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I think we've all learned over the past few years that this business is a business, and when it comes to the bottom line, the more they believe you are 100% devoted to them the more valuable you are, so while you may be tempted to say something having a casual chat with a friend who is also a colleague, it's better business practice to keep it to yourself and protect your business. Because it is literally none of their business.
Everyone in our team has side gigs but we make sure not to ever work on them while we're in the office. No one cares about it. At least not where I work.
Make sure it isn’t against any policies and you aren’t putting your job in jeopardy. Aside from that I don’t really see the point of bringing it up at work. Just feels like it would cause issues, unless you are obligated to do so per a policy. Maybe I’m just looking at it from one side though.
You should pay attention to your company's policy about outside work. In most cases they don't want employees doing anything that could be a conflict of interest. And that determination would be made by your employer, not by you. So if you bring up that you're doing a side gig, someone may deem it a conflict and tell you to shut it down. Or just dismiss you. I don't see the point of informing your colleagues about it, especially given that it may be quite problematic.
As long as you’re not working for a competitor or using company resources or anything on those lines, you should be legally in the clear an employer can’t don’t believe can legally keep you from having a second job they can try, but I don’t think it’s enforceable but again if you are doing any kind of competing work or working on company time, then you could be fired