Data scientists set to bag £100,000 as demand soars

The Covid inspired scramble to recruit talent in the data industry is likely to see salaries for data scientists hit £100,000 a year in London, according to one recruitment expert who claims the jobs market is “white hot”.

A large number of vacancies across many sectors of the jobs market are leading employers to offer higher salaries to attract and retain staff. With inflation expected to hit 5% next year, workers are looking for pay increases to keep pace with the cost of living.

According to the Mana Search 2020 Salary Report published in March, data professionals are already in such high demand that even trainee data science roles are now commanding salaries which exceed the pay of junior doctors, lawyers and dentists as more and more organisations wake up to the power of data insight.

And Adrian Smith, senior director of operations at Randstad UK, reckons employers have started to put “the pedal to the metal” when it comes to even starting salaries.

He told AI News: “When it comes to the best data scientists in London, we will be seeing six-figure sums offered to new joiners by spring of 2022 – that’s despite London-weighting losing some of its power, as more people choose to work remotely.

“Organisations simply have no choice, the jobs market is burning white hot. Organisations are offering large signing-on bonuses, employees are asking for raises three months after they join, and headhunters are cornering hot recruits before they’ve even settled behind their desks.

Smith claims that many firms are fighting to hire and retain the people they need and talented data scientists are critical to the performance of any data team.

The average UK salary for a data scientist in February 2020 was £47,600. Over the pandemic, that only increased marginally but by April 2022, the average salary for a data scientist is forecast to hit £68,100.

Smith added: “As a result, any head of data or director of data who isn’t paying top dollar is going to end up weakening their talent pool. They’ll soon discover that without the best people, their data team is an empty shell.

“Even if they recognise the benefits of strengthening their data team’s talent pool, they’ll need to start thinking and acting differently if they’re going to win the war for talent.

“Venerable bastions of data talent – such as investment banks and consulting firms – are losing talent to tech start-ups. The war for talent has reemerged from the ashes of the pandemic and will continue to reshape the workplace for the next decade.”

Bonuses for workers in the UK’s tech sector are also on the increase, with individuals forecast to bag a 25% bigger bonus than last year.

Smith concluded: “Base salary is not the whole story. Overall, data scientists are expecting another four percent in bonuses as well. In the capital, that could represent a juicy four grand for the best and the brightest.”