Through the lens of hiring managers and candidates
The job market for data science and analytics professionals continues to be tight. With limited resources and increased job openings, there remains a significant gap between supply and demand.
Over the years, we’ve placed dozens of analytics professionals in key roles across multiple sectors of the analytics industry. With a new year upon us, it’s a perfect time to share some advice for both hiring managers and candidates as marketplace trends emerge and evolve.
Here are six analytics industry trends for 2023 – along with their implications for hiring leaders and job seekers.
1. Macroeconomic conditions will slow hiring generally, but not so much in data analytics
Most economists predict a recession-like atmosphere for 2023. Traditionally, this means more layoffs and slower hiring. In the analytics space, hiring may slow slightly, but the industry will continue to grapple with more open jobs than candidates to fill them. With softening demand and market instability, we predict many candidates will gravitate toward financially stable companies, the safer bet.
As the economy begins to stabilize in late 2023, we expect both supply and demand to grow, triggering another hiring frenzy.
- Hiring Managers: With fewer companies hiring, there will be more competition for top candidates for open positions in the next six months. How will you differentiate? If you’re a hiring manager at a financially secure company, you can emphasize your organization’s stability in your job posting. Likewise, hiring managers at less secure companies can highlight the agility of your business model, which may perform well during a recessionary environment.
- Candidates: Given the unstable environment, you may be more reluctant to change your employer. Be sure to carefully evaluate the fit of the position, the stability of the organization, and the leadership team before making a jump.
2. The hybrid working model is here to stay
The pandemic has drastically changed the way we work, with most businesses adopting a remote or hybrid working environment. There continues to be a strong group of resistors to in-office working mandates. A recent Forbes study found remote workers are happier and more productive, contributing to fewer layoffs and increased profits.
It’s time to face it: remote and hybrid work environments are a high priority on nearly every candidate’s wish list.
- Hiring managers: Employers should weigh the requirement for in-office attendance, especially for hands-on coding roles like data scientists and analysts. Be open to remote working environments for new and existing employees.
- Candidates: Consider the importance of a hybrid work environment when evaluating opportunities. Balance the value of working remotely against other criteria such as compensation, stability, DEI policies, role and responsibilities, and growth potential. Ultimately, the decision is yours to make.
If you’re willing to work in an office, you’re in the driver’s seat. Leverage this advantage to negotiate a richer employment package.
3. DEI programs will be a differentiator
Diversity, equity, and inclusion will continue to grow in importance, especially as younger workers enter the market. A recent Gallup poll finds that Gen Z and younger millennials want leaders who support a diverse and inclusive workplace. Companies with a culture that supports and encourages DEI have seen many benefits, including an improvement in innovation, engagement, teamwork, recruiting and retention, and, ultimately, business outcomes and success.
- Hiring Managers: DEI is an important criterion to attract new candidates (and keep existing employees). Encourage your company to offer DEI-friendly policies and programs, like diversity employee resource groups, unconscious bias training, documented pay equity guidelines, and flexible holiday schedules. As a hiring manager, be sure to promote your company’s strong DEI culture; it may be the ultimate differentiator.
- Candidate: Research the DEI policies of the companies you’re considering. Identify the programs that are most important to you. Ask questions about your findings during interviews to learn more about their commitment to DEI, which will help you weigh different opportunities.
4. In-person networking returns to pre-pandemic levels
After nearly three years of virtual interactions, people are craving face-to-face work connections. In-person events are making a comeback with many expecting attendance to reach pre-pandemic levels in 2023.
There are plenty of opportunities for analytics professionals to network and connect, from large tradeshows and conferences (such as TDWI) to smaller, more intimate peer-to-peer gatherings (such as Analytics Leaders Network).
- Hiring Managers: Leverage in-person events to build credibility and engage with potential candidates. Consider getting a booth at a large trade show or partnering with a local networking group to sponsor a more intimate event. These are great ways to market your brand and connect with candidates.
- Candidates: If you’re comfortable with in-person events, they can help active job seekers make stronger connections with hiring managers by differentiating themselves from candidates with electronic resumes only. It’s also helpful to meet with peers to share knowledge and job experiences.
5. Shortage of senior-level analytics and data science talent continues
Unlike other industries dealing with aging workforces, the data analytics field is quite the opposite, with an uptick in college graduates earning freshly-minted data science degrees. Despite this, there’s an increasing gap between the supply and demand for experienced technical roles – i.e., data scientists, machine learning engineers, quant researchers, data engineers, and data architects.
All levels of data and analytics professionals are in high demand, especially seasoned talent. This trend isn’t slowing down any time soon.
- Hiring managers: Focus on critical competencies instead of trying to check every box for skills on a wishlist. Develop your team from within with strong training programs. Continue to build internal career ladders to “grow” talent. Be open to fully remote workers in less tapped geographies.
If you cannot find candidates to fill your roles, consider hiring an analytics consulting company to augment your staff or partner with your IT team to implement your analytics solutions.
- Candidates: If you are an experienced data professional, the ball is in your court. Assess the market; get clear on your priorities. Don’t compromise or be pressured into a role that is not right. Evaluate opportunities through a short- and long-term lens.
6. Retention continues to be a top priority
We believe the trend of great resigners and quiet quitters will continue into 2023.
Our years of talent experience have taught us that employees consider three levers when evaluating a job – compensation, culture, and career fit. To retain their best workers, employers must consider these three important criteria to keep people happy.
- Hiring managers: Conduct a market analysis of your compensation packages to ensure competitive offers. High inflation means employees want more money for their work. Consider sweetening salaries or bonuses, along with offering flexible or hybrid employment. These two top strategies are more cost-effective than recruiting, onboarding, and training new employees.
Additionally, keep these factors in mind:
- Relationship building is challenging in a remote world – open lines of communication; find time for one-on-one conversations to personally connect with team members.
- Ensure roles are challenging and rewarding. Data professionals want to grow and learn – provide clear career pathways and opportunities to flex analytics muscles.
- Invest in people development. Offer educational programs, such as cross-functional training, online course subscriptions, mentorship programs, paid industry certifications, lunch and learns, or continuing education stipends.
- Candidates: You will likely have your pick of roles. Choose wisely and don’t jump just for a higher salary. Evaluate: how does this new role fit within your short- and longer-range career goals? Be strategic in your decision and do your diligence. Before quitting (or even looking for another opportunity), consider having a candid conversation with your manager to see if what you are looking for is available at your current company.
Find fresh approaches to combat the analytics talent shortage
The market for data science and analytics professionals will remain strong in the coming years. Hiring managers must be proactive, addressing the above issues with intent. Don’t wait for your employees to start walking out the door! Likewise, candidates need to evaluate all aspects of a new job. Compensation is important, but so are culture and long-term career fit.
Find your fit. We can help.
Looking to hire the right senior data analytics or data science professional? Are you a seasoned candidate seeking to take your career to the next level? Mavent Analytics can help. We offer comprehensive recruiting services for data analytics and data science roles attracting highly-qualified, fully-engaged professionals with greater efficiency, for a lasting mutual fit. Learn more here.