The gig economy has revolutionized the way we work and engage with services in today’s app-powered world. Gone are the days of cab hails, overpriced hotels, and dial-in takeout. Instead, hitting the Uber button, splitting an Airbnb, and dishing up a DoorDash have become the norm. This shift is all thanks to the gig model, which has given rise to some of the most disruptive companies of the past decade.
According to CNN, the number of gig workers in the US has more than tripled between 2017 and 2021, making it a core employment sector. This surge in gig work has sparked conversations about the importance of flexibility in modern workers’ priorities. Platforms like Upwork and Fiverr have expanded the gig work category across various industries, offering viable alternatives to traditional contract work. In fact, a study by Upwork in 2023 revealed that the majority of gig workers have an extremely positive outlook on the benefits of gig work, beyond just income.
One of the key attractions of gig work is the entrepreneurial freedom it offers. Gig workers are akin to “solopreneurs,” controlling their schedules, budgets, and project choices. This independence fosters a sense of business acumen on a small-scale basis. Research has shown a direct relationship between gig work opportunities and entrepreneurial activity, with the entry of ride-hailing services like Lyft and Uber correlating with an increase in new business registrations and loans.
The financial safety net provided by gig work makes it a less risky option for aspiring business owners. Whether it’s to cushion financial risks or because gig work aligns better with entrepreneurial tendencies, the flexibility of gig work fosters innovation in careers. Traditional companies can learn from this model and apply it to upskill their workforce and retain talent.
French pharmaceutical company Sanofi is leading the way in incorporating gig work principles into its corporate structure. Sanofi’s gig program allows employees to engage in internal short-term projects outside their usual responsibilities, fostering career development and cross-functional competencies. This initiative aligns with the World Economic Forum’s prediction that 61% of current workforces will require upskilling or reskilling by 2027.
Sanofi’s gig program not only benefits career-changers but also helps employees broaden their skill sets and explore new business demands. The flexibility afforded by the program allows employees to find fulfillment and leverage their strengths, regardless of their tenure in a specific function. This approach is popular across different age brackets, indicating that employees value the opportunity to diversify their skills and gain job security.
In conclusion, Sanofi’s gig-based approach to career development showcases the potential for traditional companies to embrace flexibility and innovation in the professional world. By affording employees the freedom to explore new opportunities and develop cross-functional competencies, companies can stay relevant and competitive in today’s rapidly evolving job market. The gig economy serves as a valuable pointer for traditional employers looking to attract and retain top talent in an increasingly dynamic work environment.
