Mumbai, 24nd June 2016: Big data is crucial for success of business today and this fact has translated into unprecedented salaries for data analysts even at ‘fresher’ level. In many cases, data analysts are earning more than software engineers which indicates that demand-supply gap is higher in case of the former.
Also, companies are sidestepping tier 1 colleges and approaching tier 2 and tier 3 institutes to hire data analysts to ensure the new recruits stay with them longer. This results in stable client relationship and better prospect for business growth.
These are the findings of CoCubes Technologies that analysed results of 43000 assessments conducted for top analytics companies in the country over last 12 months and collated a report entitled ‘Guidebook for Hiring Entry Level Analytics Talent’. CoCubes Technologies is a hiring and skill assessment firm that has helped companies ranging from Fortune 500 to start-ups in hiring a skilled workforce.
The report mentions that data analysts at ‘fresher’ level are earning an average annual salary of Rs 7 lakh as against Rs 3.2 lakh for software engineers. The compensation can go up to Rs 10 lakh per annum depending on the job profile and fringe benefits being offered.
The report states there are jobs in data analysis that don’t require high cognitive abilities and client interaction and have more to do with data management and data warehousing. “This is resulting in a relook at hiring strategy as such roles see high attrition if candidates are from tier 1 colleges. Multiple companies have therefore started looking at tier 2 and 3 colleges to map the right talent for jobs which don’t require a high cognitive ability,” it added.
Companies are also adopting up-skilling strategy for the existing talent to meet their work necessities instead of hiring people from outside. “Over the last one year, a re-skilling approach has emerged in which firms are looking at internal resources and upskilling them for client and skill requirement rather than finding new resources with existing knowledge,” the report states.
Commenting on the findings, CoCubes Technnologies Co-Founder and CEO Mr. Harpreet Singh Grover said: “The analytics industry in India is expected to double its turnover to $2.3 billion by 2017-18 from the current level. One of the key challenges in harnessing this opportunity is creation, development and retention of analytics talent. In the report we have strung together the ways companies are overcoming this challenge. The report works as a guide to anyone looking at hiring data analysts”.
CoCubes Technologies has developed modules to test candidates English, analytical, quantitative, technical (programming fundamental, coding, etc.), and aptitude skills. The module used for data analytics meets the international standards of validity and reliability for the job role.
About CoCubes Technologies
CoCubes Technologies is India’s leading hiring and skill assessment platform, with more than 4 million assessments under its belt. With its expansive operational set-up and fully automated test pattern, CoCubes has conducted tests in all corners of the country and abroad. Its customized tests have helped clients reduce interview bandwidth by as much as 30%. CoCubes’ in-house team creates and runs assessments for job roles ranging from plumbing to programming and has partnered with over 500+ companies since its inception in 2007.