Growing Demand for Data & Analytics Jobs in the UK

Financial Data jobs in UK

Are you searching for a career path? If yes, pull your chair a little bit closer. There is some exciting news you need to know about.   

There is evidence to show that there is a growing demand for data and analytics jobs in the UK. Within the last five years, there has been a three-fold increase in demand for data scientists.  

Wait, it gets better. The median salary range stands at £75k. That signifies a 3.45% increase from the previous year. And it makes sense. A highly competitive market works in the favor of those with the right qualifications.  

Employers are ready to provide attractive remuneration plus other benefits. Only then can they hope to get and retain the right talent.  

So, why is this happening, and how can you take advantage of the trend? 

The Skill Availability Is Lacking 

The data science and analysis field is one that keeps on evolving. There are tons of job opportunities in data and analytics. 

After all, which department within an organization does not generate data? The result is that the demand for data science professionals with advanced capabilities is on the rise. 

But, finding the right talent to fill emerging opportunities is proving to be a major challenge.  There are gaps that require specific skill sets. 

As of 2020, there was a talent shortage as high as 250,000. And, the figures will not come down any time soon.  

Industry players are aggressively searching for the right talent. Many are casting their eyes on the younger demographics. 

With the right data and analytics skills, finding jobs will not be difficult. Platforms like Onlydatajobs link job seekers with employers. All you need to do is register on the platform, and you will get notifications for suitable data analyst jobs. Employers can also use the same platform to reach potential candidates.  

Emerging Realities for Businesses

With many businesses resorting to online platforms, the amount of data users generate is huge. The Covid pandemic also had a significant role to play in digital transformation. 

Thousands of businesses migrated to online platforms. Individual use of the same increased with remote working and browsing. It means that the amount of data on the online space continues to increase every day.  

 It is important to have the right people to manage such information. There is a lot to gain through careful interpretation and analysis of the data. Indeed, it is the basis for sound decision-making.  

The adoption of technologies like artificial intelligence and machine learning is adding to the complexity of the situation. Only those with advanced data management skills can unlock the potential therein. 

There is an urgent need for advanced training within colleges and universities to churn out the right skill sets. 

 Employers are facing great challenges in finding the right people. Between 2017 and June 2018, job postings for data scientists were as high as 27,033. That signifies a giant leap of 231% in 5 years. In 2013, there were only 8,157 positions available. 

Gender Diversity in Data Science

 It is interesting to note that many young people do not find data science an attractive career option. Many of them look at it as a nerdy profession, which does not seem to serve any specific purpose.

That perception may very well contribute to the disproportionate number of female students in the field. It is disturbing to note that only 15% to 22% of data scientists are women. 

Many factors come into play. In most instances, female students will keep away from science and mathematics courses. And, within the workplace, bias results in a lack of advancement for women. The result is low retention of the said gender in the data science roles.  

Some industry players are taking note and trying to correct the imbalance. Many are rethinking their recruiting strategies. 

There is a greater focus on eliminating bias when screening or interviewing candidates. Others are even offering sponsorship and mentorship opportunities to females.  

So, why should the lack of female representation matter? Let’s take the example of the use of artificial intelligence. The algorithms depend on the data the team feeds it. Now imagine a team of 10, consisting of only one female. It would be hard to eliminate the unconscious bias from the nine men. 

 Now here is where the concern lies. Once the bias gets into the system, it reduces the efficacy of any applications thereafter. And, the more the AI ‘learns’, the more deeply entrenched the bias would be. Greater diversity would help mitigate such issues. 

Where to Get Data Science Jobs in the UK 

England is leading in recruiting specialist data analyst talent at 91%. Scotland and Wales follow at 8% and 2% respectively.  

The jobs tend to be in areas with high concentrations of IT companies, production, and businesses. It could explain why the UK takes up more than 50% of the job offerings.  

Image source: data career 

So, if you’re thinking of relocating for a data science job, try your luck in Cambridge, Manchester, or Edinburg.   

Note that some skills will give you an edge over the competition. A scripting language, data science, SQL database, big data, and machine learning are the hot cakes in terms of sought-after skills. Having such on your resume will give you an edge over the competition.  

With such demand, you may be wondering whether job experience is necessary. Like any other job, it does matter. Some of the data jobs are quite demanding and need advanced knowledge and some level of experience.

 Employers will typically look at the experience of about 2 to 3 years at a minimum. But, this is not to say that entry-level candidates can’t find jobs. There are still many opportunities.  

Data and analytics jobs provide tons of career growth opportunities. By brushing up on skill levels and taking advanced classes, low-level staff can climb the career ladder quite fast.  

Final Thoughts

The UK needs data and analyst professionals. There is an increase in demand due to digitalization and different technologies. The tip to finding well-paying positions is to take advanced courses. 

Many colleges and universities offer courses online. So, even if working in an entry-level position, you can improve upon your craft at your convenience.