A closer look at the Analytics skills gap

1. WWW.ITQANALYTICS.COM |
WHAT’S HAPPENING IN THE MARKET?
THE ANALYTICS SKILLS GAP
HOW ARE IQ ANALYTICS HELPING?
THE BIG DATA
ANALYTICS
SKILLS GAP IS
WIDENING.
THE SKILLS GAP
WITHIN THE
ANALYTICS
SECTOR CAN BE
DETERMINED
BY THE
STARTING
SALARIES FOR
GRADUATES.
IQ ANALYTICS
HAVE BEEN
SOURCING
NICHE EXPERTS
AND FILLING
THE SKILLS GAP
THE IT AND BUSINESS
PUBLICATION ‘ITPRO’
RECENTLY STATED IN
AN ARTICLE THAT 20%
OF BUSINESSES HAVE
A SKILLS SHORTAGE
PROBLEM.
OPINIUM RECENTLY CONDUCTED
A STUDY THAT FOUND 45% OF UK
BUSINESSES HAVE NO DATA
ANALYTICS PLATFORM
EXPERIENCE.
THE AVERAGE STARTING SALARY FOR A GRADUATE
WITHOUT A STEM (SCIENCE, TECHNOLOGY,
ENGINEERING AND MATHEMATICS) DEGREE IS
£25,500.
HOWEVER, A GRADUATE WITH ANALYTICAL SKILLS
CAN HAVE A STARTING SALARY OF ANYTHING UP
TO £32,000.
BETWEEN Q1 AND Q2 2014
THE NUMBER OF ANALYTICS
PROFESSIONALS PLACED INTO
SUITABLE ROLES INCREASED
BY 20.6%.
26% OF THE
CANDIDATES PLACED
INTO PERMANENT
POSITIONS THIS YEAR
HAD MORE THAN A
20% PAY RISE TO
MATCH THE DEMAND
OF THE ROLE.
THE CONFEDERATION
OF BRITISH INDUSTRY
REPORTED THAT THE
GOVERNMENT
SHOULD MAKE
DEGREES IN SCIENCE,
TECHNOLOGY,
ENGINEERING AND
MATHS (STEM) MORE
ATTRACTIVE, BY
CUTTING THE COST
OF TUITION FEES FOR
THESE COURSES.
BIG DATA AND ANALYTICS AS A WHOLE ARE
BECOMING A LARGE PART OF THE CURRENT
SOCIETY AND IT IS ONLY GOING TO GROW IN
SOPHISTICATION IN THE FUTURE. DUE TO THE
LACK OF SKILLS IN THESE AREAS, BUSINESSES ARE
INCREASING THE SALARIES FOR THESE ROLES IN
ORDER TO GAIN THE EXPERTS THAT ARE NEEDED.
DUE TO THE COMPETITIVE NATURE OF THE
INDUSTRY IN THE CURRENT CLIMATE, 10% OF
IQ ANALYTICS’ CLIENTS OFFERED MORE THAN
THEIR INITIAL SALARY BANDING IN ORDER TO
SECURE THEIR PREFERRED CANDIDATE.
THE DEMAND IN THE ANALYTICS SECTOR MEANS
THAT THERE IS A LARGE WORK LOAD FOR
SPECIALIST ANALYTICS EMPLOYEES. AS A RESULT, 4
OF IQ ANALYTICS’ LARGE FINANCIAL SERVICES
CLIENTS HAVE INCREASED THEIR UPPER SALARY
BANDING FOR SENIOR MODELLING ANALYTICS BY
15% IN 2014.
CLOUD, MOBILE TECHNOLOGY AND SOCIAL MEDIA
SKILLS ARE ALSO IN STRONG DEMAND AS WELL AS BIG DATA
ANALYTICS, ACCORDING TO A STUDY CONDUCTED BY OXFORD
ECONOMICS AND SAP.
THE STUDY ALSO FOUND THAT
62% OF BUSINESSES DON’T
HAVE THE SKILLS REQUIRED TO
UNDERSTAND CUSTOMER
DATA.
£25,500
WITHOUT
STEM DEGREE
£32,000
WITH
STEM DEGREE
THE SKILLS GAP ISN’T SET TO DISAPPEAR IN THE FUTURE
IN FACT ACCORDING
TO SAS AND E-SKILLS
UK, BIG DATA
ANALYTICS WITHIN
LARGER
ORGANISATIONS
WILL MORE
THAN DOUBLE
BY 2017...
...WITH A 243%
INCREASE IN
DEMAND FOR BIG
DATA SPECIALISTS.
20% PAY RISE
WHAT IS SET TO HAPPEN IN THE FUTURE?
10%
15% INCREASE IN UPPER SALARY BANDING