Data Science – Talent Sourcing Challenges, A Positive Problem in 2022!
A Problem… and being classified as “Positive”, we don’t do that very often, do we? While data science and analytics are the domain of the future with plenty of growth possibilities for employees and organizations, there are plenty of challenges in terms of sourcing talent. Surprisingly, these challenges are a result of the accelerated growth opportunities this domain brings. So, what is this positive problem all about? While plenty can be written, the core is all about understanding the hidden value instead of the visible value of the challenge.
Data Science - an Evolving Domain in the Process of Getting Shape and Form
Any domain which has not fully developed and settled down has various elements of ambiguity and risks attached. Largely, every human being prefers a much more settled ecosphere rather than an evolving one since they are not sure whether they will be equipped to survive and grow in the future. The competencies and skills that candidates possess today will stay relevant in the future is the question that crosses everyone’s mind. Hence there is a large degree of apprehension among potential candidates to join start-ups and analytical organizations since there is a view that these organizations will not be able to sustain initial success and scale up. However, it is quite clear by now that this is just a perception and not a fact, since we have adequate evidence of start-ups in various domains being funded millions of dollars for expansion. Without going into great details, some of the Indian start-ups which have been mega success stories are Ola, Dunzo, OYO, Zerodha, Delhivery, etc to name a few.
The Supply–Demand Axis
With the subject of data science and analytics experiencing a quantum growth in terms of application in various industries, the need for resources is also growing at an exponential rate. However, the availability of an experienced resource pool is limited hence closures of positions with relevant resources can be quite complex. Additionally, beyond the recruitment of a good fit, the challenge of “Resource Retention” is also becoming a growing challenge. Hence, innovation becomes a key element in recruitment and retention.
Employee Costs
When recruitments for any position operate within the ‘Demand – Supply’ axis, employee costs have a tendency of rising well beyond what has been visualized. Such trends if left unchecked will tend to impact the organization's financials in an adverse manner. Hence, as a proactive measure, it is essential that the concept of ‘Organisation Core’ is defined and a large number of freshers with relevant skills becomes a part of the organization's recruitment strategy through a ‘Resource Pool’. This approach will tackle several recruitment risks.
Sustaining Motivation
Linear Thinking for the purpose of defining “Motivation Strategies” may not meet with much success in an evolving domain. The core is all about employee retention and motivation in order to deliver higher value to key stakeholders. It is therefore important to keep developing a “Catalogue of Motivational Strategies” and keep implementing each one of them in a phased manner. Human capital custodians are compelled to think deeper and wider and develop interesting initiatives, which are sustainable to motivate employees at all levels of hierarchy. Motivation, which was more of HR Operations subject has moved into a Strategic HR landscape for the moment in the domain of data science and analytics.
Brand Equity, A Major Factor of Sourcing Risks
One of the key mitigators of ‘sourcing’ challenges is built around developing and consolidating the brand equity of the organization. As success in this area keeps increasing significantly, the ability to attract and retain outstanding talent gets simplified. Hence the organization’s ‘Growth Engine’ in terms of revenues and profitability needs to be robust. It is interesting to note the core of the problem and solution lies in only one area in an evolving domain and that core will always be Brand Equity.
In Conclusion
The challenges are exciting even if complex at times. The role of human resources is significant in this domain since the need is more for innovative thinking instead of being strictly compliant with rules. So, overall, Talent Sourcing in Data Science and Analytics requires the ability to operate within a framework but at the same time be adequately innovative to produce sustainable results.
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