Data & Analytics Market Update - Six months into 2023

After widespread freezes on both projects and hiring, is the market finally heating up?

The 2023 talent market saw a slow start in data and analytics, with the economic downturn and looming recession putting projects on hold and leaving employers hesitant to hire permanent staff. 

But after heavy reliance on contractors in the first half of 2023, Q2 reports show companies are now reinvesting in their data and analytics teams and moving forward with projects. 

The need for senior professionals is strong, as this new wave of investment creates a need for project leaders. Both candidates’ and employers’ wishlists have changed, with new roles and skill sets rising fast. Read on to discover the details.

What are the hottest new data and analytics roles?

Data Ops

DataOps is a collaborative approach to data management and processing. That helps teams improve the delivery and quality of data and to innovate by responding quickly to new business needs and opportunities. 

A relatively new discipline drawing on the same approach as DevOps - the merging of development and IT operations, DataOps is revolutionising the way departments are structured and work together.

The ever-increasing volume of complex data, and the rising number of people who need to work with it, makes DataOps a necessity for many organisations. The number of businesses needing DataOps skills will continue to rise, and, spoiler alert for our 2024 predictions, watch out next year for the rise of AIOps... 

Analytics Engineers

A relative newcomer, the Analytics Engineer role merges the technical prowess of data engineering teams with the business-facing insights provided by analysts.

By bringing together the work of analysts and engineers, Analytics Engineers help to standardise outputs in real-time across an organisation. They possess advanced technical skills together with strong stakeholder management and communication skills – a powerful combined skill set.

What skills are in demand?

Modern Data Warehousing

As organisations prioritise data-driven decision-making, professionals with modern data warehouse skills in Snowflake and Google Cloud are sought after to efficiently manage and analyse large volumes of data. With advanced capabilities and robust infrastructure, Snowflake and Google Cloud empower businesses to unlock valuable insights and gain a competitive edge.

Marketing Sciences and Econometrics, Mixed Marketing Modelling

Data professionals with expertise in data science and econometrics are in demand, especially within marketing and media agencies. With skills in data analysis, statistical modelling, and marketing strategy, organisations are able to extract insights, target audiences, and measure campaign effectiveness.

Data-driven marketing is shooting up the priority list and professionals able to deploy these skills play a crucial role in delivering impactful results and maximizing ROI.

What do candidates want?

The pandemic has changed the hiring landscape, particularly when it comes to the workplace environment. Hybrid and remote working have widened talent pools by removing restrictions on location, making more jobs accessible, and increasing flexibility of hours for those working around caring responsibilities. A 2023 study found that:

• 47% are now more likely to put family and personal life over work
• 21% of workers reported leaving previous positions due to lack of flexible hours or location
• 80% say they’re more or just as productive working from home.
• 24% reported this to be a major reason why they moved jobs in the last year

Employers now have to consider these factors seriously in order to appeal to a wider audience of potential candidates. However, this year there is rising momentum in support of going back to the office, with several high-profile large employers publicly stating a change of policy. Could the yhrid remote trend reverse as we move into 2024? 

Adaptability remains key for ambitious data & analytics professionals

In conclusion, the data and analytics market is heating up after a slow start in 2023.

Companies are reinvesting in their teams and projects, creating demand for senior professionals and new roles like DataOps and Analytics Engineers and skills in modern data warehousing and marketing sciences are highly sought after.

The pandemic has permanently changed the hiring landscape, with candidates putting welbeing high on their agenda, prioritising work-life balance and seeking flexible working arrangements.

The ability to constantly learn, adapt and embrace change is key to success for data and analytics professionals as we come to the second half of 2023. 

 

Whether you’re looking for work or looking to hire, we can help, contact us today to discuss your needs.

Download our 2023 Data and Analytics Salary Guide here.

 

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