We discussed in the past how Big Data is impacting businesses. Being able to analyze business and work-related data is becoming increasingly important. Industries across the board are working feverishly, using their data to understand customers and employees. The better you understand the data, the better you manage your business. With data ruling much of what we do, the importance of reviewing it and analyzing becomes equally essential. Finding the right staff to interpret the data is even more important.
Recently, a report by the Society of Human Resource Management and sponsored by the American Statistical Association, conducted a survey to help with workforce planning over the next 5-10 years. The report covers the supply and demand for data analysis skills, the function and types of employees needed for these jobs, and skill and education requirements for different levels.
Here are some of their key findings:
59% of organizations expect to increase the number of positions requiring data analysis skills over the next five years.
The majority of organizations (82%) currently have or expect to have positions that require data analysis skills in 2016. Demand has been increasing and is expected to continue rowing over the next five years. In the last 12 months, more than three-quarters of organizations (78%) reported difficulty recruiting for data analysis positions.
At the basic skill level, organizations typically require a high school diploma (35%) or a bachelor’s degree (35%), whereas 14% require an associate’s degree. Often job announcements do not specify or require a particular field of study (61%).
The need for moderate skill levels is most prevalent (83%), and organizations typically require a bachelor’s degree for these skill levels. At least one-third of organizations prefer a degree in analytics, computer science or statistics.
The most common functional areas for data analysis positions are accounting and finance (71%), human resources (54%) and business administration (50%). Usually these are full-time positions at mid-level management (79%) and individual contributor (73%) levels. However, 60% of organizations require senior management or executives to have data analysis skills.
For advanced skills, most organizations require either a bachelor’s (57%) or a master’s (25%) degree. Although statistics and analytics are the most commonly preferred fields, some organizations have a need for degrees in engineering (35%) and data science (27%).
More about Data Analysis
Data analysis skills are defined as “the ability to gather, analyze and draw practical conclusions from data, as well as communicate data findings to others.” Some examples of data positions include the following:
– Data analyst
– Data scientist
– Market research analyst
– Financial analyst
– Research manager
Departments that Use Data & Jobs We Fill
For some departments like Finance or Accounting, data analysis is crucial. With the increasing demand for data collection and interpretation, what do other industries and or departments have a great need for data over the next 5-10 years? The study highlighted the “Functional Areas for Positions Requiring Data Analysis Skills.” Below are a few of the results:
– Accounting & Finance – 71%
– Human Resources – 54%
– Business & Administration – 50%
– Marketing, Advertising & Sales – 40%
– Customer Service – 18%
Interestingly, our business provides recruiting services for employers needing candidates in these departments and more. For more information about the typical jobs visit here. The increase of data skills will no doubt continue if not increase. Our business has spent over two decades working in the market and can attest to the increase in the need for data skills. If your business is struggling with finding the right candidate with the right amount of data skills, we offer extensive expertise in recruiting data positions and more. For more information, contact us for a free consult.
ABOUT THE AUTHOR, Ingrid Moore
Ingrid Moore is the President and Owner of Corporate Resources of Illinois, an employment & staffing agency with over 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.