Data and analytics job market: a recruitment view

As the global leader in data and analytics recruitment, we make it our business at Harnham to always be aware of the state of the marketplace. From the hottest roles and technologies, to the most sought-after benefits, we pride ourselves on our understanding of the industry. And, in 2018, it’s looking stronger than ever.

While the political climate remains unstable, and the uncertainty around Brexit continues, the data industry is continuing to healthily grow. Our latest salary survey, compiled with feedback from more than 1,600 United Kingdom-based data and analytics professionals, paints an optimistic picture of a marketplace with great opportunities for specialists and businesses alike.

Position of Strength

As with any buoyant industry, demand for skilled data specialists outstrips supply, resulting in an incredibly candidate-friendly market and plenty of opportunity. We’re already seeing that 56 percent of analysts have flexible working hours and locations, but we’d expect to see this number climb even higher over the next few years as this way of working becomes more and more popular.

Unsurprisingly, this is also impacting salaries shown in our survey, with an uncompetitive salary the top reason for leaving a role. Employers are having to ensure that they fully compensate their staff with competitive wages and, often, bonuses. Some 58 percent of our respondents received a bonus in 2017, averaging 14.6 percent of their salary. Moreover, 68 percent saw their bonus increase over the previous year.

Analysts Can Be Choosers

We’re also finding that data specialists continue to be selective with the type of roles they are choosing, with 69 percent having been in their current role for less than two years. With technology more widespread, increased resources have resulted in a greater amount of opportunities and candidates are evaluating tools, tech and projects more than ever as part of their decision-making process. In particular, there is a strong desire for end-to-end ownership of projects.

Less employer loyalty has meant an incredibly active job market, with 80 percent of people who changed roles in 2017 moving externally. This, alongside a lack of available candidates, has led to a marked increase in the number of contract roles, with 20 percent of contractors saying there are six or more of them in their team. Furthermore, with 73 percent of initial contracts being extended, there is more permanence and less risk than before.

However, many businesses appear to have accepted a high rate of turnover, with only 25 percent of respondents receiving a counter offer after resigning. Given that only 12 percent of these were accepted and 33 percent of those have since resigned from that role, we are seeing companies proactively recruit throughout the year rather than only seeking talent at the point of need.

Gender Imbalance

While the evolution of the industry continues apace, we are still in a market where data specialists are overwhelmingly male. Females currently make up only 32 percent of data teams, and there is an average gender pay gap of 18 percent. Given that 15 percent of the teams surveyed had no female members, it’s clear that the data marketplace faces the same pitfalls as many STEM disciplines, and we all need to consider how to address this. For example, to attract a more diverse range of applicants, we believe that companies should consider introducing benefits such as parental leave and flexible working at the very first stage of the application process so candidates don’t have to ask for them.

Employer Opportunities

In this competitive, candidate-driven market, employers are having to work harder to attract and retain the best talent. However, by being aware of this there is the potential to stay ahead of the curve. If employers ensure that their salaries and bonuses are competitive, are clear about flexibility, benefits and project ownership, and expand their talent pool to build a more diverse team, they can stand out as market leaders. And, with a lack of learning and development opportunities being the second most popular reason for leaving a role, they can improve their retention by fostering an environment that fuels progression.

For more survey findings, including the average permanent and contract salaries for your discipline, download the 2018 Salary Guide from harnham.com.

Editor’s note:

The numbers and percentages quoted in this article are based on a survey of 1,600 U.K.-based data and analytics professionals. Harnham conducted similar surveys in Europe and the United States for separate reports on those regions. All three survey reports are available at harnham.com.