Gigging it: the Gig Economy in Pharma

Posted by Admin, Wed 02 August 2023
The 'gig economy' operates across many sectors. Here's a summary of our latest sector briefing on how the pharmaceutical sector is embracing free-roaming talent.

The gig economy has become a buzzword in recent years, referring to a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs. The pharmaceutical sector has seen a rise in the use of gig workers, as the industry adapts to the ever-changing demands of the market. However, the gig economy presents unique challenges for HR and workforce management.

We know that a gig economy can provide flexibility and cost savings for companies, as well as opportunities for workers to gain experience in various roles and organizations. On the other hand, the use of gig workers can create a lack of stability and commitment, leading to turnover and difficulties in retaining institutional knowledge and expertise.

In the pharmaceutical sector, the use of gig workers can provide companies with access to specialized expertise and knowledge, while also allowing them to remain agile and responsive to changing market demands.

However, the industry also faces challenges in terms of ensuring compliance with regulatory requirements, as well as maintaining quality and consistency in the work performed by gig workers.

“The only way to do great work is to love what you do.” – Steve Jobs

To successfully navigate the gig economy in the pharmaceutical sector, HR and workforce management need to strike a balance between flexibility and stability, by ensuring that gig workers are properly trained, managed, and integrated into the company culture.

According to a study by McKinsey & Company, 20-30% of the working-age population in the United States and the European Union is engaged in some form of independent work. The gig may have been overplayed in some sectors, but the show still goes on.

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