Altavoces

Glenn Hofmann
Former Chief Analytics Officer at New York Life Insurance
Meenal Iyer

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Radar—Hiring & Retaining Data Talent in 2022

August 2022

Summary

The data science industry is currently grappling with significant challenges in hiring and retaining talent, often compared to a buyer's market where employees have more leverage than employers. Data leaders are tasked with managing the demands of compensation, work-life balance, and additional benefits, alongside the need to enhance and expand the skills of current teams. Organizations must concentrate on creating a positive work culture that encourages growth and learning to attract and retain talent. There's an increased focus on junior talent, which is abundant due to various educational programs, whereas experienced talent remains scarce. Companies must also prioritize diversity and inclusion, ensuring that every employee feels valued and heard. These challenges are set against a competitive background, where even non-technology firms must compete with technology giants for talent.

Key Takeaways:

Data science job market is extremely competitive, with more demand than supply for skilled professionals.
Organizations need to offer more than just high salaries; work-life balance and growth opportunities are vital.
Concentrating on logical and analytical skills over technical skills can help in identifying promising talent.
Diversity and inclusion are essential for retention and should be actively demonstrated in company culture.
Junior talent is more enthusiastic and can be nurtured to fill skill gaps within organizations.

Deep Dives

The Competitive Job Market

The current environment for hiring in the data science sector is exceptionally challenging. The demand for data scientists and data engineers is at an all-time high, while the supply remains limited ...
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. This has created a scenario where employees have more bargaining power than employers, akin to a buyer's market in real estate. Employers must now offer not just competitive salaries but also flexible work arrangements and additional benefits. As Minal Iyer points out, "The space is very tough and challenging... it's more an employee's market and not employer's." This shift requires companies to rethink their compensation strategies and employee offerings to remain attractive to top talent.

Reskilling and Upskilling Opportunities

To offset the talent shortage, organizations are investing in enhancing and expanding the skills of their current workforce. This approach not only fills immediate skill gaps but also serves as a retention strategy by showing employees a clear path for growth. Minal emphasizes the importance of this, saying, "You go back, revisit all the leveling of salaries for your current employees... and make sure that you're matching them to market to the new hires." By doing so, companies can ensure that their existing employees feel valued and are less likely to leave for other opportunities.

Emphasizing Work Culture and Diversity

A positive work culture that supports diversity and inclusion is now a necessity rather than a perk. Employees seek environments where they can bring their authentic selves to work and feel valued for their contributions. This is vital for both attracting and retaining talent. As Minal notes, "Diversity needs to be a continued engagement and conversation. It plays a very big role in retention." Companies are encouraged to reflect diversity in their hiring panels and maintain active conversations around this topic to ensure all employees feel heard and included.

The Role of Junior Talent

Given the scarcity of senior talent, organizations are increasingly looking towards junior talent to fill roles. Junior professionals, often fresh from educational programs, bring enthusiasm and a willingness to learn, which can be effectively utilized. Minal shares her success with hiring junior talent, stating, "Junior resources are much more enthusiastic to learn... focus on their logical and analytical skills rather than just technical skills." By providing the right training and development opportunities, companies can cultivate a skilled workforce from the ground up, addressing both current and future talent needs.