Last week Icelandic women, led by Prime Minister Katrín Jakobsdóttir, opted for a collective refusal to engage in work over gender pay gaps. They called it the “kvennafrí” or women’s day off. Why? To protest against the pay gap between men and women and violence against women. Jobs where women are the main workers, like in healthcare and education, are being affected the most.

Some schools and nurseries were closed. Even open ones were not fully functional. Also, some museums, libraries, and zoos were impacted. Prime Minister Katrín Jakobsdóttir said, “Looking at the whole world, it could take 300 years to achieve gender equality,” Jakobsdottir told the Ras 1 public radio station..” She added that her government is looking into how jobs mostly done by women are valued compared to jobs usually done by men.

With these developments happening in Iceland we decided to take a closer look at our own problems with gender pay gaps and in particular in the area of STEM (Science, Technology, Engineering and Maths)  In recent years, Ireland’s reputation as one of the world’s leading technology hubs has continued to grow, with developments across analytics and Artificial Intelligence (AI) creating hundreds of new jobs. The Covid-19 pandemic has accelerated the adoption of many digital solutions that would have otherwise taken years to become mainstream, and this digital transformation is set to continue, presenting both opportunities and challenges for Ireland.

Despite recent lay-offs amongst tech companies, the need for digital, technology and analytics expertise continues to grow more quickly than these skills can be supplied, and there are skill shortages in other STEM industries, too. Ireland has further skills shortages are reported amongst health and life science professionals, and the engineering and construction industries. With the growing threat of cyber-attacks, there is also demand for more cybersecurity professionals. These shortages highlight the need to keep up with the current and future economic and infrastructural needs.

The STEM Ireland Gender Pay Gap

The Higher Education Authority (HEA) notes that, of those entering Higher Education, 43% of men study STEM, compared to only 19% of women (a 24-percentage point difference).

There have been some improvements in women’s representation in narrow fields of STEM (for example, in Ireland women represent more than 40% of doctoral graduates in Physical Sciences (She Figures, 2021)) but the overall outlook still shows that women are less likely to study STEM subjects.

Amongst STEM students women expect to earn 11% less than men. These were the findings n a recent survey taken by over 8000 students.  Men, on average, think they’ll earn €40,441 in their first job after university. Women, on the other hand, expect €35,891. That’s an average difference of about 11%. This is the first time this difference has gone up since 2020.

Talking about the survey and the growing pay gap, Steve Ward from Universum said that employers need to do more to fix this and make pay more equal. He also noticed that guys and girls studying have different ideas about their future jobs. Men care more about money, while women value job security and a friendly workplace. But, overall, most students want good pay and a secure job in the future.

When we look at gender pay gap figures, whilst Ireland’s gender pay gap is amongst the lowest in the EU, and has been falling since 2018, men are still paid 10% more (based on 2020 reporting).

Gender pay gap reporting requires businesses with more than 250 employees to not only report on their gender pay gap, but also on the measures they have put in place to address it since the last report. These reports are available for public scrutiny and can have significant reputational impact.

There have been some qualitative changes in the gender pay gap due to new reporting requirements, as highlighted by CIPD Ireland – 41% of their respondents noted a more inclusive culture in their organisation since new reporting regulations were introduced; 28% said reported had led to changes in leader and manager behaviours, while 36% felt it had led to more inclusive recruitment practices.

Women in STEM Ireland Statistics

In 2018, only a quarter of those working in STEM industries in Ireland were women, and the OECD has indicated that this number has increased very little in recent years.

When we look at specific industries, in 2017, only 21% of ICT specialists were women, and in 2019, only 12% of engineering professionals were women according to Engineers Ireland. This reveals a severe lack of representation at workforce level. Despite small gains across STEM, at current rates it will take over many more years to close the gap.

There is also evidence of a ‘leaky pipeline’ and poor retention for women in top level jobs in Ireland. The organisation Balance for Better Business reports that, despite Ireland moving onto the list of top-10 countries in the EU for female board representation for the first time, there are still relatively few women in key decision-making and senior leadership roles across Ireland’s business community. There are no female chairs amongst the Iseq20 and the number of women in chair roles across all Iseq-listed companies has fallen by 5%. However, some progress towards balance at board level has been made, with an average female representation of 32%.

Why aren’t more women following a path into STEM in Ireland?

As we see the tech industry and engineering industries grow at a fast rate in Ireland, one question springs to mind. Why are so few women choosing to invest in a career path that will open doors to a booming jobs market?

There is certainly no evidence that men are better than women when it comes to progressing in education and careers in STEM. Research by Villanova University in 2020 demonstrated that women are as competent as men when completing tasks, no matter how advanced. So why doesn’t this translate into more women moving into STEM careers?

Subconscious bias has been identified as one reason for gender disparity, with women obstructed by stereotypical beliefs that they are naturally unsuited to subjects like maths or physics, and are predisposed towards creative or caring roles. A recent study from PwC showed that only 16% of female students had received encouragement to study in tech, as opposed to 33% of men. This is heightened by a sense of ‘imposter syndrome’ as women find themselves striving within sectors that are dominated by men, such as engineering, tech and mathematics. A lack of role models is also a key factor, with PwC’s study revealing that 78% of students could not name a famous woman in tech.

How to encourage more women into STEM

So how can we encourage more girls to study STEM subjects at school and maintain this ambition through university and into their careers?

One way is to provide access to diverse role models in STEM. If women and non-binary people can see others like them developing successfully in these fields, they are more likely to see themselves having a future in STEM. These role models can include teachers, academics, ‘celebrities’ or figures in popular culture.

Creating supportive communities is also key, so that women can see themselves as part of the ‘bigger picture’ and recognise that there are many other women in STEM, at evert stage of the career journey.

Companies can do more to encourage women to apply for roles and to progress. From ensuring that there are prominent female leaders at board level, to creating in-house networks and mentoring programmes, providing access to external support and coaching and, of course, ensuring that recruitment and progression processes are inclusive and free from bias.

The Future

Many programmes and opportunities now exist which aim to to inspire female participation in STEM in Ireland, such as BT Young Scientist & Technology Exhibition, Dream Space at Microsoft Ireland, and ESB Science Blast. Opportunities such as Code Plus, Dell STEM Aspire and Google Women Techmakers seek to engage females in STEM and encourage their progression, whilst organisations such as Connecting Women in Technology (CWIT), Engineers Ireland and, of course, STEM Women, are working to elevate and advance women in STEM careers.

With the continued growth of Ireland’s tech hub and STEM jobs market, coupled with growing support and interest in STEM careers, Ireland is well equipped to make important changes that will benefit women in STEM.

What we can do for you

STEM Recruitment Partners specialises in the placement of Contractors from Science, Technology, Engineering & Mathematics backgrounds into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

Our leading engineering and life science recruitment agency have offices based in Limerick & Cork, and we have excellent job openings all over Ireland. Check out some of our roles in our job portal.

Our goal is to become Ireland’s No.1 Recruitment Agency Specialising in the following areas

• Executive Search Recruitment
• Manufacturing and Engineering Recruitment
• Medical Device Recruitment
• Engineering to Senior Management Recruitment
• Construction Engineering Recruitment
• Supply Chain Recruitment
• Life Science Recruitment
• Contractor Solutions – Talent as a Service

In today’s fast-paced and competitive professional landscape, individuals are constantly seeking ways to optimize their earning potential. One avenue that has gained substantial traction is contracting. Contracting offers unique advantages that allow professionals to not only earn more but also take control of their career trajectory. In this article, we delve into the reasons why contractors can earn more and seize opportunities to maximize their income.

Flexibility and Varied Opportunities

Contractors revel in the freedom of choosing projects that align with their skills, interests, and financial goals. Unlike traditional employment, contractors have the autonomy to select assignments from diverse industries. This flexibility empowers them to focus on high-paying projects, contributing significantly to their overall income. This contrasts with the limitations of traditional employment, where income growth can be more gradual.

Niche Expertise Commands Premium Rates

Specialized skills are highly sought after in the contractor realm. Businesses are willing to pay a premium for individuals with niche expertise that directly addresses their unique challenges. This demand for specialized knowledge puts contractors in a prime position to negotiate higher rates based on their rare skill set. As a result, their income potential soars beyond what a conventional salaried employee might achieve.

Efficient Tax Management

Contractors often enjoy advantageous tax arrangements that can further enhance their earning potential. By structuring their income through various allowable deductions and tax planning strategies, contractors can significantly reduce their tax liabilities. This means more of their hard-earned money remains in their pockets, ultimately contributing to a higher net income compared to salaried employees.

Seizing Lucrative Opportunities

Contractors have the ability to tap into a vast network of professional connections and industry contacts. This expansive reach exposes them to a multitude of potentially lucrative opportunities that might not be accessible to regular employees. By leveraging these connections, contractors can identify and secure high-paying projects that can substantially boost their earnings.

Results-Driven Performance

In the contracting world, compensation often aligns with results. Contractors are typically compensated based on project milestones or deliverables. This performance-driven model incentivizes contractors to go above and beyond, ensuring that they consistently deliver exceptional outcomes. As they exceed expectations, contractors can demand higher rates for their next projects, steadily increasing their income over time.

Embracing Entrepreneurial Spirit

Contracting inherently nurtures an entrepreneurial spirit. Contractors manage their own businesses, making decisions that directly impact their growth and financial success. This entrepreneurial mindset drives contractors to explore innovative ways to attract clients, improve their services, and ultimately secure projects with higher payouts. This proactive approach propels their income potential to new heights.

Leveraging Technology and Remote Work

In the modern era, technology has revolutionized the way work is conducted. Contractors can capitalize on this shift by offering remote services to clients across the globe. This not only expands their potential client base but also allows them to operate in regions with higher demand and compensation for their skills. The ability to tap into a global market further bolsters their income-generating opportunities.

Conclusion

The world of contracting presents professionals with an unparalleled opportunity to maximize their income. The advantages of flexibility, specialized expertise, tax management, networking, performance-based compensation, entrepreneurial growth, and technological leverage collectively contribute to contractors’ enhanced earning potential. As the professional landscape continues to evolve, individuals equipped with the skills and mindset for contracting are poised to outpace their salaried counterparts and secure a more prosperous financial future.

What we can do for you

If you need professional guidance on hiring a contractor get in contact us.

STEM Recruitment Partners specialises in the placement of Contractors from Science, Technology, Engineering & Mathematics backgrounds into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

Our leading engineering and life science recruitment agency have offices based in Limerick & Cork, and we have excellent job openings all over Ireland. Check out some of our roles in our job portal.

Our goal is to become Ireland’s No.1 Recruitment Agency Specialising in the following areas

• Executive Search Recruitment
• Manufacturing and Engineering Recruitment
• Medical Device Recruitment
• Engineering to Senior Management Recruitment
• Construction Engineering Recruitment
• Supply Chain Recruitment
• Life Science Recruitment
• Contractor Solutions – Talent as a Service

Reach out to our Head of Contractor Solutions, Cormac Malone, for more information on our Talent as a Service Contractor Solutions.

Cormac Malone

cormac@stemrp.ie 

or send your CV to info@stemrp.ie

In today’s ever-changing job landscape, contracting and freelancing have become increasingly common career choices. As more individuals embrace the freedom and flexibility that contracting offers, the question of whether being a contractor poses a barrier to getting a mortgage often arises. In this comprehensive article, we delve into the intricacies of the mortgage approval process for contractors and how they can overcome any potential hurdles.

Understanding the Mortgage Approval Process for Contractors

Securing a mortgage as a contractor might seem daunting, but it is far from impossible. Lenders evaluate mortgage applications based on a combination of factors, and being a contractor should not automatically disqualify you from obtaining a mortgage. Traditional employment may provide a steady income stream, but contractors have unique circumstances that lenders are increasingly recognizing as a viable source of income.

Showcasing a Stable Income as a Contractor

One of the main concerns for lenders when evaluating contractor mortgage applications is the perception of irregular income. To alleviate these concerns and enhance your chances of mortgage approval, it is crucial to showcase a stable and predictable income stream. This can be achieved by providing detailed documentation of your contract history, client testimonials, and consistent income flow over a significant period.

Building a Strong Financial Profile

Aside from a stable income, lenders also assess your overall financial health before approving a mortgage. Building a strong financial profile as a contractor involves prudent financial management. Paying off debts, maintaining a healthy credit history, and having a substantial down payment can positively impact your mortgage application.

Leveraging Specialized Mortgage Lenders

While traditional lenders may be apprehensive about lending to contractors, specialized mortgage lenders are more familiar with the intricacies of contractor income. These lenders are well-equipped to assess your unique financial situation accurately. Partnering with a specialized lender can significantly increase your chances of mortgage approval and provide you with tailored mortgage options that suit your needs.

Importance of Tax Returns and Financial Records

As a contractor, your tax returns and financial records play a pivotal role in the mortgage approval process. These documents provide essential insights into your income, expenses, and overall financial stability. Maintaining organized and accurate financial records is crucial to demonstrate your creditworthiness and secure a favourable mortgage.

The Impact of Contract Length and Consistency

The length and consistency of your contracts can influence your mortgage application. Long-term contracts and a history of consistent work may be viewed positively by lenders, as they indicate a steady income source. It is essential to highlight any long-term contracts or recurrent clients in your mortgage application to strengthen your case.

Seeking Professional Mortgage Advice

Navigating the mortgage landscape as a contractor can be complex, and seeking professional advice is highly advisable. Consulting with a mortgage broker or financial advisor with expertise in working with contractors can provide valuable insights and guidance throughout the application process.

In conclusion, being a contractor does not have to hinder your chances of getting a mortgage. By understanding the mortgage approval process, showcasing a stable income, building a strong financial profile, and seeking professional advice, contractors can successfully navigate the mortgage landscape and secure their dream home. Remember that every individual’s financial situation is unique, and it is essential to work with a specialized mortgage lender who understands the nuances of contractor income. With careful preparation and the right approach, obtaining a mortgage as a contractor can be a smooth and rewarding process.  Here is a guide by Money Sherpa on Best Mortgage Brokers, 5 Insider Tips to help navigate you through the process.

What we can do for you

If you need professional guidance on your future career prospects get in touch with us.

STEM Recruitment Partners specialises in the placement of Contractors from Science, Technology, Engineering & Mathematics backgrounds into Manufacturing, Life Science, Supply Chain & Engineering Businesses nationwide.

Our leading engineering and life science recruitment agency have offices based in Limerick & Cork, and we have excellent job openings all over Ireland. Check out some of our roles in our job portal.

Our goal is to become Ireland’s No.1 Recruitment Agency Specialising in the following areas

• Executive Search Recruitment
• Manufacturing and Engineering Recruitment
• Medical Device Recruitment
• Engineering to Senior Management Recruitment
• Construction Engineering Recruitment
• Supply Chain Recruitment
• Life Science Recruitment
• Contractor Solutions – Talent as a Service

Reach out to our Head of Contractor Solutions, Cormac Malone, for more information on our Talent as a Service Contractor Solutions.

Cormac Malone

cormac@stemrp.ie

or send your CV to info@stemrp.ie

AT STEM Recruitment Partners, we can understand that choosing to become a contractor can seem daunting and somewhat unsecure. However, they are countless exciting benefits to follow this career path. Do you yearn for greater freedom, flexibility, and control over your professional life? If so, choosing to become a contractor might just be the right path for you. In this article, we will explore the many reasons why individuals opt for a contracting career, the benefits it brings, and how you can embark on this exciting journey. So, let’s dive in and discover the compelling advantages that await those who choose to become a contractor.

Firstly, what is a Contractor?

Contractors are typically, self-employed, skilled professionals who have specialized in a specific field and attained mastery in their craft, which is in high demand by businesses e.g Project Managers, CSV Engineers, Java Developers etc. These experts possess extensive expertise, can commence projects promptly, and offer cost-effective solutions, making them an appealing choice for companies seeking alternatives to permanent hires. Given the ongoing demand for contractors, there has never been a more opportune moment to consider transitioning away from permanent employment.

So, Why Choose to Become a Contractor? What are Contractor Benefits? 

Independence: Embrace Your Entrepreneurial Spirit

One of the primary benefits people choose to become contractors is the unparalleled sense of independence it offers. As a contractor, you are essentially your own boss, allowing you to make important decisions and shape your professional destiny. You have the freedom to choose your clients, projects, and working hours, giving you the flexibility to strike a balance between work and personal life. This level of autonomy is invigorating and empowers you to fully harness your entrepreneurial spirit.

Financial Rewards: Unlock Your Earning Potential

Let’s be fair, this is one of the main benefits and why individuals become Contractors. Contracting often presents a remarkable opportunity to unlock your earning potential. As an independent contractor, you have the ability to set your own rates and negotiate contracts that are more financially lucrative compared to traditional employment. With diligent work and a strong reputation, you can secure high-paying projects, leading to a substantial increase in your income. We partner with a number of contracting financial companies who can advise you on the best practices on tax deductions and refunds to help you maximize your earnings even further.

Diverse Projects: Embrace Variety and Continuous Growth

A contractor’s life is never dull or monotonous. By choosing to become a contractor, you expose yourself to a diverse range of projects, industries, and clients. This variety allows you to continuously expand your skill set, gain invaluable experience, and develop a versatile portfolio. The constant exposure to new challenges keeps you motivated and engaged, ensuring that each day brings fresh opportunities to learn and excel.

Work-Life Balance: Take Charge of Your Time

Achieving a healthy work-life balance is a crucial aspect of leading a fulfilling and rewarding life. As a contractor, you have the freedom to design your work schedule to suit your individual needs and priorities. Whether you value spending quality time with your family, pursuing hobbies, or traveling, being a contractor allows you to allocate time according to your preferences. By having control over your time, you can strike a balance between work and personal life, leading to increased happiness and overall well-being.

Skill Development: Enhance Your Expertise

Contracting offers a unique environment for honing your skills and expertise. As you take on various projects and collaborate with different clients, you will encounter new challenges and opportunities to expand your knowledge. This exposure enables you to continually enhance your abilities, stay ahead of industry trends, and remain competitive in the market. With each project, you have the chance to refine your craft, develop specialized skills, and become a sought-after professional in your field.

Conclusion

Choosing to become a contractor opens up a world of opportunities, independence, and personal fulfilment. The ability to control your professional journey, unlock financial rewards, embrace variety, and achieve a harmonious work-life balance are just a few of the advantages that await those who embark on this path. By understanding the intricacies of contracting, taking proactive steps to build your reputation, and continuously developing your skills, you can thrive in this dynamic and rewarding career. So, why wait? Take the leap and unlock the potential of becoming a contractor today!

Want to find out more?

Take a look at our latest roles or get in touch with our Head of Contractor Solutions, Cormac Malone, for more information.

Cormac Malone

Head of Contractor Solutions

cormac@stemrp.ie