Category

Data Science

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Do you want to relish a career that is resilient and at the peak of its demand when across the globe, individuals and industries are writhing in pain engendered by the global pandemic and an abysmal economic recession? Your magic bullet is to become a data scientist.

This upswing is witnessed in the wake of a dreadful occurrence wherein the United States alone, and people witnessed layoffs of nearly 10 million in April alone. The aftermath is not restricted to lofty unemployment but has ushered business disruption, and most crucial is the significant dwindling in the global GDP growth.

At the same time, we observe a data science job market that is resistant to these economic woes with negligible layoffs and salary cuts.

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Why is Data Science Job the Elixir in the Wake of a Pandemic?

The impact of Covid-19 on the data science and analytics community was examined by the joined collaboration of Burtch Works and International Institute for Analytics (IIA). The primary reason why the analytics team remains insulated is their commendable contribution to navigating the crisis. From March to May, 18.2% of organizations state that there is a dearth of proper analytics to address the issue of swift resolutions that the pandemic has facilitated. Therefore, 45% of the organizations maintain the analytics team as an integral part of the organization.

July had observed augmented hiring due to the Covid-19 crisis on organizations, as reported by 7.6% data scientists and analytics professionals. At the same time, 42.1% stated that they had not been affected by salary cuts, hiring freezes, furlough, or layoffs. In comparison, 35.7% responded that their team had been troubled by a maximum of one of these options, while 14.5% reported that the rumours on additional cuts are still looming in the air. The significant finding was that 67.7% of respondents were secure about their personal situation, and 64.4% were optimistic about their company’s stature.

 

The recent upsurge of AI applications employed tremendously by the healthcare sector, educational institutions, and governmental agencies has engendered a magnified demand for Analytics. It is also vital because of its optimising cost and diminished the dissipation of resources. The augmented AI spending will require the crucial role of data scientists for utilizing these automated systems.

The sole option of remote work has been a blessing in disguise for the analytics community as it has proved heightened efficacy and productivity. They are endowed with needed tools and platforms to perform their responsibilities.

The advent of intensified data will enkindle the demand for data scientists; therefore, unlike other industries, it isn’t a volatile sector. An efficient data science team is not an overnight task but takes years to fashion, and hence forfeiting your valuable staff is never an impressive idea.