Current Hiring Strategies For AI & Analytics Professionals in 2024

The transformation and transition to an artificial intelligence (AI) powered era is fast taking over the world. Businesses, big and small alike, are ready to delve into the world of automation, and are now looking for people skilled in the concepts and techniques of AI. 

This newest form of technological advancement aims toward automation of work that is otherwise performed manually. It not only saves time and human input but also eases out complex business scenarios in no time.

It is becoming increasingly popular among businesses as it helps in the easy processing of huge amounts of data. Hence, AI is now widely being adopted to simplify Big Data management and analysis. 

Apart from day-to-day business analysis and management, companies are now aiming to also adopt artificial intelligence in recruitment processes. This change will not only help in selecting the best fit candidates but will also cut down the screening time of the interviewees. Major players like Amazon and Accenture are already using it in their recruitment and selection procedures.

At present, companies using AI for recruitment are not very organized as there is a huge crunch of personnel with proper AI know-how. With over 1.2 million vacancies in AI-related jobs, the most demanding ones include the post of Business Development manager, AI Data Analyst, etc. 

Talent supply vs. demand currently in the AI and analytics domain

With the evergrowing evolution of AI in business analytics and management, more and more companies are resorting to hiring and training professionals in AI.

According to research estimates, tech-based talent resources stood at 3.8 million in India in 2021. Ranking second to China, India supplied over 2 million STEM graduates, though only 220,000 were eligible to be inducted into the IT sector.

At present India has a demand for 2.32 million people in digi-tech jobs. In AI & Big Data Analytics alone there are over 300,000 job vacancies. Therefore, the deficit of 88,000 professionals in this sector, equivalent to almost 30 percent, has created a big gap between the rising demand for AI & Big Data Analysts and the short supply of professionals in the category. 

Out of the eligible STEM candidates in the AI and analyst job roles, 60 to 70 percent professionals required reskilling or upskilling. The skill acquisition mostly took place as new employee training, executed with the idea to hire and train them to cater to the most demanding needs of AI-based businesses.

The survey showing the relationship between quality of talent and business performance prepared by McKinsey suggests that as the job complexity increases, the productivity gap between the average performer and high performer also increases. 

This means that the gap between talent supply and talent demand is set to see a major rise in the coming years with the constant shift toward AI-automated businesses.

Projected estimates suggest that by 2024 there will be an overwhelming demand of 7,10,000 AI & Big Data Analysts, which will remain unmet by 25 percent, which is likely to delay the digital transformation in India.

What are companies looking for – skills, competencies, and experience-wise?

As there is a huge dearth of skilled personnel in AI & analytics jobs, companies are now actively recruiting people with basic know-how of AI. Many companies are now also looking for individuals who are willing to upskill themselves through the hire-training mechanism. Competencies in soft skills like adaptability, a ready-to-learn attitude, problem-solving, and emotional intelligence are the top priority.

While artificial intelligence has become a burning word in the tech arena, most companies are looking for individuals who are ready to learn and adapt to advanced tech-based jobs. Recruiters are looking for individuals who are skilled in business analytics, SQL, Advanced Excel, Python, Data mining, computation and application, database management, basics of using AI in business, and fundamentals of statistical analysis and data interpretation.

Having a certification in any of the aforementioned skills will help you to find the right picks to grow and upscale your career with the forthcoming advancements in AI and Business Analytics. 

To land a scalable job in this sector, degrees and certification courses are not enough but hands-on experience is also a must. Be it beginners belonging from the STEM or IT backgrounds or upskilled professionals, all kinds of experience will add value to your resume. For beginners, projects, internships, or freelance experience in AI & Data Analysis will come in handy.

For a professional seeking a job change or upscaling, previous experience in similar database management fields is favourable. Course completion certificates along with new employee training success reports prove to be of immense help.

What are the hiring trends?

By combining AI with Big Data analysis and management, several manual jobs will be redundant in the coming years. Making a career as a Data Scientist, Data Engineer, and AI/ML Architect is highly promising.

Apart from the job role, the annual salary also differs based on the seniority level. The top companies hiring AI & Data Analyst positions across all seniority levels are Amazon, Microsoft, Google, Adobe, etc.

According to the Annual Data Science Salary Report, in 2022 salaries of Data Science experts have risen by 25.4 percent (Rs.16.8 lakhs yearly). As even small businesses are turning digital, large amounts of online data processing needs to be done. 

Tech-based industries, the banking sector, and eCommerce command the highest salary of Rs. 24-25 lakhs p.a.

The most-demanding profiles are of a Data Architect who draws Rs.25 lakhs p.a., Data Analyst who draws Rs.20 lakhs p.a. and an AI Engineer who draws Rs.17 lakhs p.a.

AI & Data Analysis jobs are here to stay for a long time and will become increasingly popular and scalable in the coming years.

What are the strategies employed by businesses when they are hiring AI and analytics talent?

For most companies, hiring the right set of skilled AI and analytics personnel from the available talent pool is the need of the hour. With the new process of adopting artificial intelligence in the recruitment process, a lot of expertise is needed to be learned by even HRs and recruiters alike.

Businesses need to pre-plan the recruitment process so that unnecessary work can be eliminated in finding an ideal candidate for the AI & analyst position. They need to take up a holistic approach and optimise their resources in order to have the best fit:

Chalking out companies requirements:

• Find the areas where AI and analytics talent is needed.
• Hire candidates from beyond STEM backgrounds and lower the eligibility criteria. AI & analytics jobs are one of the most complex and the supply of candidates is comparatively less.
• Create clear job descriptions for different positions and hire the suitable ones for the best-fit positions. Top companies do not hire first and later think about how to use their human resource.

Hire and train candidates:

• If new employees are from relevant backgrounds, new employee training will always be fruitful.
• Finding out each employee’s interests, motivation, and willingness to learn and implement automation or data analysis for continuous skilling.
• Arranging for workshops and training sessions for HRs and recruiting professionals to implement artificial intelligence in the recruitment process.
• Companies using AI for recruitment should train HR executives to evaluate the new employees’ performance. Employees selected via AI in recruitment and selection should participate in contextual skills analysis to find solutions for the company’s actual problems.

What does this mean for aspirants to find jobs in this field?

Looking at how many companies use AI in hiring we can estimate that most businesses are eyeing complete automation in all areas of work. It is a good time to grab the best opportunity as an AI & Analyst in most companies. Job-seekers can find a good deal in top companies, start-ups, and small businesses.

Estimates suggest the average base salary for AI and data analyst beginners level is Rs.450,000 p.a. For mid to senior level professionals with five to nine years of experience, the salary ranges between Rs.900,000 to Rs.1,364,002 p.a. It is not hard to predict that AI-based jobs will be high in demand for the next 10 years.

As per the reports by Analytics Insight, the 10 most lucrative AI jobs in India are — Data Scientist, Data/Machine Learning Architect, Data Analyst, Data Engineer, Machine Learning Engineer, and Machine Learning Applied Researcher in top companies like Accenture, Amazon, Cognizant, Microsoft, J.P. Morgan Chase & Co., etc. 

How should you prepare and what should be the focus? 

If you are planning a career as an AI & analyst expert, then now is the right time to focus on building your skills and credibility in the line.

A bachelor’s degree in Computer Science Engineering, Mathematics, Statistics, Physics, or Mechanical Engineering is important. An added MBA degree will also be helpful to nurture your analyzing capabilities. An online course on AI & Analysis will be a bonus if you are from a non-technical background.

Begin your preparation by solving easy-to-mid-level logical reasoning questions; solve mathematical problems like Probability, Statistics, Algorithms, and Calculus; and proficiency in English language as AI operations involve language usage at every step. Knowledge of software like Python, R, and Advanced Excel is important.

An online certification course can come in very handy if you are not sure where to start or how to start your preparation. For you to implement in real-life situations, the course should offer in-depth conceptual knowledge of the basics of AI, data analysis and computation, and more. Look for project-based courses along with guidance and assistance from the mentors that involve data mining and computation using AI. 

You can also take up freelance projects or internships to polish your AI & Analysis abilities before applying for a job in a big company.

Look for answers in Quora and other platforms to understand how many companies use AI in hiring and what type of mechanisms they follow. Companies using AI for recruitment focus more on the aptitude in their entry-level test.

Practice more of the analytical sections and schedule your time limit to solve problems. Also, do not miss out on improving your interpersonal skills, problem-solving attitude, and the eagerness to learn during the preparation. 

With the rapid transformation in the digital era, companies are increasingly adopting automation. It is true that AI has given options to businesses to be labour-free.

Starting from using AI in the recruitment process to AI-enabled data analysis, more and more businesses are on their way to recruiting AI & Analyst professionals.

In India, AI & Analyst job positions are currently one of the most lucrative careers and are expected to be in-demand at least over the next 10 to 15 years. Top company recruiters are looking for enthusiastic AI & Analyst talents both from technical and non-technical backgrounds. 

Hence, a reliable degree or certification in Data Science, Machine Learning & AI will fetch one of the most favourable opportunities for freshers and the experienced alike.

Check out Hiro Vired’s Data Science, Machine Learning & AI course, available in a full-time and part-time basis with assured placement assistance. Get in-depth knowledge from industry experts and learn how AI & analytics will steer the smart future of most companies.