The 9-to-5 jobs and their rules no longer exist. As a result, people are increasingly opting for polywork, a flexible and fulfilling way to work.
In polywork, multiple jobs are held full-time simultaneously. According to the U.S. edition of the 2023 State of Hybrid Work, almost half (46%) of workers are already polyworking, while 36% plan to start soon. In addition, according to a Paychex survey, 46% of Gen Zers are currently working two jobs.
What is driving this trend? And what are the implications for those engaged in polywork?
Throughout this article, we will explore the rise of polywork, analyze its benefits and drawbacks, and provide practical advice to those considering this career path.
The Drivers Behind Polywork
The popularity of polywork is attributed to several factors, including the following.
Economic pressures.
For many workers, the cost of living has increased faster than wages in many regions. In fact, in October 2024, the consumer price index, the monthly inflation rate for goods and services in the United States, showed that prices had increased by 2.6 percent over October 2023.
Moreover, 60% of workers said their incomes didn’t keep up with inflation during 2023, according to Bankrate’s pay raise survey. As a response, professionals have explored additional income streams to cover expenses, save for the future, or pay off debt.
Remote work flexibility.
With remote work becoming more prevalent, geographical barriers have been removed. As a result, it is possible to juggle multiple jobs. With no long commutes or need to be present in the office, professionals can move seamlessly between roles.
Diversification of skill sets.
In polywork, individuals gain new skills and new experiences and enhance their resumes. By adding variety to daily tasks, balancing different roles can prevent burnout.
Passion projects.
For some, polywork offers financial stability and personal fulfillment. For example, software developers may work a traditional job, run an online business, or freelance in another industry.
The Benefits of Polywork
Although juggling multiple full-time jobs can be challenging, there are distinct advantages.
Financial growth.
The most obvious benefit is a higher income. Having two or more salaries allows people to achieve financial goals more quickly, build savings, reduce debt, and increase their ability to invest.
Career resilience.
Multiple positions in different fields or industries can protect individuals from economic downturns. If one job is lost, another remains as a safety net.
Enhanced networking opportunities.
It is common for polyworkers to interact with diverse teams and clients. In addition to expanding professional networks, it can enable you to pursue future career opportunities.
Personal development.
Taking on different roles develops flexibility, time management, and problem-solving skills, which become even more valuable as the job market changes.
The Risks of Polywork
Even though polywork sounds appealing, it has significant risks as well, such as;
Legal and ethical concerns.
Some employment contracts may include a non-compete clause or moonlighting prohibition. Violation of these agreements can result in termination or lawsuits.
In addition, balancing two roles within the same industry can result in conflicts of interest and compromised professional ethics.
Burnout.
The Paychex study compared polyworkers to traditional single-job workers. How did it turn out? Polyworkers are more likely to experience burnout, stress, and a lack of inspiration. Although they may have a better work-life balance, they are often less productive and feel healthier in another job.
In case you weren’t aware, chronic stress can contribute to anxiety disorders, depression, mood swings, difficulty concentrating, and irritability. Physically, it can cause high blood pressure, headaches, digestive problems, muscle tension, a weakened immune system, sleep disturbances, and an increased risk of heart disease.
Decreased job performance.
If you divide your attention and time between multiple roles, the quality of your work may be compromised. This, in turn, leads to underperformance and strained relationships in the workplace.
Hidden costs.
Even though it might seem like a straightforward way to increase your income, there are hidden costs and benefits to consider.
Tax implications;
- Double taxation. The possibility of double taxation on Social Security and Medicare is one of the biggest surprises for polyworkers. These taxes will be deducted from both employers’ paychecks, sometimes resulting in an overpayment.
- Reclaiming overpayments. When you file your tax return, you can usually claim overpaid FICA taxes.
Retirement benefits;
- Multiple 401(k)s. Often, polyworking entails access to multiple 401(k) plans. These plans, however, have annual contribution limits. You’ll need to be aware of these limits to ensure you don’t exceed the IRS’s retirement savings limits.
What to Consider Before Embracing Polywork
For polywork to be sustainable and ethical, careful planning is essential. In weighing your options, consider the following;
Understand your employment contracts.
Be sure to review the terms of your employment agreements thoroughly. Keep an eye out for clauses that relate to;
- Non-compete restrictions.
- Confidentiality obligations.
- Working hours and exclusivity.
To avoid unintended violations, seek legal advice if unclear.
Assess your capacity.
Polywork may not be right for everyone. Be honest about how much time, energy, and commitment you have. It is essential to consider whether you can manage two full-time jobs without compromising your health or quality of life.
Prioritize time management.
For polyworkers, time management is crucial. With that said, make use of tools such as;
- Calendar apps help organize tasks and meetings.
- Project management tools, such as Trello or Asana, can be used to keep track of progress.
- Automation tools for streamlining repetitive tasks.
Separate workspaces.
To avoid confusion and maintain professionalism, keep each job in a separate physical or digital space. For example, different email addresses, devices, and software should be used for different roles.
Set clear boundaries.
To avoid overlap between roles, establish firm boundaries for work hours and availability. It is important to communicate transparently with employers about your availability (without necessarily revealing polywork).
Financial Strategies for Polyworkers
Money is a primary motivation for polywork, but managing dual incomes requires thinking ahead;
Track your earnings and expenses.
A detailed budget will help you track your cash flow, allocate savings, and manage expenses efficiently. To streamline this process, use a financial software program like Mint or YNAB.
Build an emergency fund.
Even if you work multiple jobs, you still need financial security. To cover unexpected situations, such as job loss or illness, aim to save 3-6 months of living expenses in an emergency fund.
Stay tax-compliant.
Tax filings can be complicated when you have multiple income streams. As such, you should take into account;
- To understand your obligations, you should consult a tax professional.
- You should set aside some of your income for estimated taxes.
- If applicable, leverage self-employment deductions and credits.
Invest wisely.
A higher income may give you more room to invest. You might want to diversify your portfolio with a mix of;
- Stocks and bonds.
- Retirement accounts, like 401(k) or IRA.
- Real estate or alternative investments like annuities.
Plan for health insurance.
If both jobs offer health insurance, compare the benefits and choose the plan that meets your needs. Alternatively, dependents can be covered under an employer’s plan.
Is Polywork Right for You?
There is no one-size-fits-all solution when it comes to Polywork. Ask yourself the following questions to determine if it aligns with your goals;
- Why am I pursuing polywork? Do you want financial stability, skill development, or personal fulfillment?
- Can I handle the workload? Physically and mentally, am I capable of handling the workload?
- What’s my exit strategy? Is there a way for me to transition back to a single role if polywork becomes unsustainable?
Conclusion
In today’s workplace, polywork reflects the changing landscape of employment and the diverse needs of workers. Despite offering significant financial and professional benefits, it also comes with risks that must be carefully managed.
To maximize polywork’s advantages, professionals need to understand the legal, ethical, and logistical aspects of managing multiple full-time jobs.
Ultimately, polywork success depends on balance, transparency, and strategic planning. It can help you achieve financial freedom and personal growth when approached thoughtfully.
FAQs
What is Polywork?
Polywork is the practice of holding multiple jobs at once. In contrast to traditional side hustles, polyworkers often devote substantial time and energy to each.
Why do people polywork?
Polyworking is popular for several reasons, including;
- Financial stability. Earning more money and reaching financial goals faster by polyworking is possible.
- Flexibility. It is possible to work more flexible hours and locations with polyworking.
- Career advancement. Career advancement is possible through polyworking, which helps people gain new skills and experience.
- Personal fulfillment. With polyworking, there is a challenge and variety that some people enjoy.
What are the challenges of polyworking?
There are many challenges associated with polyworking, including;
- Time management. Managing multiple jobs and responsibilities can be challenging.
- Stress and burnout. When you’re juggling multiple deadlines and projects, polyworking can be stressful.
- Work-life balance. It can be challenging to strike a good work-life balance.
- Ethical considerations. Transparency with employers is crucial, as is avoiding conflicts of interest.
- Legal implications. There may be clauses in some employment contracts preventing employees from working more than one job at a time.
How can I find polyworking opportunities?
- Freelance platforms. Websites such as Upwork, Fiverr, and Freelancer can help you find freelance work.
- Part-time jobs. You may be able to find flexible or part-time jobs that fit your schedule by looking for part-time work.
- Remote work. There is a possibility that you will be able to balance multiple jobs more efficiently by working remotely.
Is polywork right for everyone?
Polywork isn’t for everyone. To succeed, you must have good time management skills, be disciplined, and be passionate about continuous learning. Examine your lifestyle, commitments, and overall health before diving into polywork.
Image Credit: Kaboompics.com; Pexels
