Talent strategy for data scientists

It’s not uncommon for firms to face several core challenges recruiting, developing, and retaining data scientists and technical leaders. Below are several reasons why:

• Hiring teams don’t really understand what they’re looking for. Data science is marketing genius but remains a foggy term when put into practice. For instance, a ‘data scientist’ could be an expert at developing applications that ingest real-time data streams and develops decision recommendations for business managers. Alternatively, a ‘data scientist’ could be a forensic expert doing research in a laboratory pouring through massive troves of real-world evidence to identify relationships between various treatment protocols and patient outcomes.

 

• Not enough data scientists exist and competition for them is intense. Most organizations today recognize that acquiring this skill set is mission critical for innovation. Unfortunately, the demand for data scientists has grown faster than they can be grown. Everyone needs this skill set, as technology is expanding across all industries and transforming analog processes into digital ones. Firms that fail to invest know they will eventually lose any competitive advantage they may have. However, data science is still an emerging field. Few mid-career professionals have the skill sets that companies require. Emerging graduates are few and still require industry experience before they realize their full potential.

 

• A viable Career Path doesn’t exist at your firm. Firms that aren’t digitally native often struggle with this. Creating a role for a skilled data scientist in your organization may seem straightforward, but how do you envision that person’s career evolving? Can you fluidly describe how a data scientist will mature and grow in the organization with ease? If not, that’s because this is likely a new path that needs to be paved inside your company. More broadly, this is about creating an ecosystem where data scientists can thrive. Junior data scientist positions should have more senior data science leaders working over them to provide them apprenticeship. Conversely, you’ll need to point to senior data scientists who have succeeded inside your firm.

 

• Data Science needs Big Data – Data scientists thrive when either working with vast amounts of proprietary data and/or public data. Often these types of data sets are found either inside a large firm (e.g. Amazon) or when building a platform for larger institutions to use (think startups). Strangely, those that may struggle most in finding top talent are mid-sized firms hoping to build upon their own unique proprietary knowledge. Data challenges at these firms may not be as daunting and less appealing for someone looking to make a mark and advance their career.

How do you mitigate these challenges and compete effectively against the digitally native tech firms? (note: each topic below is worthy of a deeper exploration and could be a subject of future blog posts :) )

• Appeal to the human spirit - Highlight unique mission and impact aspects of your work.
• Provide parity for initial packages
• Define career paths for technologists within your organization
• Start top-down and hire senior visionaries who can build this ecosystem
• Partner with outside firms that have the talent