The concept of moonlighting is not new, it is just looked at with more caution now. The risks associated with it are now taken seriously, and ways to mitigate them are at the top of human resources (HR) professionals' to-do lists across industries. It is important to identify and address the concerns that make employees look at taking up such side hustles that provide them instant gratification
The hybrid work culture has made inroads into the work cultures of organizations. This has also made employees upskill their skill set and look for opportunities other than their full-time job to implement their learning. The urge to enhance financial security is aimed at securing their future. The COVID-19 pandemic also brought job uncertainty, which eventually changed the work culture.
The concept of moonlighting is not new, it is just looked at with more caution now. The risks associated with it are now taken seriously, and ways to mitigate them top the to-do list of Human Resources (HRs) across the sector.
It is important to identify and address the concerns that make employees consider taking up side hustles that provide instant gratification. To understand India Inc.’s perspective and readiness to tackle the rising cases of moonlighting, ET Edge, an initiative of The Economic Times organised the 2nd Edition of The Economic Times Human Resource Summit 2022 on December 13 at the Taj Santacruz, Mumbai.
Spearheading the discussion on “Moonlighting: Side-hustling is the new normal: Is India Inc ready for it?” Vishalli Dongrie, Partner and Head, Organization, People, Leadership Transformation, KPMG said “Moonlighting has been the talk of the town for a while now, though it’s not a new phenomenon. But it is important to understand its origination.”
“While researching this, I realised that almost more than two years ago, when COVID-19 made its way into our lives, we all collectively underwent many changes. Organisations and employees started on a level playing field. There was nothing we were prepared for. Few organisations were quick to respond to changes and get accustomed to them in terms of operating models. This new workforce and workplace changes made way for new ways of working, i.e., hybrid work models, which had a massive effect on the employees as well as the employers. This way of working brought a bouquet of opportunities and challenges.”
Reflecting on the elements behind the surge in the trend of moonlighting, Vishalli Dongrie stated, “A few elements might have led to a rise in moonlighting in the country. To begin with, in my opinion, culture is the first element. Today, employees are working from home, so it’s difficult for employers to implement a work culture at home. Another one is productivity and performance. It played an important role. “The most important factor that greatly impacts employees is their journey to discover as they look to upskill and explore implementation opportunities to enhance their financials.”
Speaking on the perils of moonlighting, which offers instant or short-term gratification for the employees but also has a spiralling long-term impact leading to depressive traits, Dr. Raul Villamarin, VP, Woxsen University, mentioned, “Let’s think of moonlighting as an anti-hero to societies and organizations. With the COVID-19 outbreak and hybrid work culture kicking in, moonlighting has become the enemy of companies. It is important to understand the reason behind employees’ moonlighting.”
“Moonlighting is going to generate instant gratification in terms of financial enhancement. The young workforce is exposed to new-age technology, which gives them instant rewards. So, looking at moonlighting, it gives them the same level of satisfaction, i.e. instant reward. But it is important to understand its side effects. So, moonlighting is short-term gratification with long-term depressive traits. It’s not sustainable either for the employers or for the employees.”
While employees see moonlighting as an opportunity for personal growth, it is also becoming an issue within companies. Manoj Shikarkhane, CHRO, LTIMindtree while defining moonlighting, said, “Anyone who is doing any kind of side hustle over and above a full-time job is moonlighting for me.”
Reflecting upon the drivers behind accelerated cases of moonlighting in recent years and the risks associated with it. Mr. Shikarkhane said, “There are a few key drivers for moonlighting. The first driver is the desire to enhance financials. The other driver is upskilling and opportunities to implement it. The third driver is the lack of engagement within the organisation which forces the employee to look beyond that engagement organisation and ends up moonlighting. These are some drivers that drive moonlighting. This also has risk aspects that come along with it. The primary risk is the conflict of interest. Another risk is the confidentiality of intellectual property and data breaches, especially in the technology sector. The last one is employee well-being, which starts to get compromised in the process of such side hustles.”
The next edition of the Economic Times HR Summit 2023 will be held on March 15 in New Delhi
