Ireland’s first project Economics report, produced by Trinity Business School and Contracting Plus, shows that entrepreneurs are more satisfied with their work and pay more than long – term workers.
Self-employed workers in the project economy get better pay, less discrimination, and are happier than their competitors in long-term employment, a new study.
More than 1,500 entrepreneurs, contract recruiters and companies that employ entrepreneurs took part in the Trinity Business School survey to learn more about their careers in Project Economy. The research was led by the school’s dean and director of business studies, Professor Andrew Burke, who spoke on Future Human 2020.
Explaining the difference between a concert economy and a project economy at an event last October, he said: “Despite all the media attention for the concert economy, the project economy is under pressure. They do a lot of things. ”
Burke’s new study in collaboration with Contracting Plus is Ireland’s first project economics research report, which will be repeated annually in the future. This shows that the economy of the project is five times bigger than the odd jobs.
Project Economics is based on more output than input, meaning that companies can hire professionals with specific skills for a specific period of time or for a specific project with a deadline.
Payment in the project economy
Professional contractors charge an average of $ 501 per day, the report said. By 2020, they had an average income of $ 109,066. This is 58% higher than the salary of their equivalent employees in the same type of work.
Those who do project work – about three-quarters – earn more, charge $ 535 a day and earn 11 116,802 a year. That is 70% more than the equivalent employees.
According to the report, those working in finance and other professional services have the highest daily rate, rising to $ 733, while marketing and administrative support services are down from 366 per day. .
Affecting the Irish economy
Burke said the report underscores the importance of the project economy to Ireland’s broad economy.
He said professional project-based entrepreneurs are essential for fostering growth and innovation in businesses and small and medium enterprises. “We find that they pay better for the high value they create for the business, 70% more income than their peers, and personal satisfaction with the work they do.
“Highly skilled project economics combines the best value for the economy and the life satisfaction of professional entrepreneurs.”
Jimmy Sheehan, managing director of Contracting Plus, added that many business and industrial sectors depend on the project economy and its highly skilled independent contractors.
« [Contractors] Make a big contribution to businesses that deal with dynamism, uncertainty and risk-averse competitive gains, ”he said.
Burke and Sheehan said the project helped create economics jobs. 64% of those surveyed commented that there are more than 100 entrepreneurs in their books, and the vast majority work in the private sector.
The majority also work in the knowledge-based industries of pharmaceuticals, finance, ICT, engineering, life sciences and medical devices.
The study found that professional contractors have higher job satisfaction than long-term employees, averaging 80%. Entrepreneurs interviewed talked about seven key areas of their careers.
The highest job satisfaction rating is 84%, followed by workplace 83% and flexibility 82%. The quality of remote work options is 81%, the pay rate is 79% and the work-life balance is 75%.
In terms of achievements, 88% said they were happy with their career success.
Entrepreneurs 60 years of age and older have the highest job satisfaction scores, with the lowest burnout (8 percent) and loneliness (21 pc) scores, the report said.
Diversity and inclusion
The report says that the project economy is more diverse and integrated than other types of jobs. Older entrepreneurs remain more active in the workforce than employees.
Unlike the national average of 25 per cent, the gender pay gap in the project economy is less than 8 per cent. However, the report shows a 75/25 division of the ratio of men to women working in the economy.
Looking to the future, Sheehan said, “The restrictions and tax equality that keep professional entrepreneurs on par with other independent business owners need to be improved so as not to create negligent barriers and hinder this high entrepreneurial contribution. Fellowship of qualified professionals. “