Embracing the Future of Data and Analytics: A Deeper Dive into the 2023 Salary Survey

The data and analytics industry is experiencing rapid growth and change, and the 2023 salary survey offers a wealth of information on the current landscape. As the Senior Manager of our Data and Analytics Division, I want to share my insights from the survey and discuss its implications for employers and data professionals in the field.

Demographics: Celebrating Diversity and Inclusivity

The data and analytics industry is becoming increasingly diverse, with 17% of workers identifying as Indian, Pakistani, Bangladeshi, or Arab. This growing cultural diversity brings fresh perspectives and innovative approaches to problem-solving, which can greatly benefit organizations.

The educational backgrounds of professionals in the field are also varied, with a mix of state-run schools, independent schools, and overseas institutions represented. This diversity in education fosters a collaborative environment where professionals with different backgrounds can learn from one another and drive the industry forward.

Pay and Bonuses in Data Jobs 

The survey reveals a positive trend in pay and bonuses for data and analytics professionals, with 53% receiving a bonus, up from 47% in the previous report. This increase reflects the growing recognition of the value these professionals bring to organizations. Discretionary bonuses account for 65% of the total, indicating that employers are rewarding employees based on their individual contributions and achievements.

Additionally, 62% of workers received a pay rise last year, with 44% receiving a 1-10% increase, 14% receiving an 11-20% increase, and 6% receiving a 41% or higher increase. This data suggests that organizations are investing in their data and analytics workforce, which in turn can lead to higher job satisfaction and retention rates.

Download the full survey to benchmark salaries and benefits

Data Contractors and Freelancers: Navigating Opportunities and Challenges

Contractors and freelancers play a crucial role in the data and analytics industry, often providing specialized expertise and flexible support. The survey shows that 56% of contracts last over six months, offering a mix of short-term and long-term opportunities for professionals.

However, these workers also face unique challenges, such as periods of unemployment (32%), changes to regulations (21%), and the impact of the recession and cost of living crisis (26%).

Employers can support data contractors and freelancers by offering stable contracts, providing timely feedback, and maintaining clear communication.

Job Mobility for Data Hires: Fostering Growth and Retention

A significant finding from the survey is that 59% of data and analytics professionals are considering a career move in 2023. This high level of job mobility highlights the importance of attracting and retaining top talent in the industry. To achieve this, employers should focus on offering opportunities for career advancement, continuous learning, and professional development.

Moreover, providing a positive and supportive work environment, access to quality healthcare, and flexible working arrangements can help meet the needs of a diverse workforce and encourage employee loyalty.

Job Search: Leveraging Recruitment Consultancies and Online Platforms

The survey sheds light on the importance of recruitment consultancies and online platforms in the job search process for data and analytics professionals. The majority of workers in data (35%) found their last role through a recruitment consultancy, followed by LinkedIn (29%) and direct application or contact from a company’s internal team (13%). These resources are invaluable for job seekers, and employers should prioritize their presence on these platforms to connect with potential candidates.

If you need additional support, please don't hesitate to reach out to me - tom@spherelondon.co.uk