 The broadcast is now starting. All attendees are in listen only mode. Everybody and just before we start on the webinar this evening properly, I just want to let you all let me know if you can hear me. Okay. And at this stage, you should be able to hear my screen as well. So what I'm just going to do is I just want to ask just if you could go into the questions pod. You'll see that at the top right hand corner. I see a range of you have already found that. Emer, thank you very much for letting me know that you can hear me. And there's a lot of other people here that is joining us right now, which is wonderful. Fjola, thank you. Fjökra, yeah. Grace, thank you for saying you can hear and see me. Great stuff. Geroad, Dominic, Louise, Roshin, Afrik, Robert, Aideen, Aileen, sorry, Aiden, I should say Eva, Kira, Matthew, all of you have said that the sound is good and that you can hear me. Ashlyn, I can hear. And thank you for your smiley face as well. Okay. Great stuff. Glad to hear it. Glad to hear it indeed. Okay. Well, what I'm going to do is it's now seven o'clock. I am going to start right on time just because we've got an awful lot to do here. And a number of you have just sent in a message. Emer, you came in with it first, which is, can this be accessed at a later date? You'd like to share it last 100 percent? Yes, indeed, you will be able to access this at a later date. And the reason for that is that I am just about to start recording this. Sorry, it is already recording. Apologies. Yeah, it's already recording. So I'm going to just process this afterwards, Emer. I'm also going to give you summary article, like I've done for all of the other EDCO lives, all of the other articles along the way. There'll be a lot of resources in those as well. Anything that I refer to will be embedded in there. So absolutely, yeah. And of course, you can, of course, at any stage to anybody who would like to, you can, of course, you can connect with me on social media as well. You can see my Twitter handle is right down there at the bottom right hand corner of your screen right now. So you can, of course, you can check in with me on social media at any time. I give, at the end, I give you my Instagram, my Twitter, and also our Facebook page as well. So yeah, so we are good to go. Okay. So first of all, you're all more than welcome this evening. My name is Susan Hayes-Collerton, and I am one of the authors of Positive Economics. I am delighted to be here with you this evening. The topics that we are going to talk about, of course, there's more than one now are of huge, huge impact in our short and long-term economy to a very, very large degree. I'm well aware that tonight I have, I'm grateful to have a lot of students here, which is wonderful. But also we have teachers of Leaving Start Economics. Also, anybody else who registered and who is here, you're really more than welcome. My focus is, of course, to take care of our teenagers tonight who are studying for the Leaving Start. And I will be focusing on the stages of which they are at in the curriculum at the moment. But you're all really and truly more than welcome. And as I say, if you have any questions along the way, please do pop them into the questions pod. That's what it's there for. And I will answer as many as I can as we go along. So just a very brief background on any of you that I haven't met before. I'm not a teacher. I wrote the book with two teachers, Brian and Trudy. But I am a practicing economist and I speak on stages around the world talking about matters to do with entrepreneurship, the financial markets and economics. I also coordinate transition year work basements for companies where we work with hundreds and thousands of teenagers every month in transition year. And also then I also created 17 Academy, which is a summer camp for teenagers focusing on careers communication confidence. I do a range of other things as well. But as I say, we've a lot more important stuff to do and to get into get into action. Right. So what first of all, let's talk about what I'm going to talk to you about. Number one, I'm going to talk to you about the COVID-19 virus and the impact on the economy. And not just how it's impacting the economy, but how the reaction to the economy is also happening. I'm also going to talk to you about the government stimulus that has been put in place and also how this might more broadly affect the economy in the short to medium term. I'm also going to talk to you about the gender pay gap tonight. I'm going to talk to you about the way in which you can measure it and how you can manage it and what has worked in terms of best practice around the world. And of course, how that relates to various different parts of the syllabus in leaving certain economics. And then the last part I'm going to talk to you about is briefly, I'm going to talk to you about primary research. The reason I will do that is any of you tuning in tonight where you are in fifth year, you will be putting together a report on an economics project. Exactly. You will have done that by this time next year and submitted it. So in all of these webinars that we do on a monthly basis, I want to enable you to start preparing for that just little by little along the way, but we'll support you right along the way as well as your teachers. Okay. So that's what we are going to cover tonight. Now, let's talk about the virus. So at this stage, it is pandemic. It's happened right around the world. And it's something that has moved from China to China and Hong Kong. And then it's expanded from there around the Chinese or the Asian region. And of course, particularly towards the roundabout February of this year, it started to move into Europe. Europe is now the epicenter of it. And it's predicted that the US will be the epicenter shortly, as they now have in excess of 50,000 cases. We see an incredible amount of deaths in Spain and in Italy. I don't know if I've even been watching, but the mortality rate in Spain versus Germany is absolutely striking. Last Friday, in both countries, there was around 20,000 cases. Now, it's changed a lot since then. But in Spain, last Friday, there was 20,700 cases. And then in Germany, there was 19,700. So broadly similar, okay, around the 20,000 mark. On that night, there was 1,044 deaths in Spain, 59 in Germany, 59. 5% of the number of deaths in Spain was what had happened in Germany. So the way in which different countries are handling this. I talked to people a lot in Hong Kong. So I had a preview into how this was affecting a lot of things, including schools and including lifestyles and including the economy. So by the time now, of course, now that we're at the centre of the storm, it's had an incredible effect. And of course, the vast majority of it has been negative. So what I want to do is I, first of all, want to tell you a story. And I want to tell you about how and why this is to having such a detrimental impact on the Irish economy. And that is all down to the velocity of money. So this is an economic concept that is completely at the root of why people say you should buy local. Okay, so I just want to tell you the story. And then you'll see exactly why, why there is such an impact being had right around the right, right around the economy. Okay, so let's say I am going to stay in a hotel tonight. Now imagine a hotel in the country is open, of course, which they're not at the moment. But anyway, let's say I was and I walk into the, sorry, I'm going to walk into a B&B. And I say, I'm going to stay there tonight. And then the B&B owner says, okay, that's fine, I can book you in. And then I'd say, well, you know what? I just want to look at the room. And he says, okay, look, can you put a 50 year deposit down? And then from there, what I'll do is that I will, you can go on, you can have a look at the room, right? So I'm not checking in. I'm just going to take a look at the room. Now, while I'm gone, right, while I'm upstairs looking at the room, then the hotel owner or the B&B owner, what they do is they go across to the butcher and they say, listen, here's the 50 euro that I owed you from last week because I brought meat off you. And I didn't get a chance to pay, there it is, and the butcher says thanks million. And then the butcher goes over to the fruit and veg shop. And they say, here is the onions and here's the money for the onions and all of the other things that we needed to put together our marinade from last week. And you sent us in the invoice, here's the money and the fruit and veg shop says wonderful. And then the fruit and veg shop goes to the restaurant and then they say, well, we're going to take our staff out for lunch next week. Socially distant lunch next week. Here is the 50 euros in advance and the restaurant says great. And then the restaurant goes over to the hotel owner and the hotel owner, they say to them, listen, my sister is going to be over here next week. Can I give you the 50 euro for the room? And they say, sure, that's fine. Thank you. Then I come down the stairs and I said, you know what? I actually have just got a call. I have an urgent meeting in the morning in a different practice country. I'm not going to stay. Can I have my 50 euros back? The hotel or the B&B owner gives me the money back. And that's the end of it. The thing is, though, same 50 euro, but four people got paid. And this is the thing about money. This is how the economy works. It's not just about how much you spend. It's not just about that at all. It's about how quickly money moves. And that is what you've seen a collapse of in the past two weeks in Ireland is, I can't, if I wanted to right now, I can go for a coffee in a cafe. I can't go, I can't, like myself, my husband, we can't go out for dinner because the restaurant isn't open. You might say, well, you know, we, before you might say, well, we go on, we go up to centre parks in Longford and we spend a weekend there with the family. You can't do that now. You can't do, I go and get my hair done. You can't do that. So the velocity of money has slowed down, first of all, because so many businesses have closed down. And then, of course, the other thing is so many people have now lost their jobs are at risk of doing so. This is why the COVID-19 virus is such, such an economic, such an economic catastrophe is because the velocity of money has stalled to just it's now a shadow of where it used to be before. So, so this is the reason why, right? This is the reason why now this is, and of course, like, of course, I just want to mention what this has done to people, obviously, from a health point of view is very, very serious. And I also want to make the point that it's really, really, really, really difficult for people who are losing their jobs, losing their businesses, and so on. Like what I don't have time to get into, but I simply can't ignore it is the, is the emotional impact of this as well, whether it's social distance from loved ones, particularly on Mother's Day, or whether it is the impact on companies that have lost a lot of business or have to lay off staff, is, you know, we can capture the numbers around that in terms of economic, an economic conversation. But I really do want to acknowledge that it's, it's just, it's incredible. So how has the government reacted? Well, what the government has done is it has looked at the way in which the average person in Ireland gets money in and spends money out, right? That's, that's ultimately what they have sought to do. So if I was to take anybody listening to you tonight, right, let's say your teachers, teachers earn money, right, they get paid from the state, and then they take that money, and then they spend it, and they spend it on a variety of different things, right? Some, just like I mentioned earlier, can spend what they used to, but you will, you'll see that, right? Is that of course, people will spend money on different things. However, due to the dramatic change of the velocity of money, now an awful lot of people who are in business can't afford to pay staff, or there's a huge amount of businesses, particularly in retail and in hospitality sectors, they can't operate their business because of social distance and the government has said to them that you need to close temporarily. Now, saying temporarily to a business don't may not mean that it's temporary. In some cases, it could mean permanent. So therefore, how do they pay their staff? They can't, they have to leave them off, and so on. So what the government has done is it said, okay, here is how people spend their money. In other words, the key ways in which people spend money is number one, a key part of the burden of expenditure in Ireland is on a mortgage. So that was why they negotiated a three-month mortgage holiday. Now, this means that when you are paying your mortgage, you can't go to your bank and the bank have heard from tens of thousands of mortgage holders to say, okay, we can't pay our mortgage at the moment, or we're having difficulty paying our mortgage, or we may have difficulty. And therefore, on a national level, this has been extended now for three months. So at least then, when people are trying to deal with a lot of difficulty, at least they have some breathing room along the way here. The next one is, of course, childcare. Now, this one, I have to say, and I particularly want to say to the students on this, you are witnessing what has happened in the past week, in the past, this week, like this just the last three days, in my mind is utterly historical. It is historical. I'm, as an economist, it is just intriguing to watch what's going on at the moment. Because what the government has said here to the child care, the entire industry is to say, we need you to close, we needed you to close since last Thursday week. We can't have, you know, we can't have your industry operating because of the possibility of transferring the virus. However, what we are now willing to do is we are now willing to actually pay your staff so that you can keep the industry alive so that when this is over, the childcare industry isn't starting from absolute scratch. Now, never has that been done in Ireland before where an entire sector has that happened to before. And of course, the other thing is that childcare can be almost as expensive as or maybe even more in certain parts of the country, more expensive than a mortgage. So if parents aren't paying for childcare, similarly, they don't have that cost. And therefore, that is another way in which the government has now said, okay, if people aren't paying for childcare, well, then they then that manages that burden on their part. But of course, that creates another problem, which is if people aren't paying childcare businesses and workers, where are they supposed to get their money so that they can go on about their day? And that is why that particular mechanism was introduced. Now, the next one then, of course, the third part or the another key thing that they've looked at is entertainment. And the thing is, is that we spend a lot of money in Ireland, whether it is on, you know, shopping for clothes, whether it is on, you know, our entire hospitality, like I mentioned about restaurants and cafes or bars and so on, all of that's gone. All of that has gone. So as a result of that, in at this case, so far the government has now said, okay, we've, we've, we've taken the three key chunks of your spending, and we've managed them. One is of course, that we have now been in a position where we can negotiate a three month market holiday. We're, we're closing down childcare entities, but we're keeping the childcare sector somewhat alive. Some childcare businesses unfortunately won't be able to recover from this. But in the meantime, they're saying that we'll keep that sector alive. And then finally, from the point of view of entertainment, there is just far less that you can do. So therefore, from those reducing or managing that spending on the way out, that is how the government has tried to step in. Now, of course, how do we manage money in? Well, there's three key things that they've done there. Number one is that they have now given a more, a more generous social welfare payment to those who are in, in unemployment now, as a result of the corona COVID-19. So even though they weren't anywhere close to this three weeks ago. And like, again, that's why I kind of want to speak to the students again, and this is what you're witnessing is not something that anybody, anybody in Ireland of any age has seen before ever, ever. Like we are truly watching all sorts of history. We're watching political history. We're watching economic history. We're working, we're watching social history. There's so much happening right now that is just, you know, it truly is amazing times. In addition, the announcement made this week is that if a company is in, would be what they call viable but vulnerable. So that means a company that is able to continue, but is struggling as a result of what has happened around the virus. I give you an example, right? I give you, I give you an example. I should today, I should be delivering this webinar from Malta, because I was due to be in Malta this week to deliver a week's training to bank, to one of the big banks over there. I was over to give a week's training to a group of people in the bank all around what was going on in the markets and the bond market and the stock market and the currency market and the economy. I was supposed to be over there all of this week. That was booked last October. And two weeks ago, they're trying me to say, we can't let this go ahead. And I had the flight booked course, because it was with Reiner, of course I had it booked. And then Reiner sent me an email last week to say, actually, the flight isn't going, are coming back either. They had to be cancelled. So in that case, I am now, my business is now, our business is now down the money from that. Next week, I was supposed to be running a work experience program for 30 teenagers in a company in Dublin. Of course, that can't go ahead. So therefore, that's also at revenue that our business is down. So that's the type of thing that the second income support is far, is that what about businesses that are continuing to operate? Because our business is working on a range of projects that doesn't depend on me delivering training, but is in other areas that I won't get into now because we don't have time. But the point is, is that there's other work that we're doing, which is continuing to go on and we're working, and then there's other work that was supposed to go one way. And now we've had to amend it to turn some in person training online. That's continuing as well. So in this case, Pascal Dunhu, the Minister for Finance, has said, okay, if your turnover has fallen by 25%, you can apply to get income support, which is money from the government, to help to maintain your staff so that while your business is down and you may not be able to hold on to your staff, well, then we will help you to A, continue to help you in business, but B, to make sure that people then who are in receipt of wages normally will continue to be so. And then of course, the last thing is that they've gotten a huge recruitment drive. Now we have got a lot more people that are needed in the HSE. And you'll see that in other areas like there's massive demand. I was in Medtronic company, great company in Galway. We ran their transition year work placement program for them last week of February. They're in the news today because they're doubling their production of ventilators in response to a demand of ventilators right around the world. So there's been also a big, because the state is now becoming such a big buyer. Now a bit like a really, a really big buyer of things and things include ventilators and masks and sanitizers and PPE that the protective equipment, but also they've become a really big buyer of labour, a huge big buyer of labour as and you saw the 4,000 people responded to the call. So all of these things are and more by the way, I could also talk about how they're now working with the private hospitals that have now to act as public hospitals. I could talk to you about a range of the other supports that are available for business. I could also talk about how all of this is, how all of this is engaging with unemployment benefit. I could talk to you about how they're borrowing for this. I could talk to you about so much more, but I have loads to talk to you about tonight and I just wanted to focus on a couple of key areas. The question is though, what happens after that, right? Now, can I put a number actually to know what I'm going to put three numbers to you, right? Three numbers. The first number is this, if you were to take everything I've spoken about, everything that I have spoken about in all of the government stimulus just in Ireland, the total value of that is 3.7 billion euro, 3.7 billion euro. The second number is that is to be spent and used within 12 weeks. That's over 300 million a week. And the third thing I want to tell you is that is due to affect up to 800,000 people. Now, whether my business could apply for the income support or not, that is something that I need to investigate and maybe I don't need to because I would need to check if our turnover dropped by more than 25% or not. So a lot of people like me don't actually know whether we can apply for these or not. There's another support, for example, available for the local enterprise offices. These are vouchers, two and a half thousand euro vouchers where you can apply for this because if you've had to innovate within your business, which by the way we had to do within hours, when some cases clients came to us and we can't go ahead with you delivering training, Susan, can you deliver this online? And we want you to do it on an innovative way. And of course, as a business person, you have to figure out the way to solve your clients problem quickly. Then you might need to bring staff in to do that, which we've done, like staff who already work for us. And we've had to say to them, okay, we need to change the way we're doing things and we need to do it super quickly. And we might need to buy more technology to do it. So there's those vouchers available. So I looked into that the other day. And then I saw the details of this are going to be worked out shortly. So what I'm saying is of all of the money in the supports that are available, some of these need to still logistically be worked through. But they're the three numbers, 3.7 billion, 800,000 people, 12 weeks. And what happens then? And we don't know. We don't know the Department of Foreign Affairs, the Department of Business, Enterprise and Innovation, the Department of Finance, the Department of the Taoiseach are all trying to figure this out as they go. All of this has happened super quickly. And we are looking at making huge changes to all of their department and the way in which they serve people super quickly. So if you were to ask them, where are we going to be? Like, how, how is the virus going to be in Ireland in 12 weeks? How will it be around the world? Like, if this affects America, to a much greater extent, let's say, than it has affected Europe so far. Like, Irish companies export the most of all countries in the world. We export the most into the US. I spoke to you about that in our last session, last month when I spoke to you about exports. So how would that affect the European economy? How would that have a knock on effect on us? It's all of those sorts of things. All of those are so far away. And all of you students here, you all know how long ago it was since you've been in school. I don't know whether some of you felt it had been a long time or a short term, but it's actually only been two weeks. The thing is, so much has changed in the world in two weeks. So much has changed in 48 hours. Much of what I've talked to you about tonight so far has happened since Monday. So as a result, how, how can we predict where we're going to be in 12 weeks and what the supports will be afterwards? It's too hard, too hard for anyone. The next thing as well that we also need to be considerate is, you know, what will we be dealing with at that stage? What, what will we be dealing with? What about, like, how many people will have the virus? How, how will the health service have changed? Where will schools be? What's going to happen with the leaving start? At the moment, of course, your minister, Minister John McHugh has said that the written leaving start is going ahead. You know, where will we be in terms of how many businesses will have been sustained? We have no idea. We have just have no idea what we'll be dealing with. But what I will say, what I will say, and this is the last thing I'm going to mention about the virus and then we'll move on to the gender pay gap is there's been a massive social experiment. Now, a massive social experiment in remote working. There are businesses like with tens of thousands of staff who weren't working from home three weeks ago that are now working from home and only working from home and will be working from home until they're given further notice. A month ago, that would have been just impossible because the company said, they may have said, well, we don't have the infrastructure. We don't have the processes and we don't have this and we don't have that. So now we all, we have everything right now. We're all, I can tell you this from experience. I am spending my days right now on Zoom, on Skype, on WhatsApp video, on Microsoft Teams, on Skype for business, unit go to webinar like we're here tonight. Last week, I gave a guest lecture to a university in Germany on Zoom and on that evening, I did an interview with somebody who's in San Diego and he interviewed me actually about active peer learning. Both of those were due to happen in person. Neither of those did. They all had to happen on Zoom. So what I will say is I will be intrigued particularly and I again, I just want to talk to the students on this for a moment is you guys, this is where you're going to really feel the difference is that you may have assumed that you'll work in an office in the future. And up until last month, it's more likely than not, if you were working in a professional services firm, if you went to working as a lawyer, or an accountant, or an auditor, or you know, if you were in those areas, any of those areas, you may well have assumed that you'd been working in an office. This very month could change your future and where you're actually working yourself. Because I do wonder when so many people, so many people are working from home, if they get used to it and if it works out, well then why would businesses build all of the space that they have had before? And this is the question I was listening to a great podcast today on The Irish Times about this, is that if you think, if you think true, if this actually works, therefore, this could change the amount of people that we need the construction sector because if we don't need as many office blocks and buildings, for people to work in in the future, that will have fundamental difference. Instead, we might have more incubation centers, which is where my own office is based by the way, I'm based in an incubation center out in DCU, but 100 different businesses there, we go in and out as we need to, I travel a lot, well I used to, I used to up until three weeks ago, but we so incubation centers there where people go in and they use this space to have calls or meetings or whatever and then they go away again. Like I don't need a physical building for the work that we do, the work that we do generally is out on client sites. So I would also say like the longer term effects in this, to those of you who are studying for your leading start, I just want to say like you're 17, 18 now, you are going to be in the workforce, possibly 22, 23, this very month is affecting where you physically will be doing your work. And that is something, and all of those changes are going to be keeping all of you, all of you, I would have to say, this could be affecting several, several of you and the careers in which you have and the opportunities for the careers in which you grow. Now this, by the way, don't worry about that, right? By the time this happens, we will have well adjusted. So I don't want you thinking, oh God, there won't be any work for, if you want to do an apprenticeship thinking, geez, there won't be work for me, oh there will, don't worry, there will be work. There will be work in construction. That's not my point, my point is how it will change. And I think we are watching, for those of you who want to become economists, practicing economists, like whether you'd work in a bank or whether you'd work in a large firm, or whether you'd be like, in our case, where you would set up your own business, or whether you'd be a consultancy, this is what, this is the type of work that we do, is we look at changes in the economy and we try to figure out how to help businesses and sectors and governments keep up. Okay, so that is all I wanted to do on COVID-19 so far. Now what I'm just going to do is I'm now going to move on to the subject of the gender pay gap itself. So the gender pay gap is the difference between what women are paid and men are paid in the workforce. Okay, now this affects particularly sustainability from the point of view of, from a social equality point of view, it also affects the workplace itself, so it affects the labor market, and it's also affected by government policy, how are governments reacting to this? So first of all, what are we dealing with? Well, I think this particular chart is interesting, which is that we have 50-50, we have a 50-50 split in the population, male and female, but yet women contribute only 37% to GDP versus men. So women actually, the work that the women do contributes less to GDP than men. Now, some of you might say that sounds very strange, but how could that be the case? And what I'd say on that is it's important to hold on for two more slides, and I will tell you where that difference is, right? So first of all, right, let's just be considerate that we're going to have a 50-50 split in the, as I say, the population, but yet women contribute less to GDP than men. Now, you, those of you who have been through chapter 11 in the, in your positive economics textbook, for leaving search, it's a different chapter when it comes to the new positive economics textbook, but national income, how we calculate national income is this, is C plus I plus G plus NX, right? That is the entire basis of macroeconomics. That is how we count an economy. And what we know is that C plus I plus G plus NX is consumption, plus investment, plus government expenditure, plus net exports. Put all of those together, add them all up, and you get GDP. Now, can I just for tonight add in one more letter, right? This letter doesn't, it doesn't exist any, you know, in any textbook or anything else. I just want to, I just want to make one point. Imagine if we were to add on H, imagine if we were to count the value of the work done in the home. How would GDP change then? And here is the answer is all of the work that's done in the home, McKinsey worked out that that's actually worth 13% of GDP is worth $10 trillion. And guess who does it? Mostly women. 75% of all the unpaid work done in the world is done by women. So isn't that interesting? 13% of GDP is encountered because it's simply uncountable. And if I was to put 13% back up here, well then the graph on the right would look exactly like the graph on the left. The point is, is that men and women do an equal amount of work. It's just the work that men do tend to be more counted. And that is because of that statistic. 75% of the unpaid work in the world is done by women. And again, let me just tell you a story, right? I just want to tell you another story. Mary paid Pat 10 euro to cut her grass. Okay. So Mary paid Pat 10 euro to cut her grass. Therefore she spent over here in consumption, she spent 10 euro and therefore Pat received it. Now that 10 euro is counted in GDP. However, Mary then went on to marry Pat and then Pat cut the grass for free. Mary didn't pay him any more to marry him. The grass was still cut, but now it no longer contributed to GDP. Why? Because it's not counted. But the grass was still cut. The point I'm making here is that when it comes to unpaid work, it's not that the work isn't done, it's just that it's just not counted when we go and we count GDP. That is because, just as I have here on the, oh sorry, on the slide, is that that is how we count GDP consumption, plus investment, plus government expenditure, plus net exports. But if we were to count the work done in the home of which, as I say, 75% of all the unpaid work in the world is done by women, then we would actually have an accurate representation of the contribution that men and women make. Now, so moving on from there, what is the gender pay gap? Let's take a number. What exactly is it? So the gender pay gap right here, I took the screenshot for a reason. So today, now that today is the 31st of October, 2019. On that day, women in the European Union earn 16% less than men. Rather than say, oh, well, you know, for every 100 euro that men earn, women earn 84 euro. That's an easy way to think of it. But I have an even easier way and that is European payday. European equal payday is the day at which women stopped getting paid in comparison to men. In other words, is that from the 4th of November until the end of the year, whatever money that is that in contrast, while men would get paid for the full year, women make the equivalent of only getting paid up until the 4th of November. So that is the gender pay gap, right? That is the gender pay gap. But let's analyze that. So what exactly are we talking about though? When we say equal pay, what are we talking about? Well, here's what we're talking about. We're talking about men and women of the same age. And in a certain on average of the entire European Union, men earn more money than women. But there's one thing I didn't say there. I didn't say that they do the same job. And this is the difference is that what I put in front of you there is the unadjusted pay gap. Unadjusted pay gap is when you compare men and women at the same age, on average. However, the adjusted pay gap is different. That is when we say, well, when you compare men and women, if they were in the same job on average in the European Union, then what is it? And that's a very different number because in that case, I'm just going to put up here. There it is. Is that based on, I just want to make sure you can see that now, based on some work done by a college in Cologne, in Cologne is in Germany, is that there's only 2% difference is that actually the adjusted pay gap is actually very small. And this is for men and women doing the same job. So if men and women are doing the same job and particularly this study was done right across in Germany, the adjusted pay gap is actually quite small. It's only 2%. So the difference between the 2% that you're seeing there and what I had put up there originally is the difference between adjusting and the unadjusted pay gap. So is the problem good? Do we not have any gender pay gap at all? You see, it doesn't work like that. What you need to do then is question, but why aren't men and women doing more of the same job? So why is that? Why are women in lower pay jobs than men? And here is primarily the answer. My next slide is right because of this, is generally women take time out of the workforce to take care of children. They generally are the ones who are more likely like there isn't a gender pay gap in graduates, right? So for all of you students who, let's say, one of you guys and one of you girls, both you graduate and then you go on and then you get an internship, sorry, a graduate program and you're going to work in Bank of Ireland, right? There isn't a pay gap there. There isn't a pay gap for years later. It's only when people start having children. That is when the gender pay gap actually starts to happen. So this happens. You can see here, look around the world, Denmark, Sweden, the US, Britain, Austria and Germany. So I got this from the economist. And when you look here, broadly speaking, in the US, a man's wage will begin to fall. And in Austria, it kind of falls as well. But most of the others, it kind of tapers in the same way. But women's change significantly. Now, by the way, guys and girls, again, I just wanted to be clear with you on this is we have to look at this from a holistic point of view is that if women take time out of the workplace to spend time at home with their kids, while that may not contribute towards GDP, that could be a very, very, very important time in their life. Really important, really, really important, really valuable and time that they really value. But remember my C plus I plus G plus NX plus H, that is not counted in GDP. So for those people who do take time out of the workplace in order to raise their kids at an early stage, the point is that it's not counted in GDP. That's not to say that it doesn't count. Of course it counts. Of course it does to the family and to the person themselves. But when you're an economist, you have to look at things through a narrow lens to be able to understand the bigger picture, right? And that's what this is showing you here is this is why it exists. So some women opt to take time out. And some women instead choose to that they have to stay out because the cost of childcare can be too high. And that's the difference between what you're seeing in Denmark and Sweden and what you're seeing, for example, in the like of Britain is that in Sweden childcare is much more accessible and affordable than as you can see there down in the lower graphs. So the point and you might say, well, why is she only talking about women? Don't men do this as well? Oh, they do. They do, of course. They do. And men do. But what I'm saying is that based on the graph here, there is more, it is likely or it is there are more women that have done this over time rather than men. And that's what the statistics are showing. So what impact does this have? Like you can see some of these graphs, like, you know, particularly Denmark, they're like it drops and it stays, it stays low whereas in Sweden it drops, but then it increases again. You see, let's take two people in a workplace, right? Let's let's not worry about whether they're men or women, two people in the workplace, one of them takes time out. The other person goes for promotion. The other person goes for promotion and takes on more responsibility. And then after that they get promoted and then they get a higher wage and then they get promoted again and then they get a higher wage. And at this stage, the other person reenters the workplace. Now, where does that person reenter the workplace at the previous level? Do they have to go, do they have to go back to the start? What do they apply to do? Do they go back part time? You see, that is the difference. It's not just about taking time out when the child is born or for whatever period of time, it's when they reenter. When they come back into the workplace, they often come back in at a lower wage rate and then they have to work for, then they might have to go back to the, back to an earlier stage in their career or they might have to get retrained, etc. And that's how the gender gap actually happens. So like, we need, I think you can look at this two ways, right? Every single economist in the world always says, well, on the one hand and on the other hand, on the one hand, if we were to count the value of that time at home, maybe those two graphs would come straight back up together. In other words, if we counted the value of what the work does the women do at home, well, then there may not be a gender pay gap. But of course, we don't pay them to be at home. And then on the other hand, you could say, right, so what do we need to do? Do we need to ensure that more men stay at home so that we can balance things out and have more equality? Or on the other hand, do we need to give women more of an opportunity to come back into the workforce? Or the other question is, do we want to change at all? Right. So what is the blockage? What is the blockage to any one of those three? So I'm going to, I'm going to move quickly through the next couple of slides here because what I've now done is I've now told you about the issue from a labor market point of view. And of course, if women earn less money, then there is less money to go into the economy and back to the velocity of money. Well, then if they don't have more money to spend in the economy themselves, well, then of course, then that affects businesses and it affects the people who work in businesses and so on and so on. Right. So what are the problems? What what there's three key problems, right? Number one is that when you do have a family, now, I don't, by the way, just want to tell you that, well, I do have a family. I everyone's a family, but I don't have kids myself. So just want to put that out there. I'm talking from my thousands of conversations with people, both men and women about this issue is that when you do have a family, I mean, your own kids, sorry, when you do have your own kids, obviously there is a lot of time that goes into them and any of you teenagers know that you may not have been cognizant of it when you were one and two and three and four, but you know that there's a lot of time to go into parenting. And some jobs, particularly ones with more responsibility can be very, very time intensive. So therefore, do we need to change that culture, not just for girls, but for guys as well. Do we need to change that culture? So is it that we need to move away from spending more time in the office? And again, here is where I'm coming back to you is maybe coronavirus has made that happen in two weeks is due to all of this remote working. Maybe there will be less time spent now in meetings. Maybe there will be less international travel for people who are in very busy jobs or international jobs. And I'm saying that of myself as well as everyone else, by the way. So the question is, is that if those jobs with more opportunity in them also come with more responsibility, which comes with more time away from the family, maybe it is the case that people simply don't want to have the they don't want to put all of the hours into their job and they want to put more time into their family. And second thing, and this is this is a big one. And I'm particularly I particularly here want to talk to talk to the girls, right. All of you, whether your students or teachers or parents or anything, right, is that another issue to do with the gender pay gap is that women, when they're in an environment of negotiating their salary, ask for less money than men. So what the girls need to do. And, and, ultimately, what we need to do is to build confidence in our female population. And I'm saying that globally, we need to build confidence in our female population to ask for more money from their employer. Or like in my own case, if you're in business that you are making sure that when you're pricing your your your goods and your services that you're asking for what it's worth as opposed to a lower amount. So because you see if a woman asks for less money than a man, when they're negotiating a salary, she can be creating a gender pay gap. And if the employer says yes to both of them, well, then she has created the gender pay gap because she didn't simply ask for as much. And you might say, oh, Susan, come on now, like, how am I supposed to know what anyone else is asking for? And what I would say to you is that you need to look at the recruitment company salary guides. That's where you'll find them. There's loads and loads and loads of them. Recruitment companies are very good at producing a lot of research around what sort of salary that you can expect for a certain profession or for a certain occupation, but a certain amount of experience and so on like that. So it's not that you have to pluck some figure out of the air and hope for the best. You can, there's plenty of information out there, loads and loads. But all you need to do is Google recruitment company salary guides and you'll find them. But collectively, women need to build more confidence and build more support for each other along that way. Now, the third thing then is also the other blockage is, just like I mentioned, is if people are coming back into the workforce after having a child or multiple children, the workplace can change a lot. Like I said to you, the workplace has changed hugely in the past two weeks. Now, the pace of that change isn't what we're used to, right? But ordinarily, the workplace does change. I'll give you an example again. When I was, I joined my first summer in college. So those of you who are going to university next year, you'll have your summers off and some of you will decide to travel and some of you will decide to get a job at home and some of you will decide to do nothing. You'll do different things. But in my case, I went off to Edinburgh for a summer, summer of 2005. I started college in 2004 in Galway, in UI Galway. So now, if I went for the summer and then, sorry, just got an alert there to tell you that we have 235 new cases of coronavirus in Ireland today, just if I know a lot of you often wait for looking at the number. So that's the case today. So I went off to Edinburgh and I decided I was going to get a job, of course. And I got a one-way ticket over with Ryanair and off I went. And I had my CV, which was printed. Email was around at the time. It's not pretty historic, but off I went. But there was no LinkedIn, right? There was no LinkedIn. There was no social media network for businesses. So there was no way in which I could have built my network before I went. There were recruitment companies, like I told you, but there wasn't that. People rang other people for references today. If I was going to take any of you guys on, let's say I was going to take you on for summer job in my business. I could Google you. I could find your social media profiles. I could, I could, I, you know, there's a good chance that there's some part of your digital footprint that I could find. None of that was there when I was in, when I was looking for a job before. Today, by the way, rather than me checking you out on the internet, now you can check my business out on the internet. And not just that. You can actually see what other people think of working for my business. So Glassdoor is TripAdvisor for work. In other words, you can go on to Glassdoor.com right now and you could check out, oh, I wonder what it's like to work in Bank of Ireland. What two people who work there? What reviews have they left about working there? Like the whole future of the world of work, sorry, the whole world of work is changing at a lot pace. So therefore, people who are coming back to the workforce, women are otherwise, they often find a challenge in that, have they kept up to date with their education program? Or with what's going on? Like, now there's social media in work. Now there is data analytics in the world of work. Now there is remote working all the time. Now there are so many more things. And by the way, guys, when you come out out of university or, you know, when you're going through your apprenticeships or when whatever it is you decide to do, right? The world of work then is going to be very different to what I'm telling you about here tonight. But that's really exciting. That's brilliant. Like it's brilliant from the point of view that you have a way in which you can shape the future of the world of work. And then by the time you're managing other people, it will have changed again. But as I said, that is the opportunity that you have in being in business and in employment along the way. Okay, so what can we do about this? How can we encourage the gender gap to be closed by empowering more women to go after higher paid jobs or to ask for more money? Or how do we encourage more parity on the point of the unpaid work that's done at home? How do we do that? Sorry, I've just, some people are asking questions and I'm more than happy to answer them. I'll just make sure I get to everything. But just Hannah Murphy has just sent in here. Where is your accent from? It's driving me mad as I can't place it. I'm from Cork. And thank you very much for asking. And to those of you who've been asked, please put your questions in. I can't look at them because if I look at them right now, I won't be able to focus on what I'm doing with you. But I will, I promise I will. I'll answer as many as I can as soon as we get through what we're doing here. Okay. So now couple of trends that are going on. Number one, I want to speak to the teenagers in this, right? I absolutely love your working with your age. I really do. I think, I think, you know, Ireland's teenagers 15, 16, 17, 18, you're the age group that I work with most. I just think you're amazing. I really do. I think you're bright, you're enthusiastic, you're open-minded, you're goal focused, you're concerned about the world. I think you're brilliant. I really do. And you are called Gen Zed. Gen Zed is Generation Zed. So anybody that born, girl says we are, you are absolutely 100%. And Lisa says, brilliant, love your webinar. Delighted here at Lisa. I'm going to stop looking there now again because otherwise I'll be, I keep talking to you for the night. But I really do think that Gen Zed are amazing. I truly do. And by the way, I'm not just saying that because I've worked with one or two teenagers. I've worked with thousands of you over six years. So I've lots and lots of evidence. So Gen Zed is anyone born after 1995. That is what Gen Zed is. And here is a key trend where this, I believe, is going to bring, it's going to bring people together. As in when I say people, I mean the gender pick up together. And that is 48% of Gen Zeders, that's you, in comparison to 38% of consumers and other generations, you've said that you value brands that don't classify items are male as male or female. So the thing is, is that, you know, it's, it's this, this generation, like you guys are just a couple of years away from being in the workplace. And the focus of Gen Zed tends to be less about differentiating. You're far more of a diverse generation where you value difference. You're more inclusive than often the generations that have come behind you. And as a result of that, you're more likely to be what we call gender blind, which is how I treat people in my organization. You're more likely to be gender blind is not focusing on whether people are men and women, but more so who can do the best job and who's, who's best place to do it and supporting people along the way. And that's what has brought the gender gap closer now is how people are saying, okay, it's not about whether somebody is male or female, who can do the job better. How do we support them? If the person wants to spend time at home, if they want to work at home on a Friday, we can create the environment so that that person has the work-life balance that they need and they can come in and do their job and they can, they can do whatever. That is a key trend that's happening. And by the way, guys, that's ultimately down to you. That is, that is down to you in fairness to you. That is, that is down to you. So that is one of, that is a trend that we're seeing in your age group that I think is going to have an impact on the, on the pay gap in the future. Now this one I find intriguing, right? I got this, got this from a McKinsey report, all of these will be available to you afterwards. All the reports I'm talking about, you can look at anything you want. It's all going to be available on the article afterwards. And you'll all get that. Anyone who's registered, you'll get the recording of this and you'll get the article, you'll get everything. Is that when you look at the UK and you look at the future of the world of work, particularly in terms of automation, it's actually the, the, the jobs that women tend to do, they're the jobs that are less easily automated. It's actually harder to automate. Like it's harder to get robots to do the jobs that typically women are involved in. So when you look at the share of this graph here is the blue, the blue circles, right? They're share of female employees. And you can see there in, in those, that is where there are more female focused industries. So where you generally see more women working in them, for whatever reason, you know, I, there, and there's not necessarily a reason why that's happened. But let's just say for generally, you'll find there are more women who are care workers, primary nurse, primary and nursery teachers, medical practitioners, et cetera. They're actually, it's harder to automate their job. It is actually, but on the other hand, if you move away out there to the right, wick away out there to the right, that is where you're more that the work that's on the right is most is more likely to be competed against by a robot, like bookkeeping, like payroll, like large goods, vehicle drivers, like that's my dad. My dad delivers goods in a truck. He was at work today. I saw him. I saw him there before I came out to do the webinar with you. Dad's job is quite likely to be like, when we introduced the driverless car, I've been in one, by the way, I was in one a couple of weeks ago. Well, not as good, but I go now, but I was in one. I was in a Tesla. My friend who lives in San Diego, she brought me for a drive for the car row of itself, like dad's job. If he's retiring in a, you know, in a while, but dad's job would very much be up for grabs there. Because if, if the car can drive itself, you don't need dad to do it. You don't need dad to be driving all over Cork. That's for you, Hannah. You don't need dad to drive all over Cork delivering things. You don't. It'll do it himself. Like the car will go, will go itself. So the thing is, is that, and there is an awful lot more men who are drivers rather than women, for example. So the thing is, is that this will also drive the gender pay gap is if dad was younger, right? If he wasn't going to be retiring, dad would have to be trying to figure out how to retrain himself or how to do a different job in time to come. Now, not today or tomorrow, like, but in time to come. Dad would have to figure out, okay, like if I'm, if, if the job of driving isn't going to be there in 10 years or 20 years, I don't know how long away. What do I need to do now in order to upskill myself so that I can do a job in a different area? Women are less likely to have that challenge. And again, I don't want you sitting here tonight worrying about all is something I'm going to study for in college going to be gone by the time I leave it. Believe you me, there's enough of us out here in the workplace trying to reinvent it and bring you along with us to make sure that we'll take care of you as long as you're open minded enough to move with the flow. When I was in college, there was no courses in entrepreneurship. There was no courses in data analytics. There was no courses in journalism related to online content. Now, those three areas are among the highest paid and the most in demand. So don't worry, right? There's no need to worry about will my job in the future be consumed by a robot. I'll tell you about this, right? I'll tell you one tiny thing about this. I think it was about 150 years ago, women were marching in the streets of New York because they were, instead, they were striking against the idea of a washing machine being introduced into houses because how now would all of the people who were chambermaids before where would they find work today? Ironically, the washing machine was what liberated them from doing those jobs where therefore they could go and get trained to do other ones. Same with you. And I work with a lot of companies around the future of the world of work. Don't worry about that. You focus on doing the best you can in your leaving search. You focus on the best you can in terms of developing your social skills and your playing in teams. And I know obviously can't play in any team now for the moment, but develop yourself to the best of your ability and the market. And just go with the people who are willing to help you along the way in terms of how to upscale yourself in line with the market and how it will be employing people in the future. And that's the way to do it. And that doesn't stop, by the way, when you leave school. I used to do that all the time too. Another thing that matters is this. And I want to talk to the guys, right? Because here's what you've told me. And here is what you have told me for sure. And that is that the guys that I find today that particularly as Jen said is that guys today want to spend more time with their kids. Guys today want to spend more time at home is that you too actually want to balance the household and managing the household. And that, by the way, has been implemented now. Again, without any notice. And that is what remote working has done to a lot of people. I had a call last week with a guy. And I was interviewing him for a book that I'm writing. And he said, sorry, I can't talk to you until 11 o'clock. I'm taking care of my daughter until lunchtime because my wife has to work. And then I'm going to work on my work after that. And then she'll take care of our daughter. Like that type of equal type of parenting is probably more likely to come from a demand point of view as well. That is, and I took this from the House of Commons, Women and Equalities Committee, that this is the research from fathers in the workplace is that more fathers want to have more time with their kids as well. So now some of you might disagree with that. That's fair enough. That may be the case. All right, but I'm going to leave that with you to consider. But that is what the research is saying. So what can we do? There's a couple of things we can do. One of them is ask more companies to publish their gender pay gap details so that then it becomes clear what they need to do. And that publication also makes sure that what we do is that we invite more people, more companies to share what their statistics are around the gender pay gap and to work harder at closing it. So this is one I took from PWC Ireland. Its gender pay gap is now down to 4.7%. And that is the unadjusted one. So in contrast to the 14% one for the EU, PWC is down to 4.7%. They also published their gender bonus gap, which is 8.8%. And that is down to how much men getting bonuses versus women, which is a more nuanced part of how people are paid. I don't have time to get into that. But what I am saying is that by asking companies to publish how they're doing in terms of the gender pay gap, then that ultimately makes a difference. Then the other thing we can do, and this is happening a lot, I have to say, and I've been working on some of these projects, is there's companies and the government have been working on return to work schemes as well. Merrill Lynch has a superb one for people coming back into the workplace. I'm a lecturer on some of the springboard courses, particularly the one on global capital markets. That is where it's 90% funded for those people who are in employment and 100% funded for those who are outside of employment. And it teaches, it gives people skills in the labour market that they may not have had before and skills that are in demand in the labour market as well. So that's why, particularly in my own case, the one that I do as I say is capital markets. It's training people how to work in investment and in finance because we've a lot more jobs in that area since Brexit happened. And that's 100% funded for people who want to apply. And there's a job ready in this module, which helps people with interview skills and all of their CVs and so on. So there's a wide range of springboard courses. There's those in entrepreneurship, there's some on data analytics, there's some on all sorts. So you can check those of you who maybe might know somebody who was looking to get back into the workforce or get promoted in the workforce. That can be a very good option and a very, very cost effective option for them as well. So there are two key things. One is, as I say, publishing gender pay gap issues and the second one is those return to work schemes. The third one then, of course, is for people to be more focused on diversity, diversity and inclusion. And by the way, I have worked with hundreds of companies on this, where they're trying to get more. And it's not just a male female issue, of course, diversity goes well beyond that. It's LGBT, it's disability, it's extroverts and introverts, it's different cultures. It's like diversity and inclusion goes long, long, long beyond what we've been talking about tonight. But when companies focus on making sure women have access, access, access to the same opportunities as men and are asking for the same wages as men and encourage them to build their skill sets to the same areas as men, then that is another way in which we can close the gender pay gap. So, last thing I wanted to do with you tonight is those of you in fifth year just want to give you a shout out and that is around qualitative and quantitative primary research. You're going to have to do this next year. I just want to give you a very quick insight into this. So last webinar I did on exports, I went through secondary research. Now secondary research is when you go to an entity like CSO, like the Central Statistics Office and you use their research. So they might say, 92% of people do this or exports in Ireland last year grew by Y or whatever. That's secondary research because they did the research and you're getting it. You're getting its second hand. Now that's really important to use in your projects. And we're publishing a project booklet just for the teachers just to let you know. Trudy, Brian and myself, we've put together a project booklet for you. It'll soon be going to print. You'll soon be getting it just letting you know. Don't worry, we'll support you every step of the way that we can. And we've covered a whole area around secondary and primary research. But primary research then is research you do yourself. So I had a call with somebody this morning. She's doing a masters in organization psychology. So many syllables in that sound great. So organization psychology and what she particularly wanted to focus on was how women interact with their own businesses from a work life balance point of view and where entrepreneurship starts and all that sort of stuff. So she was asking me questions like the three you see in front of me, right? Are in front of you as well. Tell me about your business journey. How do you maintain sustainability? And what do you think of the SDG in relation to gender? So she was saying, you know, tell me about your business journey. When did it start? And how did you set up your first business and how did you set up your second one? And how do your first and your second interact? And then she said, like, how do you maintain sustainability? How do you keep going? Like I'm 10 years in business in, well, in this company, I worked in previous business as well, but his call it in is 10 years old in September. So she said, like, how do you maintain? How did you, how did you maintain a business for that period of time? And how do you intend to do so in the future? And then she said, like, what do you think about the SDG, those of you who have done sustainability in the new textbook that we've, the SDGs are all in the Sustainable Development Goals. So what do you think of the Sustainable Development Goal in relation to gender? Now, all of those questions, like any of you who's been on with me for the past hour will know, I'm very happy to talk. So it took me ages to answer them, right? Because I was giving a lot of views and I was saying, well, here's how it started and here's how it changed. But that's qualitative research. When you ask questions where the answers are not numbers, qualitative means their thoughts and feelings and experiences and stories and conversations. Quantitative primary research would be like this. How have your exports changed in the past year? How much has your exports changed to the UK? By what percentage have you changed your marketing spend on exports? That's the type of thing that is quantitative primary research. You're asking questions, you see those numbers? I can answer all those questions for you, but I would be giving you numbers as answers. So I would be saying, well, our exports increased by X amount. We exported more or less by Y amount to the UK. And we changed our marketing spend, we changed the amount of money we spend on marketing to build our exports by Z, their numbers. So that's, I just wanted to give you that insight. Every single webinar that you have with me, all the way through every month, I would focus a little bit on your project because it is a big part of your results, like 20%. And it's just, you know, it's really, really important. So I want to help you as much as I can. Okay, so in summary tonight, I spoke about the velocity of money. Remember the 50 euro in the hotel that moved around the village? And the fiscal stimulus, I went through three numbers guys, three numbers, 3.7 billion, 12 weeks, 800,000 people. And I spoke about how the government looked at this from what we're spending and how we're and what we're earning. Then we spoke about in terms of the gender pay gap to a large degree is down to work life balance. A lot of women do take time out to spend at home with their kids, which is very, very valuable. My own mother did it, very, very valuable. It's just from a GDP point of view, since it's not counted, that's often what contributes to the gender pay gap. We need to teach confidence to women to ask for a similar wage, but also to teach confidence through creating programs that will develop the pipeline. And also, as well, the other thing we need to do is to develop female talent in terms of education, like those return to work schemes and like continuous education afterwards. And then last thing I mentioned there is about preparing interviews for your qualitative research is sorry, for your primary research, it can either be qualitative or quantitative. Qualitative is when you have you're asking questions, the answers are thoughts or feelings or stories or, you know, opinions. And then quantitative is when you'd answer with a number. So that is what I want to do with you. How would I get out of this regard time? Oh, five minutes past. Well, I suppose not too bad. I'm also I'm not going to start answering your questions. But before I do, any of you who want to get in contact with me, you can tweet love Twitter, I am always on Twitter. You can tweet me at Susan Hayes underscore. And I'm on Instagram. I haven't posted a lot there now, but I get better promise. I'm at Susan Hayes Colletin on Insta and then our Facebook page. Well, I've several of them, but that's one of them is the positive economist. So also we have to finish suffering all inspirational quote really don't we. And that is that by going after what you truly want to empower others to follow in your footsteps. And that's what I'm saying to every one of you tonight, every one of you, every single one of you here, whether you're a parent, whether you're a teacher, whether you're a student, whether you're none of the above, we all have a role. We all have the role of showing other people how to do what they might think isn't possible. And whether you're a student who wants to show like, you know, the better you the better you do at understanding what you're supposed to be working on, or the better you do in terms of enjoying what you do, the more of a role model you become. So just want to say that to you all, we all have a job to show other people how to do what they don't know how to do, and particularly know more than ever. Right, so I'm going to open up the questions pod. I can now see getting notifications there that a couple of you have started following me on Instagram. So you're great, great altogether. Thanks. Now, right, Lisa will start with you. Hi Susan. Thanks for that. Olivia says to follow you back. Okay, I'll do that, Olivia. Thanks. Lisa says hi Susan. Thanks for that. Really appreciate the webinar. You're so welcome, Lisa. Also love the new textbook on online resources. This is my first webinar. Don't know how I mis-notificated the others. Can I go back and find them somewhere? Absolutely. They're all recorded. They're all recorded for sure. So I will, I actually do know what I'm glad you said that to me, because what I'll do is that I'll put a link to the other ones. And I will put the other ones there for you so that you can get access to them. But 100% I'm only delighted if you go back and look at them. They were on Brexit, exports and housing. And this one was on the gender pay gap next month is going to be on enterprise. Okay, so just to let you know, Lisa, Charlotte said you're more motivational and empowering. You're so kind, Charlotte. You're very good. Thanks, million. Robert, the booklet is in relation to the research project. Yesterday is Robert. That's right. It's completely to do with the 20% of the future leaving search for next year. Let me see now, Robert. Yes, sorry. What is the gender bonus gap? So that is the difference between what men and women earn in bonus terms. That's what that is, Robert. Sorry. Who's it? Who's it asked me? Yeah. No, who asked me that? I'm not sure where that was. Sorry, Charlotte asked me that. The gender bonus gap is the difference between what men and women get when it comes to bonuses. Robert says, when will it become available? Robert, we thought we would have it out in the next couple of weeks, but due to, obviously, and the reps would have been bringing you to the hospital, God, to the schools, but we're working that as fast as we possibly can. Olivia tells me on the ultimate economics queen, you're very good. Ben says, what will be topical on the economics exam? I haven't a clue, Ben. I haven't a notion what's going to be on the exam. I don't, in any way, shape or form interact with those people who set it for very obvious reasons because, of course, it would be a conflict of interest. Rachel wants to use her high five to, she wants to give me a high five invisibly. Right back at you, Rachel. Emma said, do I think COVID-19 will somehow be in the project? I don't know Emma. It could well, but you know what? I don't know, but the great thing about the project is that you will get the topics in relation to the project that will be published, so you will know about them. You will know about them, and I will help you every single month to help you prepare for that project. So you won't be on your own. You've got your teachers, you've got each other, and you've got me. Jamie, very, very interesting webinar. You're very good, Jamie. Thank you for saying that. Daniel says, do you think the effects of remote working could be a likely topical question for this year's leaving cert? How would you go about answering something like that in terms of your points to make? I don't know. Again, Daniel, as regards this year's leaving cert, I don't know, but I will say this, that I think if I was answering a question to do with it, I would be saying that the effects of remote working would decrease the amount of building required. It would change the amount of traffic that's on the road because, of course, people wouldn't be travelling there. So therefore, that would also mean that there would be less need for the government to invest in, let's say, road infrastructure. Thirdly, there would be a dramatic requirement for better broadband, and I'm noticing that myself. I came down here to Cork to spend time with Mam and Dad while I'm, like I should have been in Malta, like I told you. But I'm down here in Cork at the moment, down here in Mam and Dad's house, and the internet is far from wonderful. So therefore, I've had to go and to give you this webinar where I knew I could rely, I needed to go somewhere else. So that's not sustainable. If I wanted to move back home and work from here, you just couldn't do it with the internet that's here. Think about that on a massive, like 2 million in the workplace type of environment. You'd need a big increase in that. Number four, there would be a change in the nature jobs. There really would be, you know, there would, because there would also be, you know, there would be more focus around, I'm finding, now companies are coming to us asking us to deliver online learning. They're now companies like Zoom and Teams, Microsoft Teams, and Skype, you know, well, Skype is owned by Microsoft as well. But the lack of those, those companies are now getting a dramatic increase in business. So that would change. And the last thing, I just want to mention this, as well, if I was answering the question is you would see a big change in urban rural life because Dublin, I can tell you, I live in Dublin. I live in Dublin and there's been a dramatic decrease in the number of people in it on a daily basis because why do they have to be there if they're working from home? They're not. So you needed, you would actually see more rural services required. That's, that's how I'd answer it. I'd love to answer it in fact, but do I think it'll be on the exam? I haven't a clue. Quiva, thanks so much. The lecture was really interesting and helpful. More than welcome, Quiva. Hannah says, thanks for the lesson and up, Corkboy. Absolutely, Hannah. Robert said, would that booklet be available for the end of the school year? I really do hope so, Robert. We, we will, we will make sure that it is. Olivia wants to say, let me see. Olivia says, you do travel by road. Do you think they'll cancel even set? I don't know, Olivia. I really don't. I'm not in contact with the Department of Education, so I wouldn't be able to answer that question for you. And I know you're asking me, do I think I really don't know. And do you know what? It would be impossible to guess at this stage, how long the schools will be out or anything. So I really and truly, I don't, I don't know. Sean Malch says remote working works minus kids in the house. I'll take your word for it, John. Fair enough. I'll take your word for it. If I go back up further, Lucas has a question for me. Dear Susan, you talked about women leaving the workforce due to having children and the struggle when they receive, when they go back to work. Do you believe that women should keep their position in relation to pay promotions, workload, etc., even though they've left the workforce for the average of 10 months? Does this not discourage workers who have been in work every day grafting for promotions while the woman who left the workforce for 10 months? It's a valid point, Lucas. It's a valid point you make. And this is the reality of the situation is the woman who leaves the workplace, right? And I know we're saying a woman now. It's not always a woman, right? But in the context of the figures, it generally tends to be. Is it fair that that person would return to work on the same everything? Like you say, pay promotions, etc., it's not fair. Nope. It's not fair. You're right about that. The question is, is that how do we create an environment where when that woman goes back to work, she can go back at the same level through being able to do the same job? Is that through education during the way? Is that through training along the way? Is it through the company maintaining a relationship with the woman while she's out? Now, some of you, by the way, here tonight are mothers and you'll say to me, so that's completely infeasible. When you're trying to manage kids and you're trying to sleep or stay awake or whatever you're trying to do, the last thing you want to be trying to do is trying to tune into a conference call at the same time. My point isn't what's ultimately practical. My point is asking the question and this is what the gender pay gap. People who really work on this all the time have to answer, take a question very seriously, of course, to do and say, how do we create an environment where like, like Lucas, I don't have kids. So therefore, as you say, like if I was in an environment like that, and if I was getting promotions and so on like that, would it be fair? Fairness is one question we need to ask, but also how do we make it fair? How do we level the playing route? How do we do that? And that is the job of economists and policymakers and businesses and workers to have as a conversation. You make a good point. You do, you're for sure. So who else now? Right, Cody. Great question, Cody. As a student, how can I balance schoolwork, part-time job and playing rugby? Love the seminar so far. Cody, you make another great point. And it's a very valid one. And like to all of you, all of you teenagers out there, like Cody's right, like you do all have to balance that. And it's important that you're not just studying. And by the way, it's also important that you are. So, you know, and Cody, I like, I ask myself that question all the time. How do you balance? I'll give you three things, right? One is ensure that you have enough time for all, but give them the value, give them the time that they deserve, right? Not the time you'd like to give them, but that they deserve. Your schoolwork does deserve time. And I know it's a challenge at the moment with not being in school. I know that, but it does deserve it. Your part-time job, obviously, from the point of view of your employer, I know that you have to probably be there or something I don't know what it is. And playing rugby, obviously, I know your coach wants you to do whatever you need to do as well, but balance it according to what's going to be important in the medium term for you. And really, that's probably school first. And I don't know where the job and rugby come after that. So that's the first thing is give them the time that they deserve in the order that it'll ultimately make a difference to you. The second thing I would say is, is make sure that when you're spending time on one, you're not thinking about the other, right? So when you're like working on your schoolwork, rather than thinking, I should be, you know, thinking about rugby or whatever, just learn, that's called mindfulness, just learn how to focus on what you're doing at the time, right? Just learn. I've learned it because I have said, like, when you're taking care of clients and taking care of staff and taking care of yourself and then, you know, being home with mam and dad, like I say, then from time to time as well, like, you know, you just have to learn how to be in the now. So that's how you can balance it. And then the third thing I would say is that appreciate that it's not always easy. And it's not always easy to do everything. And if you find, oh, God, I'm always worn out or if I'm, or maybe it is that you feel guilty because you're not studying enough and you're doing too much work or whatever, talk to whoever's involved and say to them, say, ask them the question that you've asked me. Okay. And just ask them to help you out. You don't have to, like, you don't have to do this on your own. Same. I would say to any of you. Same. I would say to any single one of you. I mean it. Any single one of you, teachers, parents, the lot, I would say the same for you is give things the time they deserve. Learn how to be mindful. That's been my secret weapon. And thirdly is voice. If you're feeling that it's difficult to balance everything, tell people. I've had to tell my staff, I've had to tell, you know, I've had to tell clients even sometimes to say, okay, you know, look, I'm not going to be able to get done something done by Thursday. It's now Monday. I'm just giving you time in advance to know I need an extension on this because there's been an awful lot of demands in this job. And, and I want to do a great job for you. So I could get a bad job done by Thursday are a really good one done by Monday. And I think you'd like a really good one. That's what I'd say. Cody, excellent question. Daniel, will the citizens of Ireland have to suffer a huge burden of tax because of all of the money going out to the economy government? I know this is very unknown, but I'd love to hear your opinion. Thank you. Sorry, Daniela, apologies. Daniela, excellent question. Excellent question. Right. Where are we, where, like Dad asked me that the other night on the committee. So like, where are we getting all this money? Some of it was there in terms of the government, like cash pile. Some of it is actually from the point of view of the multiplier. I don't know, Daniela, if you've already done this, right, but the multiplier is a Keynesian thought process. It's in the syllabus. And we talk about the marginal propensity to consume. If people are not spending money, if they're not spending me, well, then it doesn't kind of the knock on effect of going to different businesses and then it can't be passed on to staff and then, you know, and on and on and on again. So in some cases, this money will actually repay itself, right? The money that is being spent, like the, say that the, some of the, like the social welfare supports 350 euros a week, a lot of people will spend that very, very quickly. And of course, they might go super value and then they'll spend it in groceries, then it'll circulate around and around and around in the economy. So what I would say there is it's, it's, it's well, like it's, it's, it's going to repay itself through the multiplier, right? And I don't quite, you know, I don't quite am, you know, I'm not quite sure. Well, I know I don't have the time tonight to get into how the multiplier works. So I don't know if you know about it or not, but it's well worth looking into from how that would happen. And then other ways the company can borrow, sorry, the country can borrow. We can borrow money on the international markets. That's called borrowing on the bond market. And we, our cost of borrowing is very low. And that's driven from a variety of things, including monetary policy again, something I didn't get time to get into tonight. And then after that, there may well be tax. I don't know how much, but all I'm just saying is that it's not just relying totally on tax, it will be down to some savings, you could say that the government has some through the multiplier will repay itself, some will be borrowed and possibly some then through revenue raising as well. And Astrid says question for women trying to get back into the workforce. Obviously it's a lot harder due to Brexit and now because COVID-19. What advice would you give to women now as less companies will be hiring? Thank you. Astrid, great question. I would say number one, I deal with that question all the time through my springboard students, all the time, right? All the time. What I would say is for a start, go and look at the, go and look at the recruitment companies. Their job is to get you a job, right? So for women, our men, their job is to get you a job like their business model. That was how I got my job in Edinburgh, by the way, is that when I went to them and I was applying for a job, then they gave me, they gave me a mock interview and then they said, okay, we think you could be good for this company, that company, would you like to work here? Would you like to work there? I said, I'd like to try there. I ended up working for the MS Society, multiple cirrhosis society in Scotland for the summer. And that was that. Now, it's not as simple as that always, but in my case, back then, it was. So I would say, first of all, I go to the recruitment companies. Number two, I would check out Springboard if you need to upskill in any way, in any way, shape, or form at all. And then the third thing that I would say is look at those return to work programs. Merrill Lynch runs one, Vodafone run another one. So there's a lot of companies that do that also. And then of course, otherwise, you know, keep applying and treat getting a job like a job. In other words, your job for, you know, Monday to Friday, nine to five is, you know, sharpening up your CV, sending out invites or sending out LinkedIn invites to people who could be potentially good to talk to, looking up who has these programs, etc. That's what I'd say. Right. Let me see now. If I go back up, Sean companies, and I think you said companies, government has helped to make flexi time and job benefit. Yeah, exactly. So for companies, the government has helped with flexi time and job benefit to make up for work from home. And government has helped with flexi time and job benefit to make up for work from home. Yeah, I mean, the thing is, is that that, like, I don't know if you're talking about the government in terms of the public service, but it's, it's a very interesting time. And it will be an even more interesting time because there will be more and more companies that has to do this, the public service is going to have to have to do this as well. So like flexi time and, and, and the, and so on like that, that is going to probably become, it may not, well, I think it'll become more and more a thing. But rather than flexi time, like flexi time is I'm going to work from eight to four instead of nine to five flexi time, I think could change into I have got five things to do today, five things that I have to deliver to the business or to the, to my employer. Now, if, if I, at the end of that, if I don't have them done, like I say, I started six in the morning, I'm finishing two o'clock, right, that's that. It's not about the amount of time that I spend, it's instead about the amount of work that I get done. And that's, that's the type of thing that I think you'll see more and more. Now, what else have I got up here? Seamus is now a good time to buy shares. Excellent question, Seamus. It's one that I'm looking at myself, you know, I do an awful lot of training in the financial markets. It's a very, very, very volatile, very, very volatile time. I'd love to get into this in a lot more detail, but I really can't because of, of the wide brief that I have tonight. What I will say is, I would check out GillanMarkets.com. They're an Irish company. They do a lot of, it's where I used to, that's where I used to work, like 10 years ago. They do a lot of commentary on the market at the moment. They've a newsletter that you could check out for sure. That's one that I've certainly been reading over the past while. And also another company that I do, well that I work with now, right, so GillanMarkets, as I say, I used to work with before, but another company you could look at is VectorVest. They do a lot of commentary around the market at the moment. And so they would also be a helpful resource as well to answer your question. But I couldn't just give you a straightforward answer, do I think, or could I give any advice on buying shares at the moment? It would be too broad to do that. Okay, just, I'm going to wrap up here now, but I just wanted to answer any last questions. Love the webinar. What is the links to the previous ones? Positiveeconomics.ie, by the way, Emma, that's where you can get it. But I'll put that link on to the follow-up email. You said, Jamie said, if the adjusted pay gap is only 2%, then what is the modern feminist movement trying to achieve in terms of the pay gap? Jamie, good question. The point is, is just because that the adjusted pay gap is now only 2% doesn't mean that, as you call them, the modern feminist is happy with the access or the feeling that women have as regards going for the jobs that I'm mentioning in terms of the higher pay or in terms of the 75% of unpaid work in the world done by women. So while the adjusted pay gap may be very narrow, we still have opportunities to close the own adjusted one. Roshine, do you think that if women could work at home while looking after children, that the ability to work more while having children could help them retain their status in the workplace thereby reducing the gap? Yeah, it's a good question, Roshine. That comes down to demand and supply. Typical economics answer is, will the workplace provide the infrastructure to enable that to happen? And does the woman want to do that? And when you answer both yes, then the answer is, of course, yes, it will help to reduce the pay gap. And like I have, we have one staff member, she's mother of two children. She's absolutely brilliant. We love her. And so we, yeah, like, I mean, when we took her on first, her kids were younger than they are now. And she works remotely, all with hauls. She does the homework with kids in the evening. So like she doesn't work at all while homework time is going on. But she works other times in the day. And we all live happily ever after. So yeah, yeah, for sure. If there has to be a willingness on the person who's working and the employer. Grace, what do you usually speak on your travels to different countries and different types of people? What's the best part of your job? Also any advice being an entrepreneur? Grace, do you know what? I will happily answer all of those on the next webinar, because the next one is about enterprise, right? I'll answer them in detail. But what do I usually speak on? Entrepreneurship, financial markets and economics is what I speak on. And I do an awful lot of work in working with young people in Ireland and around the world. That is what I do. What's the best part of my job? The best part of my job is that I really love solving clients problems. Love it. Love it. Love it. Including you, right? Including you, Grace. I love the fact that I have been able to talk to well over a hundred of you here tonight. And I have been able to hopefully help you in understanding what's going on in the economy and work towards what you're doing for your leaving search and your teachers. And anybody else who's not, I hope it's been a value to them. I love solving people's problems in a business environment. Also, I need advice to being an entrepreneur. I could go on forever. And that's where I will pick up on that at the next stage. Okay. I think I've answered everybody there. So at this point, Jake is asking me to say hello to Mr. Douglas. So hello, Mr. Douglas. And the girl said, when is the next webinar? The next webinar is going to be on next month. It's going to be on enterprise and we're going to be sending out an email to everybody who's registered for this one with the date and the link. So we'll be delighted to talk to you. We'll be delighted to talk to you. Jamie says, thanks. I think the pay gap issue is incredibly complex and multifaceted. You're right. Yeah, it is. It really is. And that's why I've sought to try to, you know, bring it back to what's really important from the point of view of the leaving start syllabus. You're welcome, Gold. And thank you for thanking me. Really appreciate your time. I know a lot of you have stayed with me right now for the full hour and a half. I have to say hi to Mr. McDade. He's a bleeding legend. That's from Lucas. Just make sure now that I got that message across. Really hope that I wish you the very, very best with your studies from now until the next time I talk to you. I, as I say, mentioned, I just wanted to say thanks so much for your time tonight. Thank you to the teachers. Thank you to you, the students. And thank you to Edco, the education company of Ireland from Brian and Trudy and myself. We're so appreciative that you that you've supported us and our book. And as I say, we will be here to help you right along the way over the next while. Okay. The next while, as I say, beyond when COVID-19 is even when it's finished, there'll still be a monthly, monthly webinar. Okay. So, Grace, thank you so much for this webinar. Welcome, Grace. And I'll see you next time. And every best wish to every single one of you. Thank you and good night.