Survey shows top reasons why Canadians are taking on 2 or 3 jobs
Holding more than one job is not enough to keep many workers from financial troubles.
Currently, 57 per cent of workers globally are living paycheque to paycheque, according to a survey of 38,000 working adults. Among these survey respondents, over three-quarters (77 per cent) have one job.
However, 18 per cent have two jobs and five per cent have three or more, finds ADP Research.
Among workers:
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54 per cent with one job say they are living paycheque to paycheque
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59 per cent with two jobs have the same claim
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61 percent of people with three or more jobs struggle to make ends meet.
In Canada, 56 per cent are living paycheque to paycheque, according to the report.
“The rising cost of living, coming at a time of record employment, has led to a mixed outcome for worker well-being globally. While people have different reasons for taking on extra work, holding two or more jobs can be a necessity in parts of the world where average wages are low relative to the cost of living,” says ADP Research.
“For the global workforce, bridging the gap in living costs isn’t as simple as working more jobs. It requires a growing economy that can increase wages while keeping inflation in check.”
Overall, 51 per cent of Canadian employees report feeling underpaid, according to a previous Robert Half study. And 53.4 per cent of workers in Canada have a side hustle by selling goods through e-commerce, reports marketing firm Omnisend.
Why do people get more than one job?
Earning more money to cover the cost of living is the top reason workers get more than one job. However, that’s not the only reason. Among Canadians, workers cite the following reasons, according to the ADP Research report.
|
Reasons for having |
Workers |
Workers |
|---|---|---|
|
To cover necessary expenses |
49 per cent |
26 per cent |
|
To save for extra expenses |
49 per cent |
21 per cent |
|
To build savings or save for retirement |
41 per cent |
58 per cent |
|
To build job experience |
31 per cent |
16 per cent |
|
To fund education or training |
19 per cent |
21 per cent |
|
To send money to others |
19 per cent |
16 per cent |
|
Lack of available full-time jobs |
16 per cent |
21 per cent |
How can employers help workers deal with financial stress?
Here are some ways employers can help workers deal with financial stress, according to online job board CareerBuilder:
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Encourage a culture that welcomes financial conversations - In addition to encouraging employees to take advantage of the financial advice available to them, you could share educational content or set up financial workshops or other expert-driven programs where employees can feel free to ask questions in person.
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Consider an employee assistance program - You can pay for a referral system or initial consultation meetings with financial planners, attorneys, or mental health experts. Providing employees with these resources gives them a place to start when seeking professional help and eases a large part of the financial stress they might be feeling.
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Provide onsite childcare - Providing parents with reliable, safe, and convenient childcare allows them to bring their young children to work, spend lunch and breaks together, check in on them, and leave together at the end of the workday. It gives employees peace of mind and saves them money on childcare costs, which makes it an effective recruiting tool and job satisfaction driver for working parents.
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Allow employees to telecommute - Almost half (45 per cent) of workers say they save at least $5,000 a year by working remotely, according to a previous survey by FlexJobs.
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Offer educational assistance - The rising costs of college tuition can cause problems both at work and at home. Employers who offer tuition assistance programs may find their workforce is more motivated and less stressed. This can have other benefits too, as a more educated team is likely to add value as they progress up the corporate ladder within the company.
“These measures can reduce financial strain, boost job satisfaction, and enhance overall productivity, demonstrating a commitment to employee well-being and creating a more engaged workforce,” says CareerBuilder.
Employers can also offer workers resources to help workers pay off credit card debt or secure low-rate mortgages, says Gregg Levinson, a senior consultant in human capital and benefits at Willis Towers Watson. Some employers provide even professionally managed investments, according to the report.
“Employers are transitioning away from literally ‘Do it yourself’ to providing resources that align with how people access information, and what motivates them to take action and do it well,” says Levinson.
Also, earned wage access (EWA) is going to be the next big move for companies globally, according to one expert.
