How to Recruit and Hire a Data Scientist, Plus Salary

Industry experts estimate that 2.3 trillion gigabytes of big data is created each day and a recent IBM study found we’ve generated 90% of the world’s collective data in the last few years alone.

In our data-centric world, this means your business will have to store, analyze, and utilize even more data to come.

However, a McKinsey & Company study predicts there will be as many as 250,000 vacant data scientist roles in less than a decade, which is why now is the time to secure this in-demand talent.

Forward-thinking companies like yours must adapt hiring strategies to recruit data Scientists who can analyze big data, provide enhanced insights, and assist your business to outperform your competitors.

What is data science?

Data science is a complex field that combines mathematics, statistics, programming, and business analysis to extract insights from large sets of structured and unstructured data.

Data scientists are responsible for developing methods and techniques for collecting, analyzing, interpreting, and visualizing data to aid business decision-making.

They use their analytical skills to design experiments, build predictive models, perform analytics on collected data sets, interpret results, develop statistical models, create visualizations from the analysis, present findings to stakeholders, and make recommendations.

Data scientists also need strong problem-solving and communication skills as they often collaborate with other professionals in different departments.

How to recruit and hire data scientists

To prepare for the future and set your business up for success, there are a few strategies your company can implement to successfully recruit data scientists that include understanding data science salaries, prioritizing work-life balance for your data scientists, and promoting clear data science career paths.

Research data science salaries

First and foremost, remember that companies like yours are also looking to hire for this in-demand role, meaning many will end up hoping to recruit the same talent.

One way your business can stand out and attract highly-qualified professionals is by offering competitive salaries.

Take advantage of resources like an annual Salary Guide, which provides exclusive insights on the average salary range for data scientists and other roles across tech, digital marketing, and creative fields.

At the time this article was published, the salary range for a data scientist averages $98,000-$256,000.

The data found in this Guide will help you identify and provide competitive salary offers to the data science talent you’re looking to hire.

Prioritize the work-life balance of data scientists

It’s no secret that when companies prioritize work-life balance, it increases employee engagement and helps drive innovation.

When looking to recruit data scientists who can help analyze your data, be sure to emphasize your focus on creating a better work-life balance for the Tech talent that joins.

Even before onboarding for this in-demand role, your company should show potential hires that you view your employees as valuable assets, and not just as numbers.

Expanding employee benefits to include work-from-home options, unlimited PTO, and more flexible scheduling will improve your brand’s appeal and highlight what your business can offer in-demand Tech talent that competitors can’t.

Offer clear data science career paths

When looking to recruit data scientists, one strategy your business should consider is promoting career mobility.

Be sure to explain to candidates how your company rewards tenure and employees who invest in the business.

Promoting career mobility, as early as the job-posting or interview stages, will attract talent seeking to grow with a company, while investing in your employees‘ careers will increase retention rates and create a culture where your professionals motivate one another to do their best, each becoming champions of your business’s success.

Show potential candidates you see the importance of taking the time to build a meaningful relationship with your employees and that the role they’re considering isn’t stagnant but one with many professional opportunities down the road.

The growing demand for data science jobs

There are a number of factors across many industries that are driving the demand for data scientist jobs that include businesses using big data analytics to improve operations, increased profits, and using data to inform business decisions.

Data scientists for big data analytics (BDA)

Demand for data scientists in the United States is expected to increase by 36% over the next few years according to the Bureau of Labor Statistics.

With businesses across various sectors already utilizing big data analytics (BDA) to help improve processes and operations, and the Association for Packaging and Processing Technologies predicting every industry will utilize BDA to receive faster data collection, it’s safe to assume demand for this role will continue to grow.   

Data scientists help increase profits

Companies that successfully recruit data scientists and then adopt data-driven practices were 5% more profitable than their competition, based on recent findings by MIT researchers.

Besides helping your business stay successful in today’s busy marketplace, data dcientists are in-demand because they are vital for companies looking to transition into the new digitalized industrial revolution, also referred to as Industry 4.0, which is set to create new data convergence and industry stability.

Data scientists help drive key business decisions

Without this role, your company’s mass stores of data decrease in value, and crucial data-driven analytics are lost.

Ask yourself what good the data will be if you have no way of deciphering it?

By 2021, Cisco, a networking hardware company, estimates that data stored in data centers will quintuple, to 1.3 zettabytes per month.

With many industry experts expecting the amount of data created and the demand for data scientists to increase in the next few years, it’s crucial that your company secure the professionals needed for this role now before access to qualified talent becomes even more limited.

Hiring data scientists

The demand for data scientists is set to increase over the coming years, which means now is the time to secure the Tech talent you need.

If your company is looking for Tech professionals who can assist in getting the most out of your data and applying the latest innovative techniques, contact Mondo today.

The data scientists found in our exclusive network have the expertise needed to identify hidden insights and trends within your big data to help develop new strategies that will positively impact your business’s bottom line.  

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