As businesses grow more data-savvy, the Analytics domain evolves further, and creates newer job roles in this field
Developing an in-depth understanding of the trends in the Analytics industry is important for professional success in the field, given the rapid growth of the demand, variety, and skill requirements of job roles in the industry.
With the onset of the digital revolution, the importance of data has increased manifold, and as an extension, the analysis of this data to derive meaningful insights is very critical for success of any business. Robust Data Analytics enables leaders to make informed decisions regarding the day-to-day operations as well as planning for the future.
In this regard, let us have a look at the current hiring trends in the Analytics industry:
High demand driven by rapid growth
According to Research and Markets’ ‘Big Data – Global Market Trajectory & Analytics’ report, despite the pandemic, the market for Big Data and Analytics is forecasted to attain a value of $86 billion by 2024, driven by rapid growth at 20 per cent annually over the next few years.
This has led to an increase in the demand for Data Analysts which has been predicted to have a 20 per cent annual growth from 2018 to 2028 by the U.S. Bureau of Labour Statistics. Additionally, The World Economic Forum’s Future of Jobs 2020 report has listed Data Analysts and Data Scientists, AI and Machine Learning Specialists, and Big Data Specialists as the leading roles with increasing demand across industries. Similarly, the LinkedIn 2021 jobs report also states that the demand for Data Scientists and Artificial Intelligence (AI) practitioners has grown by nearly 46 per cent and 32 per cent, respectively, between 2019 and 2020, as the pandemic has made businesses rely heavily on Data Science capabilities for better decision making.
Need for blended skills consisting of business understanding and technical skills
It is of utmost importance to have a combination of soft and technical skills for an individual to perfectly fit into the roles offered by the Analytics industry. Hence, the basic skills that a professional aspiring to join the industry must possess include active learning capability, critical thinking, communication skills, complex problem-solving ability, and a structured thought process. In addition, the knowledge of technical skills such as understanding of programming languages (Python, R, SQL, etc.) and familiarity with various tools, algorithms and platforms is essential. Also, the knowledge of Cloud based services and associated technologies for platforms including AWS, Microsoft Azure, and Google Cloud could be further helpful. It is imperative to be able to apply the technical skills and contextualize the solution for the specific business problem, and therefore the blended skills are required to succeed.
Pandemic leading to rapid digitisation of hiring processes
There has been a mixed impact of the Coronavirus pandemic on talent-acquisition processes. Due to the wave of digital transformation and the larger adoption of virtual channels, companies have been able to expand the overall reach of their recruitment activities. However, on the other hand, sourcing talent has become more competitive than ever before due to flexibility offered with locations and lower switching costs. Talent Acquisition professionals have been leveraging digital tools extensively to manage the search for suitable candidates and also to build a comprehensive talent pipeline. However, for the blended skills required in the Analytics industry, the parameters that are considered for hiring the candidates remain the same as before.
Increasing trend of hire and grow philosophy
The focus for companies is shifting towards hiring raw talent and training them through advanced learning and development programs. This trend is substantiated due to the rapid pace of change in the Analytics industry in terms of tools and techniques. Another emerging theme is to encourage internal mobility, even in traditionally rigidly structured organizations. This helps in addressing the shifting skillset requirements by leveraging the existing talent pool itself. This creates an environment of learning and growth inside the organization for employees. In addition, companies are also broadening the scope of their talent search and the diversity of their talent sources by looking beyond the standard STEM pool and exploring candidates with skills that are relevant as well as transferable to analytics related job roles.
Overall, the trends in both demand and supply side for fulfilling the analytical needs of businesses are strong and shifting. There is a large demand for technologically-savvy and analytically competent workforces across organisations to keep pace with the dynamic landscape of the business world. Therefore, it is very crucial for candidates to understand these trends to develop themselves into competent Data Analytics professionals, and succeed in their job role. As businesses become more data savvy, the Analytics domain is going to evolve further, finding use-cases and application in new domains, leading to creation of newer job roles in this space.
The author is COO, Merilytics
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.