Why Data Science Jobs Are Safer Even In COVID19 Recession
The recent ongoing coronavirus pandemic has engendered many
job losses across all industries. The rate of unemployment is growing like never
before. Almost 3.8 million people lost their jobs last week in the USA
because of COVID19. Moreover, the global economy likely to be gravely affected in the coming times.
In this recession the data science jobs are bestowing some sort of good news as a hatful of
hiring can be observed in analytics companies. Surprisingly, the reduction in
salary is also a bit ok with the data science sector. According to The Gardian1
, many big US-based organizations have
declared the pay-cuts for the staff or are planning of lay-offs.
"Boeing announced this week that the coronavirus had delivered “a body blow” to its business and is weighing laying off 16,000 people, a 10% cut to its 161,000 workforce. Hertz, the car rental company, recently laid off about 10,000 employees in North America and is reportedly considering bankruptcy"-The Guardian.
However, data science jobs have found less layoff, less
pay-cuts in comparison with other jobs and the reasons are as below,
1.In data science jobs techies need to have knowledge in
specific domain with solid fundamentals in statistics, machine learning, data
mining and AI. It is very hard to find such talents just like that. So with
random layoffs companies have to pay a heavy price as finding such new data-scientists
would be a herculean task.
2.Data analytics would play a pivotal role in analyzing the
cost, reducing the expenditure, segmenting the targetted market at this hard
pandemic time. So, at this distasteful time when other industries such as service
industries have fluffed up by the
COVID19 pandemic, data analytics can do justice to the analytics part at least.
3.Most significantly, countries need health analytics like
never before to predict the infection rate, death rate, and tentative timing of an end to this deadly pandemic. Virologists could provide more insights into the
infection rate seeing the health analytics data.
4.Employees from analytics companies can easily work from
home without any hustle, however, this could be true to any software
company. In fact, work from hope actually has resulted not so bad outcomes for
companies like TCS etc2.
“TCS Mulls 75% Of Its Workforce To Work From Home By 2025- says MD Rajesh Gopinathan”
5."AI is the new electricity"- Andrew Ng says.
As long as the company has the data to work with, it would survive.
6.It is expected that in the coming times 2021-22, a huge
scarcity of data scientists and AI professionals could surge as companies need
more and more automation in collaboration with IoT, machine learning, and deep
learning. So, hiring data science experts will increase in 2021-22.
Hence, the above points ground the reasons on why the ceases
or lay-offs are less for data science and AI Jobs even during the COVID19 pandemic.
The author's point of view in this post is the author's personal opinion, personal beliefs, personal perspective, and the author's personal point of view.
Happy May Day!
~AISavvy, 1st May.
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