The results are in and the future is looking bright for contract professionals in Ireland!
Contracting Plus and Trinity College Dublin conducted a first of its kind report on professional contractors in Ireland, entitled Ireland’s Project Economy.
The report feedbacks information from 1,500 professionals engaged in the contracting community – contract recruiters, clients with a contractor workforce and of course contract professionals themselves from industries such as the Life Sciences, Finance, Technology, Medical Locum and more.
An important contributor to the economy, contract professionals play a hugely important role in knowledge based industries in Ireland, helping businesses grow faster.
And with over 70% planning on contracting for the long-term the report showcases the many benefits of choosing contracting as a career choice.
We’ve focused on the findings from contractors working within the Pharma, Life Sciences and Medical Sector and the reasons they choose to be part of Ireland’s project economy.
Are Contractors Happy?
Contract professionals within the Life Science Industry had the highest level of job satisfaction of all respondents with 88% stating that they were most happy with their current work.
Contracting offers variety, the option to hand pick projects that challenge and reward you throughout your career.
Finding work in the right location (82%) and the flexibility that contracting offers (81%) were also key reasons for satisfaction with contract work.
How Pharma contractors feel about their work
Image Source: Ireland’s project economy report
Are Contractors Paid More Than Employees?
Contractors are paid premium rates in comparison to staff due to the temporary nature of their work. Financial gain is certainly a key reason we see people choose contracting as a career choice. With exceptional rates in the market for experienced professionals with specialist skill sets who can support clients during busy project phases. 34% of respondents were confident they would see an increase in their daily rate in the coming 12 months.
Image Source: Ireland’s project economy report
Is It Easy To Find Work As A Life Science Contractor?
A big concern for many contractors is finding another contract once they have completed their current one. However, within the Life Sciences sector 91% of respondents felt their experience was in high demand within the market, 47% believed there would be an increase in the availability of contract work in the coming 12 months and 73% agreed that it would be easy for them to find their next contract.
Image Source: Ireland’s project economy report
Which Age Group Earns The Most Money?
Interestingly contractors enter and exit the labor market later than typical employees by roughly 10 years. The importance of experience and track record of delivery is clearly evident in the contracting market, where over 60’s are the highest earners in the sector. There is clear value placed on seasoned professionals and the experience they can bring to the table to lead teams of engineers and scientists to solve complex problems for clients.
Image Source: Ireland’s project economy report
To sum it all up
Overall, contractors within the Life Science Industry are happy!
High pay rates, flexibility of hours and interesting project work are key factors contributing to worker satisfaction within the project economy.
Confidence in contracting as a career choice is growing, as demand increases for skilled professionals with specialist skill sets who can help clients deliver their business-critical projects.
At LSC we can echo the results of this report, we have seen a significant increase in the requirement for pharmaceutical and engineering professionals (15% increase Q1 2020 v Q1 2021) as the Life Science sector continues to go from strength to strength which would not be possible without the contribution of the the highly skilled contractor community in Ireland.
For anyone looking to kick-start or progress their career as a contracting professional in the Life Science sector, it’s an extremely exciting and rewarding time to do so.
LSC was set-up by Life Science contractors and we are here to support and advise on the best career route for you. Get in contact today or click here to start exploring current contract opportunities across the Pharma, Biotech and Medical Device industries!
A massive congratulations and thanks to Contracting Plus & Trinity College Dublin for shining a light on Ireland’s project economy and the individuals and companies who are part of it. This blog post touches on just some of the findings – be sure to check out the full report here.