IAPA: Analytics skills are hard and costly to find

New survey from the Institute of Analytics Professionals Australia shows disconnect between analytics teams and rest of the business

Analytics specialists are proving both costly and hard to find in Australia, according to a new survey report from the Institute of Analytics Professionals Australia (IAPA).

The second annual 2014 Skills and Salary Survey report of nearly 500 Australians working with data found nearly 90 per cent are finding it either as hard or harder to recruit analysts this year compared to last year.

The report also showed analytics professionals are earning almost twice the median Australian salary at an average $125,000 annually, up 14 per cent year-on-year. This was based on median salaries of $72,000-$75,000 for those who have worked for up to three years, and $152,000-$194,000 for those working for 14 to 16 years.

Seventy per cent of respondents said they had seen their salary increase over the last three years. In addition, those analysing social media and social network data are earning a whopping 50 per cent more than the average respondent’s salary, with a median wage of $190,000, IAPA said.

These big salaries were despite the fact that 60 per cent of hiring managers still find applicants to be underskilled.

“Analytics is becoming a career magnet,” IAPA chairman, Doug Campbell, said in response to the findings. “The report shows that respondents are moving into the field from other disciplines, evidence that analytics is emerging as an attractive career option.”

8 tips for data analytics success from Data Strategy Symposium

This year’s report included new segmentation analysis designed to better understand the types of professionals working with data. The four categories of professional were: Data scientists (24 per cent), BI and visualisation focused (35 per cent), traditional analysts (30 per cent) and analytical integrators (11 per cent).

Those tagged ‘data science professionals’ were found to have a distinct range of skills, including being more multi-skilled, more technical and more adept at using change management, persuasion, business case development and communication skills compared to their data peers. They also represented the highest median salary of between $130,000 and $138,000.

Read more: IAPA and ADMA form alliance

Across the board, 43 percent of respondents said keeping skills up to date was both the biggest challenge professionally, as well as their biggest interest. Three-quarters were interested in further non-degree training, and 40 per cent were pursuing degree-based learning.

But there remains a gap between the work analysts are doing, and how businesses are utilising the intelligence and insights provided.

As well as citing timely access to high-quality data (40 per cent) as a key challenge, convincing their company of the value of analytics (39 per cent) was the third-biggest hurdle for analytics teams, followed by getting the company to act on insights (38 per cent).

“There is a disconnect between what companies say they want and what’s actually happening,” said the report’s author, Evan Stubbs, chief analytics officer at SAS.

“Everyone wants answers and yet analysts struggle to get people to act on those answers. It’s this ‘decision inertia’ that respondents seem most frustrated with.”

Stubbs called on business leaders to improve the use of evidence from analytics to better guide decision-making, and marry insight and experience.

“Analytics professionals need to directly link their efforts to business priorities and communicate insights in ways that are easily assimilated and understood by business decision-makers,” Campbell added.

The research also looked into where analytics sits across organisations and found main areas included marketing, advisory/consulting, and shared services business intelligence and insights teams. However, the list of functions survey respondents came from was a broad one and also included credit risk, data warehousing, sales, research/development and product management.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Signup to CMO’s email newsletter to receive your weekly dose of targeted content for the modern marketing chief.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

More Videos

I found decent information in your article. I am impressed with how nicely you described this subject, It is a gainful article for us. Th...

Daniel Hughes

What 1800 Flowers is doing to create a consistent customer communications experience

Read more

Extremely informative. One should definitely go through the blog in order to know different aspects of the Retail Business and retail Tec...

Sheetal Kamble

SAP retail chief: Why more retailers need to harness data differently

Read more

It's actually a nice and helpful piece of info. I am satisfied that you shared this helpful information with us. Please stay us informed ...

FIO Homes

How a brand facelift and content strategy turned real estate software, Rockend, around

Read more

I find this very strange. The Coles store i shop in still has Flouro lights? T though this would have been the 1st thing they would have ...

Brad

Coles launches new sustainability initiative

Read more

Well, the conversion can be increased by just using marketing, but in general if you are considering an example with Magento, then it is ...

Bob

How Remedy is using digital marketing and commerce to drive conversion

Read more

Blog Posts

Why conflict can be good for your brand

Conflict is essentially a clash. When between two people, it’s just about always a clash of views or opinions. And when it comes to this type of conflict, more than the misaligned views themselves, what we typically hate the most is our physiological response.

Kathy Benson

Chief client officer, Ipsos

Brand storytelling lessons from Singapore’s iconic Fullerton hotel

In early 2020, I had the pleasure of staying at the newly opened Fullerton Hotel in Sydney. It was on this trip I first became aware of the Fullerton’s commitment to brand storytelling.

Gabrielle Dolan

Business storytelling leader

You’re doing it wrong: Emotion doesn’t mean emotional

If you’ve been around advertising long enough, you’ve probably seen (or written) a slide which says: “They won’t remember what you say, they’ll remember how you made them feel.” But it’s wrong. Our understanding of how emotion is used in advertising has been ill informed and poorly applied.

Zac Martin

Senior planner, Ogilvy Melbourne

Sign in