Side Hustles and a New Generation of Procurement Pros

More and more people are turning to side hustles to make extra money, pursue their passions, and learn new skills. Millennials lead the way, with 64% of them stating they have a side hustle or have had one in the past. 

But why? The data says that millennials pursue side hustles because they need to generate extra income and want to add to their savings. This comes as no surprise. We know that on average, millennials have a lower net worth than their parents did at their age. The question we need to ask though is whether they would turn this hustle into their main source of income if they could?

Do millennials in procurement actually want a corporate job?

The answer is yes. Millennials that are also working a side hustle do indeed still see the value in a corporate position since side hustles are still seen as more of a complementary necessity, not a primary job option. 

But managers are still worried. There is a growing talent gap in the industry, and millennials are known for switching jobs more frequently. It’s not just a stereotype; according to a recent Gallup study, millennials are the most likely generation to move around, and six in 10 of them are open to new job opportunities at any given time. Along with this, it costs businesses a lot of money. It is estimated that millennial turnover costs the U.S economy $30.5 billion annually. 

So, yes, millennials do want a corporate job. But, they want more than just a job.

Millennials want more than a corporate job 

The same Gallup study also reveals that millennials are the least engaged generation in the workforce. It could be because they are working a second job that takes time and energy. More likely, it is because this cohort is looking for something different from the employee experience than their predecessors. 

It is already well known that millennials are looking for flexibility and work-life balance, but another key thing they are looking for is purpose. They want to work for an ethical company, and they want to feel like the work they are doing is making a difference in the world. They also want to feel like they belong. This goes beyond any industry or function within a company and ties back to company values and the tactics they use to attract and retain talent. 

Why procurement is poised to attract more Millenials (even if they have a side hustle!)

Think back 10 to 20 years, and most procurement professionals didn’t necessarily seek out the career. As companies grew, they found a need for the function and often pulled in other employees from other areas to build it out. Now, things are different—75% of millenials working in supply chain management specifically chose that career. So, the good news is that they want to be here. 

Along with that, the procurement function has unique opportunities that are appealing to this group. They can touch just about every part of the business, seeing how it all connects and providing a well rounded commercial education that serves to benefit them and any small company they may have started on the side. They also have the chance to shape their employer’s sustainability strategy and can influence corporate social responsibility initiatives while working with diverse people from around the world.  

Side hustles will likely be here for some time to come. And they are nothing to fear—they allow your employees to exercise creativity and make extra income. A side hustle probably won’t lead to your employee leaving their corporate job in procurement, but another fulltime gig might. That’s what you need to focus on.