Nearly three-quarters of IT decision makers and influencers in the U.S. and Canada (74%) believe the data and analytics industry is facing a shortage of talent, according to the data and analytics firm Adastra.
That poses a problem, as 91% view data as an important part of their business.Industry-Wide Talent Shortage Puts a Brake on Use of Data, Analytics #HR #HRTech #Data Click To Tweet
Some 89% of the survey participants said their organizations will spend more (56%) or the same amount (33%) on data estate modernization during 2023 compared to 2022. That, the company said, indicates a greater reliance on data and data professionals as organizations strive to achieve operational efficiencies and improve profitability.
“As data is increasingly embraced by existing and emerging industries, the demand on the labor pool is daunting,” said Rahim Hajee, chief technology strategy officer at Adastra North America. “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.
In just a few years — by 2026 — the number of jobs requiring data science skills will grow by nearly 28%, projects the U.S. Bureau of Labor Statistics. However, as most any IT talent acquisition professional can tell you, the number of STEM graduates every year is out of sync with the demand created by companies pursuing data solutions
While nearly four in five (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.”