uncommon to hear someone introduce himself as a secretary/painter or a biologist/actor. When did a “slash” identity become commonplace? How standard is it to have a second job? As it turns out, it’s quite typical, especially for the Millennial generation. Nearly half of Millennials (44 percent) have more than one job. What Boomers referred to as “moonlighting” has evolved into a multipurpose source of income, fulfillment and even enjoyment. Plus, thanks to the internet, side hustles and freelance gigs are more accessible than ever.
Though side hustlers once hid their outside projects from their bosses, many “slashers” today embrace their unique identities. Should employers worry about another job competing for their employees’ time? Probably not. Side hustles have actually proven to make employees more motivated and energetic in their day jobs, especially if their hustle fulfills an interest not covered by their nine-to-five position. Side hustlers also benefit by gaining a more rounded skill set — skills that could end up being applicable to their other jobs. Rather than chastising, companies should focus on retaining employees that have the insight and drive to recognize a deficiency, pursue a solution and monetize it, all while working an additional job.
We define such a person as an intrapreneur — an employee who, similar to an entrepreneur, exemplifies leadership, innovation and individuality to their role within a company. We believe a focus on intrapreneurialism is the key to leveraging a side-hustle culture and ensuring the best and brightest remain happy in their full-time gigs. This is particularly relevant for Millennial employees, who place importance on finding personal value in their work.
An environment of intrapreneurship is clearly an important quality in a workplace, but how does an employer foster such an environment? First, work on building purpose and value. This means focusing on providing the learning opportunities that Millennials desire. Half of Millennials said that career advancement opportunities make an employer more attractive. They need assistance growing their talent, and they want employers to invest in them by providing mentorship, in-house training, tuition reimbursement and skills building programs as real-world learning experiences.
Additionally, make communication a priority. Rather than making them wait the whole year for an annual review, give Millennials frequent, specific feedback on jobs well done and things they could improve upon. Even more important than one-on-one communication is teamwork and the ability to work toward a common goal by way of effective communication. Millennial employees prefer a collaborative work environment and believe a group can accomplish more together.
Professional development, training, and effective communication are all part of the Marketing to Millennials® concept that will become increasingly important for companies to know as Millennials continue to grow into management roles. Already organizations are seeing this as Boomers retire and Millennials surpass Generation X as the largest generation in the U.S. labor force. Instead of having to turn to freelancing for freedom, intrapreneurialism can fulfill an employee’s need for autonomy without having to leave the company. Companies need to encourage these changes for this very reason — a focus on intrapreneurialism in the workplace can aid with retention, harness Millennials’ desire for purpose, and make a more successful, productive workplace.
Want more on this topic? Stay tuned for our upcoming white paper coming out later this month!
