Data Scientist, Engineer Salaries increase dramatically, driven by demand
Experienced technologists know that one of the best ways to increase compensation quickly is to skip jobs, especially if your skills are in demand. But what salary increase can you expect? If you’re a data scientist or a data engineer, a pretty big one.
A new study by executive recruiter Burtch Works suggests that, for data scientists and data engineers, about 51% of those who changed jobs between the second and fourth quarters of the year received a raise of base salary of at least 20%.
“Digging deeper, 16% of the sample obtained a base salary increase of more than 30% and some early-career professionals achieved an almost 50% increase in their base salary when they have changed jobs, ”the study adds. “The average salary increase for scientists and data engineers this year was 20%. “
There is currently a huge shortage of technological talent, driven by a particularly low technological unemployment rate and an intense hunger for technologists in thousands of organizations across the country. Hiring managers and recruiters especially struggle to find highly specialized technologists such as data scientists and cybersecurity experts. As more and more companies embrace data science as a tool to gain crucial market insights, the need for data engineers, data analysts, and data scientists is bound to increase.
Among data engineers and data scientists, this demand, coupled with the rise of remote working, makes it a particularly good time to explore a better offering from another organization. “Now companies are competing for talent with companies across the country (as well as the world), with West Coast and Asian tech companies increasing compensation with remote teams that can work from anywhere. Added the Burtch Works report. “Attracting candidates with compensation is now like ‘shooting a Brinks truck full of money,’ as one client put it so well. Without the limitations of location, data scientists and data engineers can make even more competitive bids than ever before, leading to wage bidding wars. “
However, not everyone can land a data scientist job – you need to demonstrate that you have the right mix of skills and experience to help run an effective data science program. Recruiters and hiring managers tell Dice that it’s crucial to load your resume and application materials with your relevant experience. During the interview process, applicants will not only be tested on their technical skills, but also on their “soft skills” such as empathy and communication. Remember, data scientists often need to work effectively with teams and explain their results to stakeholders in the organization.