You and your family deserve financial resiliency – multiple streams of income, and peace of mind. Scott Belsky, the chief product officer of Adobe, happens to agree. Today, we’ll share why we think Overemployment, what Belsky calls career polygamy, is here to stay. Learn more from our community success stories.
Career monogamy is a social construct designed to keep you subjugated, to limit your ability to evolve and make choices for your own benefit. It can feel comforting and secure (until it isn’t) but the truth is that gives your partner [the employer] all the real power in the relationship.Dan Rust, author of Workplace Poker
Overemployment Trend #1: Work From (A Much Bigger) Home Anywhere
Remote-only careers were rare before the pandemic. They had a negative connotation to them, like “oh she’s a stay at home mom” or “he’s awkward in person” – socialized nonsense promoted by the system and perpetuated by everyone working in the office.
Well, the Great Unplugging (from the office) is here. Breaking news (not really): most of us really, really like working from home and seeing our family. That’s how life used to be before the industrial revolution forced the separation of work and life. Remember that old commute and not seeing your love ones from 9-to-5? Yeah, no one wants to go back to that existence. Well, almost no one.
With our workplaces reconfigured for WFH, knowledge-based businesses like tech, finance, and media are more prosperous than ever. WFH is here to stay, along with the trends of Overemployment, polygamous careers, and the 4-day workweek (wait what two jobs in 32 hours or less?).
1. Rediscover the joy of work (specifically, multi-work)
Now hear me out. I know this is a crazy, but remember when you got bored at your one job and started a side hustle? Well, with WFH, you can now do the side hustle or passion project simultaneously with your full-time job. Better yet, you can shop around for a second full-time remote job that excites you about your craft once again. It just might pay better than the side hustle. The possibilities are endless. Put in another way, we’re granting you the permission to self-configure your formerly well-defined, one-job work arrangements. Go do what makes you happy.
The reality is even dream jobs become boring eventually. This is natural. Once the newness wears off, we’re bored and ready for the next challenge. That’s how our minds work – predict, learn, and adapt. It’s the amazing part of being human. So why not channel our energy into new “tuned in” jobs while still keeping everyone happy at our old jobs?
I found the excitement of my new job reinvigorated my passion in the old job. I actually became better at solving slightly different but overlapping technical problems at both my jobs. All this is to say, Overemployment is a huge win-win. It led me to rediscover my love for work again, and career polygamy might just do the same for you.
2. Move closer to family, buy a bigger house for WFH
We’re reversing a 150-year trend of moving closer to offices and factories where the jobs were. In the last two years, many have chosen to move back home or be closer to family. These moves are permanent. Companies that value their employees will have to learn to live with this new reality of a distributed workforce or risk a mass exodus. Some have already learned the hard way the power of the invisible hand.
Several macroeconomic factors have also led the run up in the housing market, but one factor will persist is the fact that your home is now your office, gym, and co-working space. You’re now the IT and facility person tasked with setting up the home office for everyone’s WFH success. Start with buying a house with the room and land for expansion, like adding an ADU (accessory dwelling unit, or office space) in your backyard. My ADU home office has a great Breville Barista Espresso machine. Co-working, anyone?
3. Work staycation and house swapping – and why you might love it
In addition to your new, bigger home, you can now do long-term work staycations. Just look at Airbnb’s latest quarterly earnings and search online for the latest startups catering to digital nomads.
We think the family work staycation is the next new love. Why pack all the kids bag only to go on a two week vacation and come back exhausted and with piled up inboxes? Better yet, temporarily house swap and move to Europe for three months. Just make sure not to tell anyone at work for labor compliance reasons. And check with your CPA for any tax complications.
We’re venturing into a new world of an integrated life of work and play at the same time. House swap anyone? My requirement is you have an ADU and espresso machine for 1-for-1 swap.
Overemployment Trend #2: Battling Inflation Wage-Price Spiral
What’s a wage-price spiral? It is an economic phenomenon of price increases as a result of higher wages, and vice versa. When workers receive wage hikes (or become Overemployed), they demand more goods and services and this, in turn, causes prices to rise. Just look at the housing market – bonkers!
Therefore, the bulletproof way to get yourself out of the wage-price spiral is capture more wage gains relative to others. With Overemployment, you can afford more and will likely win more when caught in a bidding war for your dream home. I’ve lost one too many to count, as there’s always a greater and more desperate fool out there. But at least I know I’ve the means to “win it” when the dream home comes to the market.
4. Beat inflation with a second remote job
We all know the annual pay raise is a joke. Your upcoming 3-4% pay raise in real-terms is actually a pay decrease when when nominal inflation is over 5%. That is to say, you can buy less with your small pay raise when prices of almost everything have risen greater than 5% and show no sign of coming back down.
Alternatively, you could work your butt off for maybe a promotion. If you get it, the best case is probably a 10% increase to your base pay. Still, after years of hard work, your got a 5% in real-wage increase? Hold the champagne. I won’t go out celebrating. This is barely getting ahead in life.
Now if you hit the job market and start a new J2 at the same salary as your J1, then that’s a 100% pay increase off the bat. What’s not to like? Take the side door and say no thanks to that promotion and more responsibilities. And this assumption is for a normal job market…
5. Tech jobs market scorching hot for experienced talent
Like that Nelly song say, it’s getting hot in here! Like the housing market, the experienced tech talent market is on fire. The evidence is everywhere, just ask a recruiter when you’re on one of your screening calls.
Our community pay data shows new comps are coming in at 20-30% higher than last year and changing fast. If you’re an experienced tech talent, the world is your oyster right now. And the trend isn’t self-correcting any time soon since new talent haven’t got the hands-on training that an experienced hire has and, with pandemic burnout, there is a smaller pool of experienced job seekers. In other words, if you are experienced tech talent, your time has come.
6. Pay down debt, save more, and buy a house on “turbo” speed
Everyone wants to get out of the debt and save more. The good news is being a career polygamist with Overemployment is like having your own ATM. Once you’ve secured your J1 and J2 set up, the cash machine gets revved up. Throw in a J3 and the ATM starts to spit out more cash than you know what to do with it. As one of our community members said, Overemployment is like playing the game of life on turbo speed.
Secure your 💰💰💰 and buy a house. Time to settle in and play the career polygamy long game.
Key Takeaways On Overemployment And Career Polygamy
Career polygamy is as natural as the cold-hearted business logic that drives layoffs – survival of the fittest. With Overemployment, you can build financial resiliency into your Family Inc. and protect your loved ones from uncertainty.
At the same time, there are some unintended benefits from Overemployment and career polygamy. You could actually rediscover your love of working and making stuff again. You could live an integrated life instead of a divided life. And you can earn more, beat inflation, and buy a dream home. Did I mention house swap for staycations?
Of course, nothing is guaranteed. But we think the fundamentals of the human conditions – relationships, love, and purpose – will drive Overemployment and make us all career polygamists in the long run. Now go configure the integrated life you’ve always wanted.