There is little doubt that having the top data analytics talent on your side is big business. In fact, this is one of the most interesting fields in the job market today. There is incredible demand for qualified professionals in data analytics but there is a significant shortage of professionals to fill those positions. Because this field is becoming an important part of business decision making, there is a good deal of competitions for those people viewed as the top talent in the field.
Is There Really a Shortage of Data Talent?
Some experts believe that by 2018, the United States will be facing a significant shortage of talented analytics professionals. These professionals will be unavailable to companies who want to use big data. As many as 140,000 to 190,000 positions could go unfilled. That does not account for the 1.5 million managers and analysts who will have the knowledge and skill to take the analytic data and use it to make effective decisions within the business.
Those companies able to land top talent could see operating margins increase by as much as 60 percent. Many businesses are realizing this need and, as a result, are taking the time to find the best talent in the field. The effects of not having the right professionals could be astounding with product launch setbacks and various project delays likely in many organizations as a direct result.
Why Is This a Problem?
There are some factors in the market demanding this need for talent. The explosive growth in big data is one of them. The amounts of data being collected has never been larger. And, 72 percent of businesses plan to increase spending on business analytics, therefore pushing that data number even higher.
One key component of the problem in finding this talent is that many schools and universities do not have programs in place yet to teach the skills necessary to fill these positions. Even worse, many developing countries are more likely to create the graduates needed than the US is simply because there are degree fields available in those areas.
Overcoming Staffing Limitations
For those businesses that do not want to be struggling to fill such positions, time is of the essence. Having a plan to find the right mixture of IT expertise and analytical skill is necessary.
- Know the strength of talent you are looking for so you know which skills you need to hire for right now and in the future.
- Look for those with top skills. This is likely to be individuals with data experience, basic statistics, and creative problem solving.
- Look for those with great education foundations including in the areas of social sciences, market research, and advanced statistics.
- Take advantage of data and IT staffing agencies, such as Venteon, to provide on-demand data and IT specialists to fill key assignments.
It may take working with a consulting service to find the personnel you need. There is significant demand and the competition is high. Hiring and then retaining these talented professionals is critical.