The Data Scientist: Essential for Data Analytics, or the Latest Trend?

Being able to leverage data analytics in meaningful talent acquisition strategies and business opportunities is something that every company wants, but not many have been able to achieve so far – and for a number of reasons.

One of the biggest barriers businesses will have to break through in their efforts doesn’t come from collecting the data at all – it comes from finding the people who know what to do with that information. And that’s where “more ways than one” has never rung more true. 

Data Scientists: The New Essential Personnel?

Just as with software developers, graphic designers, SEO experts, and social media managers, the business world is about to be shaken up with a new type of employee – the Data Scientists.

These individuals - sometimes known as workforce scientists - are the interpreters and storytellers of data. Where most people will see large tables of numbers and figures, these analytics experts see the tale those figures tell, and then use that information to help drive businesses into gaining a competitive edge.

By looking at all the different sources and results from the data they're viewing, these employees can string together information that can prove to be game-changing to an organization. 

Ken Lazarus, the CEO of Scout Exchange, says Data Scientists are a combination of “math skills and analytics knowledge,” not just people “running a spreadsheet.” Data science takes high levels of education to be able to handle, which means that it’s not as simple as just training an HR rep on analytics.

That not only makes these people in demand but also very difficult to find. They’re scarce, and it’s not hard to understand why – much like the hottest toys during the holiday season, everyone’s fighting to get one and they’re willing to pay whatever it takes to get them.

Appealing? Definitely. 

Who doesn’t want to have what everyone else is frantically searching for? 

Ask: Is My Company Ready for Workforce Analytics?

Part of the biggest challenge with hiring for these advanced roles is knowing if your talent acquisition efforts in your organization are ready for one or not. It's desirable to have this exciting, new, and desired type of employee, but is it necessary? To help determine if your company needs one of these workforce scientists, consider the following:

• Do you have the right ecosystem in place? For workforce scientists to be successful, they need an ecosystem that supports their job. For example, are your internal data models well defined and don’t require significant correction? Are your data sources integrated and maintained for accuracy and reliability? Are you prepared to invest in additional software and hardware so the new hire has the right tools? Setting up this ecosystem will require resources and organizational commitment.  

• Is your culture ready for a Data Scientist? Let’s face it – many talent acquisition organizations have been focused on transactions in order to meet hiring targets. And rightly so. Adding a workforce scientist to your team requires a shift in culture to focus on using data to tell a story and inform the business on how to get better. It requires a shift in the traditional talent acquisition mindset. Not all organizations are ready for this shift.  

• What do these workers look like? The reality is that anyone working with data is already a data scientist. To start shifting your culture, begin to set-up small projects using data to analyze business outcomes and help quantify the story. For example, compare interview results with new hire performance results.  This can be done in most spreadsheets. What is the pattern? Is there a pattern? Look at recruiting sources compared to quality of hire. What sources work the best? By starting with these types of projects you will begin to shift your culture and lay the foundation for a more advanced workforce scientist role.

• Leverage partners. The good news is that there are other solutions if your organization isn't yet prepared for a workforce scientist. Partnering with a solution provider that offers analytic strategies and solutions means you’re getting a team that can help you do what so many other organizations want to do but can’t accomplish. In addition to adding a person or group of people who understand the importance of talent analytics and how they relate to your organization and the tools you’re using, you’re also getting a team that understands the actual tools you’re using inside and out. 

Contact us today to learn more about optimizing your analytics strategies. Or, if you’d like to learn about how simulations can help you improve your hiring efforts, download our whitepaper below.