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Searches for “Side Hustles” Surge as Employees Seek Additional Income

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In the past week, there has been an 80% increase in online searches for “side hustles“. This trend suggests that many employed individuals are exploring ways to supplement their income. This behavioural change is likely driven by a mix of factors, including the escalating cost of living, economic uncertainties, and the persistent issue of low wages in various sectors.

As people feel the financial pinch, there has been a 25% increase in searches for “salary expectations”. This surge indicates a growing concern among employees about whether their earnings are commensurate with their experience and market value. Over time, as individuals gain more experience, their value to employers increases. This progression raises the question: Does one’s current salary accurately reflect their worth?

To delve deeper into this issue, Instant Offices conducted research on how salaries vary with age. Their findings reveal that the average annual salary peaks between the ages of 40 and 49, with middle-aged professionals emerging as the top earners in today’s workforce. In contrast, the youngest workers, aged 18 to 21, start at the lower end of the salary scale. The research highlights how factors like industry sector and geographical location can significantly impact earnings.

Age-related salary breakdown

  • 18–21 years: £22,932
  • 22–29 years: £30,316
  • 30–39 years: £37,544
  • 40–49 years: £40,040
  • 50–59 years: £37,804
  • 60+ years: £33,852

Factors influencing salary

The research also explores other elements affecting salary trends:

  • Industry variations. Salaries differ significantly across sectors. For instance, industries such as financial and insurance activities, mining, transportation, and storage have seen notable revenue growth, suggesting potential for higher earnings.
  • Educational impact. A robust educational background, particularly a degree from a reputable institution, can substantially boost your salary potential.
  • Company size and type. A company’s attributes, whether big or small, traditional or progressive, play a role in determining employee salaries.
  • Gender pay gap. The research highlights a persistent gender pay gap, with women earning less than men across all age groups, especially noticeable among those aged 30 to 59.

Strategies to boost your salary

Regardless of one’s current industry or role, there are strategies to enhance earning potential:

  • Negotiate a salary raise. Utilise a record of your achievements as leverage during salary negotiations.
  • Research and compare salaries. Understand the market value of your skills and compare your salary with industry averages.
  • Become an industry expert. Engage in training or short courses to deepen your expertise in your field.

Instant Offices’ study involved examining multiple data sources, including Forbes and Glassdoor, to determine the average annual salary per age group and gender. They also analysed industry revenue growth using the IBISWorld database, which covers over 440 UK industries. More insights can be found in their detailed blog.

Instant Offices is the world’s largest office advisory service, focusing on finding the ideal flexible workspace for businesses of all sizes. With a global presence and market-specialist teams, they offer free, impartial advice to help clients find their dream workspace and secure the best deals.

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