Flash Survey Results Part 1 – What Motivates Quants to Change Jobs?

We’re midway through the first quarter and the analytics hiring market is heating up – organizations are evaluating their business goals and hiring needs, and candidates are evaluating their career options for the coming year. As a follow up to my blog post with my predictions for the analytics hiring market, I decided to conduct another “flash survey” of my connections to see what motivates them to make a career move and how they found their last job. I’ve read studies about how Quants are most motivated by intellectual curiosity, and was interested to see if this would translate to their career aspirations. I received 216 responses to my quick survey, the first question being:

1.) What would be your top two motivating factors if you were to change jobs?

Key Insights

• Overall, salary and opportunity for growth were the top two motivators for respondents, with 47% and 44% respectively.
• Challenging work was third with 38% of respondents choosing this in their top two motivators.
• A change in company (16%) and industry (11%) were the factors least likely to inspire a job change.

Conclusions

Quantitative candidates are more in demand than ever, and if the results of this poll are any indication the talent pool is ambitious and hard-working. Their focus on salary is interesting, and reflects what I found in the Burtch Works Study last year – that Quants changing jobs can expect a 14% pay increase. When compared to the average 2-4% yearly increase they can expect if they stay at their jobs, it’s no wonder the hiring market is humming with activity and that salary is a top motivator.

Opportunity for growth was a close second, and it seems that analytics professionals are evaluating “promotability” when considering new roles, compared to the opportunities available in their current organization. For my analytics job seekers, I wanted to offer a word of warning here – although you can realize an increase in pay, I usually don’t see candidates substantially improve their title when changing jobs. It’s much more common to see a candidate make a lateral title move when changing companies, knowing that there is a greater possibility for a promotion down the line in their new organization because it is in a growing field or expanding.

Stay tuned for my next blog when I will post the results from my survey’s second question, “What was the source of your last job?” 

My Predictions for the 2014 Analytics Hiring Market

Thanks in part to the media coverage of Big Data, analytics has become inescapable. To those who have worked in and around this industry for years this information is nothing new - merely more visible. Every day I’m hearing about more and more businesses warming to the idea that there are actionable insights readily available in their data if they know how to use it.

It is an exciting time to be a statistician, data scientist, or analytics professional, and if you thought 2013 was big, 2014 promises to be even bigger. Without further ado, here are my top predictions for the analytics hiring market:

1.)  Real-time analytics becomes increasingly important to business intelligence – Industries like the gaming industry already give their customers incentives in real-time and retailers are quickly moving toward real-time couponing. Those of you with real-time data experience will be in high-demand for these growing roles.

2.) Data scientists will be embedded in analytics groups – In addition to analysts who can build complex models, there will be an increasing need for data scientists, who with their background in analytics and computer science can wrangle massive, unstructured data sets. Companies hoping to extract the full benefit from their data sets will need a combination of both groups.

3.) If you don’t have digital you will be a dinosaur! - If your skill set doesn’t already include digital analytics your career plan should be to get experience and soon. Without it your skills will become outdated and obsolete.

4.) Sentiment analysis will continue to erode traditional survey methods – Use of social media data and other “free sources” has the opportunity to overtake traditional survey methods, which will impact the marketing research talent landscape.

5.)  Corporations will bring on internal staff to replace high paid consultants- Consultants got the ball rolling, and now companies will seek to take on full time staff.

6.) However, this will not adversely affect the consulting industry – Demand is so high for analytics experts (and continuing to grow) that there will still be companies looking to small and large consulting firms. Despite some companies hiring full time staff, the consulting industry will continue to experience growth. Heavy travel schedules will continue to be the norm for these opportunities.

7.) The trend towards wearables and PEDs will create new positions- If the buzz from CES2014 is to be believed, the wearables trend is increasing. As with any new technology that creates massive amounts of data, analytics positions will be created in the industry to make sense of and capitalize on all that information.

8.) Startups’ grip on the hiring market will loosen- I have spoken with candidates who have worked with many failed startups, and I think that this year the tendency towards hopping from failed startup to failed startup will begin to shake out. Candidates who have been through the failed startup cycle will begin to realize that to build a career it will be important to learn from an established group.

9.) Graduates from the new analytics programs will begin to hit the job market - This is not so much a prediction as it is inevitable, and I am very interested to see how well these new programs have prepared their students to enter the quantitative workforce.

What trends do you think we will see in the analytics hiring market? Let me know what you think in the comments below.

 

 

Burtch Works' Most Popular Social Media Posts from 2013

2013 was a busy year for Burtch Works’ social media accounts, and I wanted to take the time to revisit some of our most popular links this year. 

Our top links include blog posts on topics from resume writing to data science wannabes, as well as links to our original research, including salary studies and a flash survey of our network. 

Here is our social media year in review:

1.) The consulting trend is really gathering steam but the opportunity is not for everyone, which I addressed in Should You Take That Consulting Role? Here's Why or Why Not.

2.) With networking being more important than ever and holiday parties around the corner these 18 easy conversation starters from Careerealism that I posted were perfectly timed.

3.) Apparently everyone is thinking about retooling their resume, because my latest blog post Need to Rewrite Your Resume? Four Tips Before You Submit is one of the most popular posts on our social media this year.

4.) Are you a real data scientist? Or just a Data Wannabe?

5.) McKinsey put out an informative infographic on Big Data and ROI Big Data Big Profits.

6.) Lou Adler once again published a great article on LinkedIn with 5 Things You Must Not Do In an Interview, and 5 Things You Must.

7.) The Burtch Works Study: Salaries of Big Data Professionals was released in July, and Silicon Angle ran a story about lucrative salaries for foreign-born analysts.

8.) Our Marketing Research Salary Study was released in October, both salary studies and their webinar presentations are available here.

9.) Back in April I addressed the lack of urgency to hire in Help Wanted But Hiring Slow.

10.) While catching up on TEDxTalks in September I watched Big Data, Small World by Dr Kirk Borne which is definitely worth your time. He also maintains a very active twitter presence and was voted the #1 influencer on Big Data by Onalytica.

11.) In a guest post on my blog at the beginning of November, Burtch Works’ entry-level recruiting specialists shared their advice in How to Get Your First Analytics Job.

12.) Researchers at the University of Pennsylvania analyzed social media Big Data to create word clouds showing commonalities by age, gender & personality. Fascinating stuff!

13.) Forbes published my article Five Ways Marketers Can Keep Quants From Quitting in December.

14.) We tallied results from our Flash Survey for analytics professionals about how many are approached via LinkedIn about new job opportunities and how often.

15.) What Design Thinking Can Teach Analytics Professionals was an attention-grabbing article from Data Informed.

With all the attention focused on Big Data, I expect next year to be even busier as more companies look beyond the buzzword and start seeing returns on their investments. The analytics hiring market will continue to heat up, so keep an eye out for my 2014 hiring predictions blog in the beginning of January. For more career advice, blog posts and industry news throughout the year be sure to follow Burtch Works on LinkedIn and Twitter. Happy Holidays everyone!

Need to Rewrite Your Resume? Four Tips Before You Submit

As you probably know, expecting to land an interview without revamping your resume is a costly mistake. Obviously your resume should reflect any changes in your work history, but it should also grab an employer's attention and convince them that you are worth interviewing. Since their first impression of you will likely be the resume you submit, you should make sure to put time and thought into crafting one that tells your story and emphasizes your unique skill set.

In continuation of my guest blogger series, Burtch Works' marketing research specialists Karla Ahern and Naomi Keller will be sharing their top tips for writing a resume. With years of experience viewing many (many) resumes for our candidates, there are four main areas that demand your attention. You can find the original article posted here.

As recruiters and former market researchers, we have a unique vantage point into the field of market research. We have both an intimate, experiential knowledge of the day-to-day life of market research, as well as an overall view that allows us to see the varying trends that affect the marketplace. As a result, our candidates come to us with a variety of questions regarding their search process and “How can I improve my résumé?” is one of the most frequent ones we hear. A strong résumé is compelling and concise, and it effortlessly tells your story. Here are our top tips to achieve that effect:

1. Highlight the impact you’ve had at your organization, not just your day-to-day responsibilities. 
As a market researcher, you already understand the importance of telling a story. It’s not enough to provide data tables for a study; you have to provide insightful analysis and connect it to the overall effect for the brand. The same goes for your own résumé. While your responsibilities are a crucial element of your story, employers are always looking for that last impactful punch, so be sure to explain how you contributed to the success of the company in a quantifiable way.

2. Add summary and objective statements.
Don’t make the mistake of thinking that your work history will tell your story for you. Adding a summary and objective statement to the top of your résumé is your chance to contextualize your experience and craft your career narrative. You want to boil down the essence of your background and phrase it in a compelling way that draws a clear line between your achievements and your career objectives. 

3. Include your core competencies. 
Similar to summary statements, we recommend that candidates include a list of key competencies at the top of their résumés. This is your opportunity to call out your methodological expertise and specialized skills in a visually impactful way. As with any résumé, tailor the highlighted skills to the specific position that you’re seeking. If it’s a consumer insights manager role, for example, you’ll want to highlight the types of survey methodologies that you’re familiar with, quantitative and qualitative research expertise, vendor management experience, etc. 

4. Keep your LinkedIn profile fresh.
Sometimes having a polished résumé only goes so far. There are hiring managers and recruiters cross-checking you on LinkedIn, not to mention sourcing for positions that you may want but don’t even know about. Keeping your profile up to date is imperative. It’s fine to be selective about what you share on LinkedIn, but at the very least, make sure your profile is current to your latest job, consistent with your résumé for all dates and titles, and tightly edited, and includes an overall description of each of your roles.  

Ultimately, the most important thing to remember when crafting your résumé is that the first make-or-break initial scan will be brief, often less than 20 seconds. Your goal should be a concise, organized and memorable résumé that tells your story, both where you’ve been and where you intend to go.

Should You Take That Consulting Role? Here's Why or Why Not

As many companies are keeping a tight rein on headcount costs, I’m seeing an uptick in available consulting positions. An increasing number of the marketing analytics positions we’ve been working on have been with consulting firms. Although outsourcing to control headcount is not a new trend, the increase means that there could be more opportunities available to someone who is open to the possibility of a consulting role.

In our recent Burtch Works Study: Marketing Research Professionals and Burtch Works Study: Big Data Professionals we discovered that consulting pays well for both groups, and I am interested to see how the current trend affects salary and demographics over the coming years.

For someone whose lifestyle can accommodate a heavy travel schedule there are certainly advantages to taking a consulting position; since your clients may be in a wide variety of industries it is a great way to gain exposure to different industries. It is also a great opportunity to build a network beyond your colleagues. As you gain exposure with high level corporate professionals keep in mind that these connections will benefit you throughout your career.

There are several things to consider however, before pursuing a consulting position. There will almost always be heavy travel involved, with a typical schedule of Monday through Thursday traveling and Friday working in the local office. So if you have a young family or your lifestyle cannot accommodate a rigorous travel schedule, then it might not be the best choice for you.

In addition, as you take on a more senior role you will be expected to drive business and revenue, and contribute to the growth of the business, at which point business development skills will be crucial for success.

For quantitative and marketing research professionals alike the increase in consulting positions could present a lot of opportunities, but it’s always important to consider and balance your lifestyle goals with your career goals before committing to anything.

Regardless of your career goals however, you should position yourself in a way where you are the asset – your knowledge, your skills, and your unique perspective. I always advise my candidates to make sure that you are a value-add to your organization; by doing so you ensure that you will always be marketable, whether your goal is a promotion or a job change.

Career Advice and Trends for Marketing Research Professionals

As part of my guest blogger series, the Burtch Works marketing research team, Karla Ahern and Naomi Keller, will be sharing some of their articles previously published in AMA magazine. In the June 2013 issue Karla and Naomi published the article below about hiring trends they are seeing in the field, as well as career advice for marketing research professionals. They also recently released The Burtch Works Study: Salaries for Marketing Research Professionals, which looks at salary information and how it varies by geography, education, industry, career level and more. Prior to joining Burtch Works, Karla and Naomi worked in client services, account management and business development roles at research firms including GfK, Ipsos and IRI.

Career Advice for Researchers

When we think about the signs of healthy economy activity and recovery from the recession, it’s all too tempting to have tunnel vision in lieu of reports that claim that companies are still cautious on the hiring front. But when you look at businesses’ day-to-day hiring practices, there is no denying that a sense of urgency is returning to the market.

In the past months and years, our team that recruits for professionals in market research witnessed the frustrating trend of human resources and hiring managers failing to move quickly enough. It was not uncommon to interview for months only to wait even longer for a final decision and offer to be made. Companies wanted to make sure that the worker they hired was fully committed for fear that she was only making a move for shortsighted reasons or out of desperation after a layoff. But the tides appear to be turning. Hiring authorities are finally starting to realize that if they sit around waiting for an impossibly perfect candidate, or if they drag their feet during the interview process, candidates have no problem going somewhere else.

A Different Sort of Recovery

Rest assured that economic recovery is happening. It’s not the same kind of bounce-back that we may have seen in past recessions, but we’re witnessing a slow and sure positive change as companies look to increase headcount in market research. Most notably, we have seen increased needs in the pharmaceutical, technology and retail industries, mostly at the middle to senior level. Big-name firms never used to have a problem attracting top-grade talent to join their teams, but times are changing.

The good candidates are out there. If companies are having trouble hiring them, it’s because workers are being courted by multiple companies at once. As soon as a well-qualified candidate begins his job search, multiple employers may be interested. It’s interesting to note that many of these prospects are client-side opportunities as of late, suggesting that this may start to become a trend in job growth in the coming months and years.

Large CPG firms that used to be able to count on their names and reputations now are competing for candidates’ attention, as exceptional workers are weighing multiple offers and can afford to be picky with their choices. For clients, it’s important to know what they’re competing against: aggressive salaries, growing bonus potential, good career trajectory and relocation assistance, for example.

What Makes a Good Candidate

Of course, this is excellent news for market research candidates. We have noticed that those with four to eight years of experience in consumer insights are seeing a lot of activity, especially if they’ve had experience on the client or corporate side. Again, we’ve seen this sector becoming more active lately, so it’s a good indicator of what we can expect in the near future.

Candidates with an advanced degree, either a master’s degree, or an M.B.A., typically attract more attention from employers. Continuing education is always a good investment, but with today’s competitive market, giving yourself another advantage against other workers pays off. We often talk to clients looking to fill more senior positions who only want to consider candidates with the aforementioned degrees and this will only become more of a requirement for senior-level positions in the future.

Flexibility with location also is a desirable trait for candidates today. While major metropolitan areas have always been a hub for market research careers, large corporations have long had opportunities available in less-populated areas in the Midwest and Southern regions of the US. Candidates who are open to relocating are able to explore more options, and more companies are starting to offer competitive relocation assistance packages that we haven’t seen for years.

Flexibility on the title is another, sometimes more challenging, trait to find in candidates. Although workers should consider career growth and management experience in their job searches, it’s important to remember that a title isn’t everything. Your title can vary from company to company, as different employers use various internal classifications. A senior analyst at a small boutique firm means something quite different at a Fortune 500 company. Understand that when switching industries, lateral moves are sometimes necessary to gain experience in the long run.

The coming months should provide more insight into what we’ve already been seeing, namely the growth in shopping insights and client-side options. Market research was named one of the hottest jobs in 2012, and we have no doubt that 2013 and 2014 are sure to follow suit.

How to Get Your First Analytics Job

Over the past few months Burtch Works’ entry-level recruiting specialists Erin Craig and Erinn Tobin have been visiting colleges and universities to meet with students who are preparing to enter the field of analytics. After securing a degree in statistics, mathematics or other related fields, the next challenge for many students is their job search. This will be the first job search for many of them and I wanted to give Erin and Erinn an opportunity to share some of their most helpful tips for students. Since they receive a lot of questions from students on their campus visits, I will also be inviting them to post their answers on my blog as guest contributors in the coming months.

Burtch Works’ Top Tips for Entry-Level Candidates 

1. Utilize LinkedIn – Over 90% of corporate and independent recruiters who recruit using social media use LinkedIn. It is fast becoming the go-to resource for companies to check your references and resume, as well as a resource for job seekers to stay updated on company news, search for job postings and develop their network. Having an updated, professional profile on the site allows companies with whom you are applying or interviewing to see you as a person they might want to hire, not just another anonymous resume.

2. Complete an Internship – A great way to test your skills, continue learning and expand your network is to complete an internship. Without previous work experience to go on, prospective employers will look at internships (as well as coursework) to determine if you might be a good fit for their organization. Sometimes - if a company is looking to hire full time and you demonstrate an exceptional work ethic- an internship may also lead to a job offer.

3. Get Your Hands On Messy Data – One of the biggest challenges students will face in their first analytics job is the lack of experience they have with real-world data sets, so in addition to completing an internship your strategy to enhance your resume must include working with unstructured data. Two great online resources we would recommend are Coursera and Kaggle: Coursera is an MOOC (Massive Online Open Curriculum) where you can take free courses to further your education and Kaggle hosts data science competitions where you can not only test your abilities against other members, but also get access to large, unstructured data sets more similar to the ones you might use at an analytics job. Completing your SAS certification can also add credibility to your analytic skills and as many companies adopt other tools - such as R, Python, SQL, etc. – you will have a significant advantage if you diversify your skill set.

4. Leverage a Recruiter – Developing a relationship with a recruiter early in your career has many advantages: companies will often have open positions that they fill by working with recruiters (not by posting them on job boards), your resume will be seen by a hiring manager instead of disappearing into a pool of other resumes in their online tracking system, and it lends a more personal experience to what can be a very daunting hiring process.

Burtch Works sends out monthly emails to students that cover all the topics that, in our experience as quantitative recruiters, can help you prepare for the road ahead. Want to learn more about the interview process, how to get high-quality references and what you can expect at your first job? Don’t miss out! Contact Erin Craig ecraig@burtchworks.com to receive more expert advice from our recruiters and be on the invitation list for our career webinars. Check back soon, when Erin and Erinn will tackle some of your job-search questions.