Many throughout the industry are happy to have 2020 behind them. The challenges have been arduous, and the impact on everybody’s personal and professional lives is unprecedented.
But 2021 is a new year, and there’s a chance to add a fresh coat of paint to your career as a data scientist. Or you can spruce up your workforce as a business in the data science industry.
On both the employer and employee side, you’re probably wondering about the current landscape. For instance, does supply outweigh demand on the job market (or vice versa)?
Let’s take a look at where the industry is trending and how this may impact salaries in 2021:
What Does the Current Data Science Landscape Look Like?
Before getting into the numbers involved in a data scientist’s salary, it’s critical to assess the current climate to provide context.
More sizeable companies are staying within their broad salary ranges. Throughout the industry, offers haven’t yet dwindled in dollar amounts at the rate one might expect. But this crisis will continue to persist. And it might eventually take a chunk out of what’s being offered in 2021.
Something else to consider is with furloughs and layoffs offsetting the trajectory of many data analysts’ careers, leverage might be non-existent in negotiations. Thus, increases in overall salary shouldn’t be expected in the near future—though, this could change.
The above notion rings doubly true because some companies who were downstream of the initial crisis impact are beginning to feel the burn. Layoffs are becoming more prevalent at software and financial service agencies, for instance.
What Are the Current Salary Ranges for a Data Scientist?
Research suggests that the average salary of a data scientist is currently $122,435.
With less than one year of experience, talents should expect to be offered $103,543 if the current numbers persist throughout the year. Though if the trends continue as they are, expect that number to slightly drop.
Data scientists with between three-and-five-years of experience should expect to earn $141,084.
Whether the latest statistics from Indeed hold up throughout 2021 is up in the air. Even still, those numbers shouldn’t drop too much since ‘data scientist’ remains a highly in-demand role.
A Potentially Advantageous Time for New Employees and Employers
The shift toward remote work has benefitted both employees and employers. A perfect example is the interview process.
Remote interviews provide much more flexibility for both parties. Candidates can ping-pong from interview to interview with ease. Whereas hiring managers don’t need to make as many accommodations for schedules.
Employees now have a better chance to find their preferred role because they can partake in more interviews. Alternatively, employers have their pick of the litter because more candidates will be interviewing since the process is much more convenient.
Are you an employer seeking top data science candidates worth every penny in their salary? Or are you a talent seeking out a new data science employment opportunity with a company that’s willing to help you thrive?
Contact Synergy Systems for top data science talent and career opportunities.