As we begin a new year, one of the most highly regarded talent pools will be data scientists, as their particular skill sets will become even more valuable for businesses.
During 2022, hiring in the tech industry exceeded many other sectors impacted by the transformation preceding the pandemic, the great resignation and a range of economic factors. This year, industry leaders expect to see tech hiring accelerate, especially in data science. With rising dependence on data and technology and new fields emerging, the overall value and demand for data-science-focused roles will increase. Data science hiring is anticipated to dominate this year as more individuals with the skills will explore a lucrative, skills-focused market, and these skills are particularly transferable in other markets like finance, pharma and supply chain. This will create more opportunities for potential candidates and reward them with higher salaries and incentives.
Power to the candidates The data science industry is still progressing as fields like AI and Machine Learning are accelerating. As a result, the meaning of a data scientist is constantly evolving, and businesses need to create teams with new skills. It’s challenging to have lots of experience in areas that are only emerging, especially for senior-level positions. Taking into account the changing roles, finding available talent can be challenging. Technology businesses will continue focusing on securing individuals for their data science roles throughout 2023. The niche skills data scientists have and the existing skill-based market have generated high competition for candidates within the tech scene. This means candidates have the power.
The other factor giving candidates added ability in the market is that the knowledge and skills in typical roles such as AI, computer science and statistics apply across the board. As a consequence, a data scientist from any discipline can work in fintech, insurance or healthcare, and they can use their skills straight away. This means that as other industries beyond tech begin to apply for data science-related positions, this will create further opportunities for these candidates.
The tight labour market and the possibility to transfer skills means candidates can negotiate their roles and benefits and seek more flexibility.
Businesses depend a lot on their data systems, which will likely take a significant step forward throughout this year. As companies apply more technologies and implement them into their business, such as investing in the cloud, this will make data positions far more critical and further developments outside traditional tech positions.
Data scientists are required for more than just monitoring trends and generating insights because as companies store more information and launch new technologies, it creates more areas of exposure to possible breaches and adds more regulatory issues. Cybercrime has been rising for the last few years, and companies that have ignored investing in data science talent to manage security and privacy face potentially losing significant sums of money. Furthermore, those that fail to invest in security risk management systems, tech and governance controls are unlikely to succeed.
As a result, organisations will be looking to hire for positions where a data scientist can manage their data across multiple industries such as supply chain, fintech, insurance and financial services. This creates a range of new roles for data scientists and increases the price to acquire them. As other markets compete for this talent, they will focus on the same talent pool but with more competitors. This year we will likely see rising competition and better offers made to secure candidates.
Emerging markets such as crypto will only increase the value of data scientists as these new industries require data specialists in their companies. Businesses will look to hire data scientists to handle roles in risk management, control and governance as the market continues to become more regulated. The risk and regulation side of the business is typically an area in which many lack tech and data staff, as most have traditionally focused on hiring for growth areas rather than risk.
A high-level data scientist with the skills and experience will be in a strong position. The tech market has shown resilience in hiring top talent, but new opportunities are appearing across other industries, and emerging technologies will generate higher hiring and demand levels. Companies will face stronger competition and need to offer more benefits, flexibility options and compensation packages to secure the best talent.