Radar—Hiring & Retaining Data Talent in 2022

. 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.