Almost 75% of IT leaders believe the data and analytics industry is facing a talent shortage, according to Adastra, a data and analytics firm. Despite that, 91% view data as an important part of their business, which poses a problem.
“As data is increasingly embraced by existing and emerging industries, the demand on the labor pool is daunting,” said Adastra Chief Technology Strategy Officer Rahim Hajee. “It goes far beyond data scientists, especially for larger corporations who often depend on teams of programmers, data visualization experts, project-specific coordinators” and others.
According to the U.S. Bureau of Labor Statistics, by 2026 the number of jobs requiring data science skills will increase nearly 28%. However, the number of STEM graduates every year isn’t meeting the demand of companies in need of people with those sets of skills.
According to Adastra, 89% of the survey participants said their organizations in 2023 will spend the same amount or more on data estate modernization compared to 2022. This is indicative of a greater reliance by organizations on data and data professionals— with the goal of improving profitability and operational efficiencies, the company said.
While nearly four in five — around 88% of IT decision makers agree that data utilization can distinguish an organization from its competition, almost 60% admitted their executive teams are too old to understand the benefits of data. Meanwhile, 65% agreed their company is falling behind its competition in using data analytics.
On top of that, 56% of CEOs are worried their competitors will move ahead with data estate modernization more quickly than their own organizations. At the same time, nearly half (47%) of respondents believe their company is doing as well as their competitors when it comes to using data and analytics.
“The challenge in attracting new talent to a legacy business will become increasingly more difficult with each passing year,” said Hajee. “Innovative organizations will continue investing in data and analytics to leverage more value against accelerating costs in talent acquisition.”
Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.
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