Discover 5 tips on how big data recruitment can help attract & retain talent.
A shortage of talent in data means it’s never been more important for hiring managers and HR to understand how to attract, and just as importantly, retain their talent.
According to Agni Ghosh, Vice President of Data at Glocomms USA, while data has always been part of tech, it is now its own beast, and deserves recognition and in turn, creative recruitment strategies to fill the vacant roles that the sector is experiencing in abundance.
Here, Agni shares five quick tips on adapting and retaining data talent for businesses and those hiring.
Understanding the growth of big data analytics in recruitment
It’s important to recognize just how much of a boom this area of technology has seen. It’s evolved massively and data skills are now very much sought across a number of industries and sectors that just a few years ago probably hadn’t even heard of a Data Scientist.
Because of this, competition for data talent has never been tougher and therefore clients need to get wise to who they are competing with. It’s also about staying up-to-date with the latest movers and shakers, and trends. Data specialists are seeing growth in new hot areas, such as AI and machine learning, and may make moves into there as opposed to a more traditional medium, so clients need to realize they too need to embrace and adapt to change.
Machine Learning used to be part of Data, and has now become its own space in basically 12 months. Therefore, it is really enticing when attracting talent if you are able to say you are looking into machine learning and there may be opportunities to grow this area; this could help align your company to the big data recruitment agencies.
Embracing new backgrounds
Because of this talent shortage, thanks to everyone wanting a piece of the data pool, it’s time for employers to look at different, non-traditional backgrounds for their data dream team. Career paths have changed and people are a lot more open to transferring their skills, and thus employers should be too.
We have seen emerging biotech firm data specialists head over to financial quant businesses and vice versa, so we all need to wrap our minds around non-traditional CVs and think about what fresh ideas they could bring to the table. Having an open mindset will also help you beat the competition, and when you’re competing with big banks to big tech, it’s important to embrace and evolve to a talent shortage.
Attracting talent earlier
We really embrace talent as soon as we can at Glocomms, and hiring managers shouldn’t think any differently. Working with a number of colleges and student organizations, it’s important to identify as soon as we know they are a good candidate, and sometimes that means job offers before someone has barely graduated. We have even seen a candidate get a job offer after being discovered via a research paper they produced at college. Remember, if candidates are getting their name out earlier, as a hiring manager, so should you.
Motivations and movements
Understanding how hot the market is will help to attract talent, but also discovering the real motivations behind wanting a new job will help to foster a positive working relationship. In terms of retention, it could also make the difference between someone staying and someone going.
Flexible working policies and the ability to work from home comes up time and time again as the pandemic has indelibly changed the way we work. It has also made in our opinion, candidates a little more up for risk. Life is too short, and they seem so much more open to different career paths and trying something new. Long gone are the days of boomers staying in one company, and while big names used to help get people through the door, the abundance of start-ups with strong financial credentials has also meant hiring managers can no longer rely on names or reputation.
Proof points such as evidence of opportunities to progress, as well as regular pay reviews, internal relocation programs, and training is key. Ultimately people stay for the people as well as the business, so ensuring your managers are fully trained to retain talent as well as possible is also crucial.
How big data and recruitment can win talent
Compensation is a huge driving factor, and we’re seeing 60% plus in terms of inflation compared to last year. Outside of pay, one of the biggest ways to win talent is offering flexible working. We touched on it earlier, but we are advising clients to add it to their benefits package as the new normal. Otherwise, you will lose this talent and you need to stay competitive with the rest of the market. And, not just in terms of home/hybrid working, but also, can you give job seekers the chance to move elsewhere? If you have relocation opportunities, it could make a difference. For example, the pandemic highlighted the need for many to be close to friends and family, so if a company doesn’t need someone in a big city office five days a week, can the role be based in another, smaller hub?
Speed is also of the essence. Counteroffers and competing offers are becoming more common, and especially in terms of the older, more traditional clients such as big banks, time is crucial. A start-up without all those HR hoops and tech tests can move in three days flat. People are moving fast and therefore so should businesses. This is one of the areas we spend time educating clients on the most, and we can help facilitate a faster hiring process for you as your talent partner.
If you are a start-up yourself, a big attraction is the lure of being part of something new and special. Ownership is exciting, so being able to offer an equity element in your compensation package helps. This is a bit of a cultural shift, but to attract the new generation of talent, we’d recommend such policies.
And, while it isn’t always down to money, we have witnessed a $150,000 sign-on bonus before, and we envision it happening again. Especially if you need to buy people out of shares, stocks and equity, it is something to consider.
Covering all Data related roles across the various STEM-related markets globally, including Data Science, AI, Machine Learning, Biometrics, Quantitative Analytics and Data Engineering across all markets.
Get in touch with one of our consultants to assist with your hiring needs today, or upload a vacancy now.