The Data Job Market in 2024
Feels Like a Decline?
Let’s be real for a second — the data job market has been as unpredictable as a cat on a hot tin roof lately.
With AI layoffs, political shenanigans, and interest rates playing musical chairs, it’s easy to feel like you’re in a never-ending loop of uncertainty.
But before you start stress-eating your way through a family-sized bag of chips, let me share some insights I picked up from a fantastic YouTube video by Avery Smith.
He’s a data analyst career coach who knows his stuff, and his take on the current job market is both enlightening and surprisingly optimistic.
The Data Dilemma
Opinions on the state of the data job market are as varied as the toppings on a pizza. Whether you’re scrolling through YouTube, listening to podcasts, or chatting with friends, everyone seems to have a different take.
But the truth is, that no one really knows exactly how the job market is faring. As a data analyst career coach, Avery shares his experiences working with students, posting on LinkedIn, and chatting with industry experts. But let’s be honest, those are just anecdotal insights.
To truly understand the landscape, we need to be data-driven. After all, we’re data analysts, right?
Insights from Live Data Technologies
Avery recently got his hands on some fascinating data from Live Data Technologies, a company that tracks real-time employment data using publicly available datasets.
They monitor various platforms to see who’s coming and going in the job market, providing insights to product builders, investors, and talent teams.
And guess what? They’ve agreed to share some of this data with him to benefit the data community.
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Five Surprising Takeaways:
After analyzing the data, Avery had five major takeaways that either surprised him or confirmed his suspicions. Stick around, because the last one is a real mood booster!
1. The Evolution of the Data Scientist Role
Remember when data scientist was dubbed the “sexiest job of the 21st century”?
Like everyone, I like to think I’m pretty sexy — just kidding! But seriously, businesses saw this role as highly valuable, offering remote work and hefty paychecks.
However, the role has evolved, branching into various specialities like data engineering and analytics engineering. The data engineer role, in particular, has seen significant growth over the past five years. Why?
Because data science, while sexy, can’t function without the foundational work of data engineers who clean, prep, and store data.
With the rise of AI, data engineers are more in demand than ever, as they possess the skills to make data accessible and usable for AI models.
2. The Resilience of Data Analyst Roles
Many people worry that AI will replace data analysts. But by looking at the data. Data analyst jobs are still growing, with a 14% year-over-year increase compared to 2019. This suggests that the role remains a solid career choice.
We should see AI as more of a tool that enhances analysts’ capabilities, much like how Microsoft Excel revolutionized data analysis without replacing analysts.
Companies still need data analysts to provide insights and make data-driven decisions, especially those not yet ready for advanced AI implementations.
3. Job Hopping: The New Norm
The data also showed that job hopping is becoming increasingly common, with average tenures ranging from 1.5 to 2.5 years.
In the past, leaving a company early was frowned upon, but now it’s a strategic move for career growth.
Avery in his video shares the story of Zach Wilson, who increased his salary from $30,000 to $500,000 in seven years by switching jobs every 18 months.
In today’s economy, you might be worth more to another company than your current one, so don’t be afraid to explore new opportunities.
4. Data Hiring Across Diverse Industries
Data roles are not limited to tech giants like Google and Tesla. Companies across various industries, including finance, healthcare, and manufacturing, are hiring data professionals.
While tech companies often offer higher salaries, there are plenty of opportunities in traditional sectors. This diversity in hiring shows that data skills are valuable across the board, not just in the tech industry.
5. The Resilience of Data Jobs
Finally, data jobs are quite resilient. The data showed that data professionals are more likely to find new jobs quickly compared to the average white-collar worker.
This resilience offers career flexibility and security, whether you’re laid off or looking to switch jobs.
While no job is entirely layoff-proof, data roles remain in high demand, providing a sense of stability in an uncertain job market.
Wrapping Up:
Despite the challenges and uncertainties, the data job market is not as bleak as it may seem. The numbers paint a healthy picture, suggesting that data roles will continue to thrive in the coming years.
In the end, while the data job market may feel like a rollercoaster ride, there’s a silver lining. With resilience, adaptability, and a willingness to embrace new opportunities, data professionals can navigate this ever-evolving landscape with confidence.
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