While the nonstandard, flexible labour contract is nonstandard no more, our understanding of the actual strategic value to workers of flexibility as they experience it is still limited. In this paper we examine workers’ labour supply decision when choosing among alternative work arrangements ranging from permanent and pensionable to fixed-term, shift work, zero-hour, on-call to gigs. We then introduce the concept of real options and internal markets to analyze contract valuation from the workers’ perspective. Using case studies, we examine when working time flexibility can be characterized as providing valuable real call and put options and when desired inflexibility can be revealed via a functioning internal market for hours.