Salaries Soar For Data Clever Employees Finds New Australian Report
Australia’s data scientists are trousering it like never before. But while businesses are paying huge data science salaries, by their own admission many are not taking advantage of the investment.
That’s the main take out from this year’s IAPA Skills and Salary Survey 2015 results released this morning.
Almost half of the analytics professionals told the researchers that ‘executive level understanding of data and analytics’ remains a key barrier to converting insight into action, and the authors cite this a potential problem area for companies who wish to adapt, evolve and innovate presents itself.
While the medium salary is eye watering, even the average number cruncher is due for a good Christmas with average salaries growing to $130k per annum, up strongly on last year.
The study suggests that about 30 per cent of respondents work for ‘Supply’ (i.e. professional services, hardware providers, software or other supply-side organisations) with the remainder working in ‘Industry’ (i.e. banks, telecommunications or government etc.). These proportions are consistent with results from both 2013 and 2014.
“The median salary for analytics professionals continued an upward trajectory since 2013, rising 4 per cent year-on-year from $125K in 2014 to $130K in 2015 despite ongoing entry of low-experience and junior employees to the industry. This entry-level cohort, with less than two years analytics experience, accounts for almost 60 per cent of all respondents.”
“Over a three-year horizon, this represents an 18 per cent increase in the survey’s median salary despite the proportion of less-senior respondents (analyst, senior analyst, or team lead) having increased by 14 per cent. Overall, this strongly points to ongoing labour market pressure with the Australian Bureau of Statistics reporting an average industry wage growth rate of 2.3 per cent.”
According to the authors, “Big Data Analytics (55 per cent), closely followed by Business Leadership and Management skills (48 percent) are the skills cited by analytics professionals required to be successful in the next 12 months.”
They say this aligns to two of the key findings of the survey.
“Firstly, Australian businesses are finally adopting cloud and big data and are paying handsomely for those with skills and secondly, despite 40 per cent of respondents believing analytics either enables or is a critical part of their business’s differentiation, 37 per cent felt their company was either ‘not really’ or ‘not at all’ getting the benefit from their full range of skills. “
Among the key findings of the study;
- 40 percent of respondents believe analytics either enables or is a critical part of their businesses differentiation but a significant 37 percent felt their company was either not really’ or ‘not at all’ getting the benefit from their full range of skills.
- “Executive level understanding of data and analytics’ was cited as analytic professionals’ biggest challenge in converting insight into action (47 per cent).
- Median salary for all respondents is $130K, up 4 per cent year on year (from $125K in 2014).
- Median salary of respondents is 175 per cent of the median full time Australian salary ($70,720 May 2014 ABS stats), with 90 per cent of respondents earning more than the median Australian salary.
- Median salary for respondents with big data and cloud analytics skills is $200K, 50 per cent more than the median respondent’s salary.
- Australian businesses are finally adopting cloud and big data with respondents reporting to use Hadloop-related technologies increasing by 300 per cent year on year.
- Open source adoption is slowly becoming mainstream, with the number of analysts having used tools such as R and Python increasing between 50 percent to 100 percent year on year.
- Approachable analytics are in demand with presentation and communication skills continuing to be the most frequently applied soft skills within analytics.
According to Jodie Sangster, ADMA CEO, “As digital transformation continues to propel actionable data insight to the fore of strategic business decision making, two things will need to happen. “
“Analysts at all stages in their career will need to broaden their skill set to better equip themselves to contribute to whole of business activity, whilst the C-Suite needs to better understand how actionable insights can deliver a better customer experience to drive competitive advantage,” she said.
Disruptive influence
The study also focused on how analytics contributes to competitive differentiation at a time of significant disruption.
According to the study, “It was left to respondents to interpret ‘disruption’ in their context but common interpretations include shifting business models, reshaped markets, and the emergence of non-traditional competitors. Disruption is seen as a common trend, with 54 per cent of respondents saying that they felt their industry was either being “quite” or “substantially” impacted by disruption from competitors, suppliers, or their customers’ expectations.”
Analytics is seen as a common response to disruption, say the authors.
“Eighty one percent (81 per cent) of respondents felt that their organisation was effectively and actively using analytics to either contribute, enable, or as a critical part of their organisation’s ability to enable innovation and drive differentiation. A full 25 per cent felt that analytics was in fact a critical part of their organisation’s ability to enable innovation and drive differentiation.
“However, a staggering 37 per cent of respondents felt that that their organisations were either “not really” or “not at all” getting the most value out of the full breadth of the skills they could offer. This represents a very real problem, both in terms of international competitiveness as well as national productivity.”
This article originally appeared on B&T’s sister site www.which-50.com
Please login with linkedin to comment
Advertising Standards Bureau Bob Garfield Crazy Bastards einsights New SiteLatest News
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.
Entries For Five Decades Of Advertising Graduates Awards Close On Monday
Entries for the Five Decades of Advertising awards close Monday. And no extensions! Any bribery is open til Wednesday.
Cadbury Extends Commitment To Women’s Sport With Sweet New Wallaroos Deal
Rot your teeth, get fat and support women's sport all at the same time with this sweet new sponsorship arrangement.
Campfire X & Nando’s Partner To Acknowledge Traditional Land Owners Across Australia
Chicken chain unveils important First Nations initiative. The actual chickens more concerned with the Adani coal mine.
Lisa Ronson, Naysla Edwards & Ben Hill Join MFA Awards Signature Judging Panel
MFA Awards adds some serious clout to its judging panel. Still no confirmation Paulini will be performing on the night.
Connect Hearing ‘Sounds Good’ Platform Via Bread Agency
Every office has that one hard of hearing person that's oblivious to the fact. Ramp up their insecurities with this.
Ipsos Iris Data: Australians Prioritise Entertainment & Sports Over Serious News In March
Data shows Aussies prioritising light entertainment over hard news. And who can blame them if you've seen the hard news!
Fur Media Partners With Mad Paws To Support Advertisers
It's never good if your office smells like faeces & brine chunks in aspic. Not if you're pet-friendly agency Fur Media.
MAXIBON Drops Epic Flavour Collaboration Via SICKDOGWOLFMAN
There are few pluses to be had with global warming, except the extension of ice-cream eating season.
Sling & Stone Scrubs Up With Lush Account
Got friends at Sling & Stone? Expect the dreaded loofah and bath bomb for birthdays/Christmas this year.
SBS’s The Cook Up With Adam Liaw Produces ‘Fewer CO2 Emissions Than Industry Average’
SBS could go full vegan for Adam Liaw's seventh season and reduce its TV audience and emissions by 99 per cent.
GumGum & Playground xyz To Merge Media Portfolio, Creating “Powerhouse” Ad Suite
GumGum & Playground xyz tap into consumer mindset. B&T prefers tapping a keg, but whatever works.
All The Winners & Grinners From The TikTok Young Lions Awards Night!
Last week saw every part of the human experience: Exalted, devastated, exhausted & stuffing sausage rolls in the corner.
TV Ratings (21/4/24): Farmer Wants A Wife Wins Sunday Prime Time
Farmer Wants A Wife does make the country life seductive. Apart from the manure stench & the bleating roosters at 5am.
Australia’s Automotive Industry Shifts Gears With CTV
How much was CTV responsible for Australia's record car sales in 2023? Or those horrible oversized American utes?
Australia’s C7EVEN Communications Launches Services In Japan With New Tokyo Office
Aussie comms agency unveils its Tokyo plans. Confirms it's still getting the hang of the toilets over there.
Daniel Goldstein Promoted To Head Of PR At Example
Try as he may to surreptitiously blend in with the wall in his photo, this PR fellow still relatively easy to spot.
Marie Claire & Volvo Partner For The Planet: Nominees For The Inaugural Marie Claire Sustainability Awards Announced
Fashion bible Marie Claire unveils its Sustainability Awards. Yet still refusing to recycle 2023's maxi skirts trend.
Sefiani Unveils A Wave Of Promotions & Appointments
Life's good in PR/comms as Sefiani unveils new hires. Well, bad news for media sites obsessed with redundancy stories.
Yahoo Launches Identity Solutions For CTV
Connected TV just got a whole lot more exciting with this innovation. Bar the incessant Friends re-runs.
Infosum Launches Data Clean Room Solution With Samsung Ads Australia
Infosum & Samsung Ads launch a data clean room solution that's a lot more than a Wettex & squirt of Ajax.
Fast 10: Bread Agency’s Amaury Treguer On Its “Unrivalled” Social Commerce Focus
Bread Agency's Amaury Treguer takes B&T's Fast 10, as he reveals why he won't be sandwiched up against the opposition.
X And Elon Musk To Sue Australia’s eSafety Commissioner Over Sydney Stabbing Takedown Order
If this all wasn't traumatic enough, Elon weighs in to prove he's the world's richest man & world's biggest dickhead.
CRA Siren Award To Be Presented At B&T Awards 2024!
Often attend award nights & think "I wish this night would never end"? Well, B&T's just got that tiny bit longer.