Introduction
The demand for data scientists has been on an unprecedented rise, reflecting the pivotal role they play in today's data-driven world. According to the US Bureau of Labor Statistics, the trajectory of data science is set to soar, with job opportunities requiring Data Science skills expected to surge by an impressive 27.9% by 2026. This remarkable growth is mirrored by the expansion of the data science market itself, which is projected to grow from $95.3 billion in 2021 to a staggering $322.9 billion by 2026.
Furthermore, the data landscape is not only expanding but also diversifying. Recent reports by LinkedIn highlight that data engineering is emerging as one of the fastest-growing domains in technology, with job postings experiencing an astonishing 88.3% growth. This surge in demand is translating into lucrative opportunities for professionals in the field, with average salaries reaching new heights. As per survey reports by Glassdoor, Data scientists, for instance, are now commanding an average salary of $176,213, while data engineers are not far behind, taking home an impressive $166,992.
Moreover, data science isn't confined to a single sector but has permeated across various industries. Forbes reports that a significant 5% of all data analytics and data science jobs can be found in key sectors such as IT, finance, insurance, and related professional services. This diversification of industries seeking data expertise underscores the universal applicability and significance of data science.
In response to this growing demand, a remarkable shift is occurring across businesses worldwide. Approximately 80% of firms are proactively investing a substantial portion of their earnings into building skilled data analytics divisions. They are avidly seeking out the brightest minds in the industry to harness the power of data, realizing that it is the key to informed decision-making and gaining a competitive edge in the modern business landscape. As a result, hiring managers are increasingly exploring the option of forming remote teams on a global scale rather than exclusively relying on limited talent hubs.
In this blog, we will explore the talent landscape for Data scientists in India. Our research involves estimating the total number of Data scientists in the country, identifying cities with highly skilled professionals in both sectors, and understanding critical factors like salary levels and notice periods that profoundly impact your hiring strategy. Upon reading this guide, hiring managers will gain essential knowledge, empowering them to make well-informed decisions while seeking talented Data Scientists in India.
Market Overview
Talent Demographics of Data Scientists in India
For recruiters aiming to hire the finest Data scientists, understanding the demographics of the talent pool in India is of utmost importance. Here are some essential statistics and insights on the Node.js developer talent landscape in India.
Total Number of Data Scientists in India
While an accurate estimation of Data scientists is a challenge, it is estimated that there are over 100,000 Data scientists in India across product and service companies. This is arrived at after considering multiple job postings, surveys, and publicly available profiles.
Most Common Cities for Data Scientists in India
Below is a breakdown of Data scientist talent distribution by city:
In the next section, we've compiled a list of renowned companies with top-tier Data scientists in India, spanning Bangalore, New Delhi, and the “usual tech hubs” across the country.
Top Product Companies in India with Data Scientists
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Here are some of the top firms by sector. It is interesting to note that data scientists are being recruited not only by top tech startups but also by multinational companies.
Compensation and Benefits
Following are the salary levels of Data scientists in India.
On average, Data scientists in India typically experience annual salary hikes ranging from 10% to 20%, which are contingent on their individual performance and the company's policies. However, the extent of these appraisal increases can vary significantly based on the specific company and the candidate's performance, with exceptional performers sometimes receiving up to 50% increments.
When considering a job switch, candidates have the potential to negotiate for a salary hike between 20% and 50%, depending on their performance and the new company's policies. It is crucial to understand that these numbers can vary significantly and depend on a number of variables, including the candidate's experience, the company's financial situation, and the state of the labor market at the time of the transition.
Hiring Data Scientists in India
Hiring data scientists in India for the first time is an exciting endeavor. To guide you through the process, here's a step-by-step guide:
Define Your Needs and Goals
- Start by clarifying your specific hiring needs. Determine the roles, responsibilities, and skillsets required for your data science team.
- Establish clear goals for the team and how data science will contribute to your organization's objectives.
Create a Job Description
- Draft a comprehensive job description that outlines the responsibilities, qualifications, and expectations for the role.
- Mention any specific tools, technologies, or programming languages required.
- Highlight the benefits and opportunities that come with working for your company.
Market Research
Research the job market in India to understand salary expectations, demand for data scientists, and prevalent skills in the region.
Select Job Posting Platforms
- Choose relevant job posting platforms in India. Some popular options include Naukri, LinkedIn, and Glassdoor.
- Consider reaching out to local universities and data science communities to share your job posting.
Networking and Communities
Join and participate in Indian data science communities and groups to network and find potential candidates. Some prominent groups include:
- Analytics Vidhya: A popular online community focused on data science and analytics.
- Data Science India: A LinkedIn group with a large community of data science professionals.
- Machine Learning India: Another LinkedIn group that focuses on machine learning and AI.
Screen Resumes and Applications
- Review resumes and applications to shortlist candidates who meet your criteria.
- Look for relevant experience, projects, and skills in data analysis, machine learning, and statistical analysis.
Conduct Interviews
- Schedule initial phone or video interviews to assess candidates' technical skills, problem-solving abilities, and cultural fit.
- Consider using technical assessments or coding challenges to evaluate their skills.
On-site or Final Interviews
- Invite top candidates for on-site or final virtual interviews.
- Evaluate their domain knowledge, communication skills, and their ability to work in a team.
Check References
Contact references to verify candidates' qualifications and work history.
Offer and Negotiation
- Make a competitive job offer to the selected candidate.
- Be open to negotiation and consider factors such as salary, benefits, and remote work options.
Onboarding
- Plan a thorough onboarding process to help the new hire integrate into your team and company culture.
- Provide access to necessary tools and resources.
Continuous Learning
Encourage continuous learning and development for your data science team.
Consider sponsoring courses, workshops, and certifications to enhance their skills.
Retention Strategies
Implement strategies to retain your data science talent, such as career growth opportunities and a positive work environment.
Feedback and Adaptation
Seek feedback from your team and make the necessary adjustments to improve your hiring process.
Hire Data Scientists with Wisemonk
Being an expert agency with a robust local network, Wisemonk streamlines the recruitment process. We offer recommendations for suitable companies to hire from, tailored to your specific job criteria. Our commitment extends further with comprehensive salary benchmarking reports, enabling you to make well-informed decisions. Moreover, we assist international organizations in effectively overseeing their remote workforce, handling payroll and compliance matters seamlessly. Reach out to us today to expedite your hiring efforts in India.
