With the coronavirus pandemic and lockdown at the moment, the global economy is facing a recession. You must be wondering how this recession is due to COVID-19 and how it would affect you. Have you started thinking about the security of your future amidst this chaotic situation? While globally the looming recession is significantly affecting employment, salary and jobs across industries, in India the negative impact is expected to be relatively less across enterprises and sectors. Though there has been an immediate impact of the recession on salaries, the broader quantifiable impact of the recession on salaries across analytics can only be measured after one or two months of the recession. According to a survey conducted for the “Impact of Recession on Salary Study” by AIM & Jigsaw Academy, we found out that the impact of the ongoing recession on the Analytics domain on a whole may not be as severe as the impact on the various other sectors.
Across the Data Science domain, the major cuts in salaries and jobs are more likely to happen in consumer-focused sectors, including hospitality, tourism and non-essential retail. Salaries for analytics professionals across these sectors could be cut by about 20% to reduce costs. As these sectors have seen an acute fall in demand because of lockdowns across the country, and are expected to recover and reach pre-recession revenue parity, only 3-4 quarters of operations resumed and went back to a close to a normal state.
The Government of India (GoI) and the Reserve Bank of India (RBI) stimulus measures that are expected to reduce the negative impact on operations across the Automobile and Oil & Gas sectors.
In light of the recent lockdown scenario, the operations and demand contraction across firms within FMCG & E-commerce sectors is expected to be 8-10%. A corresponding contraction in analytics operations could be experienced across these firms.
Across the IT sector, even if the global and domestic economies have persistently slowed down, the impact of the current demand on overall operations would be less significant as the sector provides strategic value to its global clients and consumers.
The broader quantifiable impact of the recession on salaries across analytics can only be measured after a few months of the recession – by then the impact of the recession on operations, costs, and demand for products and services would be felt across industries and organizations. Though it will take months, the overall impact of the ensuing recession on the Analytics domain as a whole will not be as severe as the impact on the other sectors.
Recession is like a new moon that is followed by a full moon of prosperity and abundance. It’s time to focus on your goals and sharpen your skills, forget about it and you’ll be ok.
While we are living in this uncharted time, we should be hopeful and see the silver lining. Rather letting this recession take all the pace in our mind, we should stop focusing on it. During this time, we must focus on our goals, find ways to sharpen our skills and we’ll come out of this recession with flying colours.
Jigsaw Academy in association with Analytics India Magazine (AIM) has done a study and developed a report to estimate the broader impacts of the recession on salaries across the analytics domain. This complete guide on the impact of the recession on the salary across the Analytics and Data Science domains with an emphasis on salary bents will give you all the information needed to make an informed decision on the best career course.
Do your research and make decisions based on numbers and not words.
Read the complete report here: