“Data Science in the New Economy – A new race for talent in the Fourth Industrial Revolution” has just been published by the World Economic Forum. As the fourth industrial revolution unfolds with advances in data science, artificial intelligence in the labour market is expected to experience a radical metamorphosis in coming years.
The report outlines key insights that decision makers should be cognisant of in the years ahead:
1. Data science roles and skillsets contribute a small portion of the workforce, but recent data indicates that these are some of the highest in demand roles in the labour market. This is further complicated by traditional silos being eroded as Data Scientists are now sought out by the Financial and Professional Services sectors, which now find themselves competing with classical competitors such as technology and media companies for an ever-diminishing pool of quality candidates.
2. Added complexity to data scientist recruitment stems from an inability to properly interrogate a data scientist’s calibre and talent, especially in regard to the designated task and job specification. Cognitive biases and institutionalised thinking can further hamper this issue. Classical third level education can no longer be used as one of the prime indicators for ability, as the nature of learning and the value of learning is also changing during this revolutionary period.
The financial services industry cannot afford to take a complacent attitude towards these trends, as a proactive approach is required to properly recruit and retain these highly sought-after individuals. In parallel to this, decision-makers must acknowledge that these individuals will become the leaders of tomorrow and offer training and resources that allow them to flourish outside of their existing skillsets.
Synergy of purpose by all stakeholders will be required to recruit, develop and retain these pioneers in this increasingly science-led future.
The full report can be found on the link below: http://www3.weforum.org/docs/WEF_Data_Science_In_the_New_Economy.pdf
James Sweeney – Is an associate in our Dublin office. In his role with Hanover, James brings his business and political science acumen as well as his political research background to bear in undertaking bespoke executive searches across the financial and professional services sector in Ireland.