Employers face more risks as the number of workers seeking second jobs rises, according to research from Partners&.
Partners& surveyed 169 senior HR, finance, and C-suite professionals, who collectively represent a workforce of approximately 189,000 workers about whether they had noticed a rise in workers looking for side jobs or other sources of additional income.
More than one in three companies, or 36 per cent, are either aware or think that their employees are now working a second job as a result of the cost-of-living problem, according to a survey conducted by risk management and insurance intermediary Partners&.
Only 31 per cent of firms reported no change from the prior year, and 8 per cent reported that their employment contracts specifically forbid employees from working concurrently for another employer.
The majority of companies, or about 85 per cent, think that when people hold down two jobs, there is an increased risk for the principal company. Only 9 per cent of employers said their organisation faced additional risks.
Partners& wellbeing and benefits director Steve Herbert says: “With many working families being exposed to unprecedented cost pressures, it is no particular surprise to find that some employees are seeking a second or even third job to help make ends meet. Whilst that is entirely understandable, it nevertheless exposes the primary employer to potentially greater people risks.”
Herbert adds: “These are economically tough times for the United Kingdom, and employers will be doing all they can to continue trading profitably whilst also supporting their workforce.
We would certainly encourage employers to utilise all the – often hidden – tools available within their employee benefits package to support employees. We would also suggest that the addition of a low-cost financial wellbeing support package could make a tangible difference to employees throughout this difficult period and beyond.”