Data Science is currently one of the most demanding professions, and it is anticipated that in the future, there will be a severe skill shortage due to the need for skilled data scientists. Most companies are now retraining their current employees to become data scientists as a result. Finding experienced data science professionals who are certified through the best data science course in Bangalore, would be difficult for businesses. Therefore, they are planning training for their current staff who have an aptitude for data science to fill the skill gaps. Indeed, one of the hottest topics this year is data science since data-driven operations help employees perform better. The information assists in boosting the effectiveness of consultants, salesmen, and marketers, as well as an organization’s overall productivity. Businesses acknowledge the value of data in reaching their goals, but when it comes to hiring data scientists, a skills shortage becomes an issue.
IDC, or International Data Corporation, predicts that by 2019, firms in the US will need to hire about 181,000 candidates with exceptional analytical capabilities and five times that number of people with data management and interpretation ability. Yet there aren’t enough skilled data scientists to deal with that problem. What is the best way for organizations to find candidates for these positions? The first step in doing this is for the firms to take an internal assessment and understand the benefits of retraining their existing workforce to become data scientists.
Why is retraining important?
Employee retraining is vital due to technological advancements and new business developments that require employees to have new or enhanced skills. Because their employees lack clear job criteria or can’t recall how to use them under current working situations, some firms offer retraining programmes. Retraining initiatives are beneficial when they boost long-term output, reduce errors, and decrease safety worries. Retraining programmes are crucial because they aid staff in maintaining and developing effective task-specific skills that advance their companies. A reskilling initiative within the company showcases those abilities that boost efficiency overall and aid in better goods and services. Also, it’s crucial to retrain your workforce because it improves worker dependability and confidence.
Why reskill your Employees?
- Retraining to give employees new skills: As many firms constantly introduce new approaches and improvements, it’s critical to inform employees of the most recent advancements. Employees value learning and new developments as well. Many employees claim that possibilities for training and development affect whether or not they decide to stay with the company. Inadequate job training causes 40% of employees to quit within the first year, and lacking professional growth increases a worker’s likelihood of feeling despondent and leaving the organization. This suggests that the best requirement should be to prioritize each employee’s training and growth.
A “coding craze” that saw several businesses teach their employees to become fundamental programmers was noticed a few years ago. Companies teach every employee in order to advance technical proficiency across the firm and increase production. In order to teach everyone in the workplace how to code, a company named Free Cause completed a project called Codinization. The implementation of this concept led to the development of coding expertise among hundreds of personnel from various businesses. As the skills gap in data science grows, corporations are using the same strategy.
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- Business incentives for retraining staff: Peter Cappelli, a professor of management at Wharton, researched why certain businesses hire new staff while others retrain their current staff. He discovered the following intriguing results after observing the effects each had on social capital or relationships within an office and how well staff collaborated:
If a company decides against retraining or educating its current employees in favor of hiring new hires, social networks at work will be disrupted, and social capital will be destroyed. On the other hand, firms can maintain social networks and social capital by retraining current personnel. While most businesses rely on social capital to operate effectively, this study suggests that it is crucial to retrain the workforce.
Another critical factor for organizations to retrain current staff rather than bring in fresh talent is an economic incentive. According to an investigation, the immediate expense of replacing an employee can amount to 50-60% of their annual income. When these expenses are included with the linked ones, the entire cost of hiring a new employee may amount to 90 to 200% of their yearly wage. Instead of laying off workers, IBM chose to reskill them, paying workers 90% of their wages while they picked up new skills like cloud, analytics, and mobile. IBM chose to invest internally rather than hire new workers and fire existing ones with this job knowledge.
- Retraining workers to become data scientists: The US is predicted to have more than 489,000 jobs by 2020. Less than 2,000 000 people will be qualified and eligible to fill these positions. A report determined that, on a global scale, the demand would outpace the supply by 50%. One issue is that universities offer no undergraduate degree in data science. Thus, those who teach it cannot keep up with new and developing ideas.
Organizations can train current employees with a technical background to become data scientists in a few weeks with cutting-edge, innovative data science training camps and tailored corporate training programmes. The organization’s data science requirements can now be satisfied by any personnel with coding skills undergoing training to become adept in R, Spark, Python, Hadoop, or any other tailored training prospectus.
Conclusion
With the aid of these decisions, businesses might now think about retraining current staff members rather than hiring new workers and incurring associated social and financial costs. In addition to the financial benefits, businesses that invest in their employees see less staff turnover and happier employees. Hence, we should apply the knowledge we’ve gathered from successful coding boot camps to teaching staff data science as well. If you are interested in learning data science for a lucrative career, Learnbay has the best data science course in Bangalore with placement. Enroll and land your dream position after 6 months of practical training.
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