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Companies are facing a talent shortage of experienced data scientists due to evolving technology and inflated salaries.
The need for data specialists has moved beyond the traditional tech roles. The number of jobs requiring data science skills is projected to grow by 27.9% by 2026, according to the US Bureau of Labor Statistics.
Matthew Forshaw, senior advisor for skills at The Alan Turning Institute, said his research into data skills in the UK found there was a growing demand for professionals in the finance, insurance, and manufacturing sectors.
The increased demand is putting a recruiting squeeze on the entire sector, with companies reporting they are struggling to find experienced candidates.
It's a new discipline, it's been changing quite a lot," Libby Kinsey, head of data science at Ocado, a UK-based company that licenses grocery technology, told Insider. "So it's just quite hard to find the right people with the right skills."
"I would say the shortage is a lot on the leadership side and very senior people," Claire Lebarz, head of guest data science at Airbnb, said. "And the salary war we're seeing doesn't help at all."
Data scientists in the US make an average base salary of $97,000 a year, according to Payscale. But senior data scientists at top companies can make more than double this average. Data scientists at Facebook's parent company, Meta, for example, can make up to $260,000 in base salary a year, according to disclosed foreign labor data.
Experienced data scientists and industry experts told Insider what they are looking for in new recruits.
