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As the need for data-based intelligence and insights continues to grow and gain popularity across markets, so too does the demand for top data professionals .
The job has grown in popularity and is generally well-paid, and the field is projected to experience more growth than almost any other by 2029, according to Harvard Business Review. “Companies are trying to automate and become more efficient,” says Caitlin Dye, Associate Director in Michael Page Technology. “So, they want data talent on board to make things more streamlined — automated versus manual.” It may seem counterintuitive that more automation would mean more jobs, but that can be the case if you’re a data professional who takes charge of analyzing and managing the data that makes most automation possible. As more qualified candidates are needed, making a strong offer to those top data professionals you come across will be essential. Making a strong first offer can be the difference between bringing on a key member of your team and losing them to the competition. This is why having the right strategy, as well as the right recruitment partner, will be key to hiring this sought-after talent in 2023.
If you’d like some tips on how to make the best possible offer to data professionals, read on.
The best data professional candidates, especially when somewhat difficult to find, are going to want compensation commensurate with what they believe they’re worth based on expertise, experience, and the position they’re interviewing for.
Data professionals are aware that they’re in high demand, which gives them a certain amount of leverage. As Dye puts it, the demand is currently “higher than the supply.” Dye says that, especially in financial services organizations, one of the main reasons data professionals specifically are moving from one firm to the next is for an increase in salary, so your company’s price point is likely crucial.
“We always encourage our clients to make the best possible offer first, because that informs how the candidates view the company going forward,” says Dye. “You don’t want to get into lengthy negotiations because then there is potential to leave a bad taste in the candidate’s mouth regarding how much they are valued, and your company in general.”
Each year, we provide Salary Guides to help you ensure that you are doing exactly this — offering salaries within market rate to top candidates. You can read our 2022 guide here, and look out for our 2023 guide coming soon. Our consultants are also experts on this topic, working with offers every day, so they are the perfect partner as you navigate the process.
Your Employer Value Proposition (EVP) and workplace benefits are also extremely important to data professionals. These factors can, and often do, directly influence a person’s decision to take, leave, or counter a job offer.
This is another reason it’s key to find a recruiting partner who knows the data space well; they can tell you what parts of your EVP to highlight to top candidates, and which may need more work. For example, included in your EVP may be the ability to work remotely or in a hybrid model, which can be a key factor in a data candidate’s decision these days.
“It may not seem like it makes a significant difference, but that is the game changer between a candidate picking one role over another that’s fully on site, or even entertaining a role that’s fully on site,” says Dye. “Most candidates will only be looking at those hybrid flexible options.”
“Another big consideration for data professionals is 401K contribution, and making that competitive in the market, because that does make a financial difference typically,” says Rachel Leit, a Senior Director in Michael Page Technology.
Elizabeth Coughlan, a Manager in Michael Page Technology, adds that medical benefits also play a “huge factor” in terms of a data candidate accepting a role or not. She also encourages potential employers to be fully transparent about what their benefit package is from the offset of the interviewing process.
For more information about developing a strong EVP, please consult our latest eBook on the topic.
As previously stated, our consultants often encourage the employers they work with to make their best, strongest offer first. This raises the chances of the candidate accepting the offer outright, or at the very least shortening negotiations. Even so, negotiations and offer management can be pivotal when bringing on a data professional.
Dye says that Michael Page is currently seeing a lot of counteroffers during the hiring process for data roles. When it comes to this process, a recruiting partner is a very valuable asset, as offer management can be very sensitive and complex.
“Candidates don’t always feel comfortable negotiating with their prospective employer directly,” says Leit. “That is why candidates work with us. We are not only providing a resume or scheduling interviews . We can have those honest conversations as the unbiased third party, as opposed to the candidate needing to negotiate directly with someone who could be their potential manager, which may make them uncomfortable.”
This is key as hiring managers navigate a changing market. Having a partner who can work to find the best solutions for both parties can make all the difference in adding top talent to your organization.
Please reach out to one of our expert recruiters today if you could use some help sourcing top candidates in the data space and navigating the process from application to full-time hire.
