How to compete with Big Tech when hiring Data Scientists?

It is no secret that in NYC Big Tech companies have recently significantly ramped up their hiring efforts in the data science and software engineering sector. If you are a hiring manager, or an internal recruiter, and not worried about this competition, you should be!

How can we “fight back”? 

 First, we should understand what it is that attracts a data scientist to one of these companies

-         They have data, a lot of it…

-         Their compensation packages are bigger and stable

-         They already have experience in applying machine learning to real-world applications

-         They have a brand name which everyone in the world already recognizes

-         They have recruitment teams who are experts in attracting tech talent.

So, if you’re a large financial services firm or a small startup, what can you do to compete?

Here are 3 simple steps which you can implement in your business, today.

MAKING IMPACT

A fact - Being able to make an impact, and doing something “greenfield” are the main motivators for most job seekers. How often do you hear the words “I just want to do a job where I can do exactly what another thousand people are already doing”?

Many firms try to compete with the likes of Amazon or Google, by upselling what they are offering. This only ends in disappointment and low retention numbers. 

Instead, emphasize to the candidate that they, as an individual, will have significant input and influence into how data science is shaped across the organization.

 A SMOOTH AND FAST JOURNEY   

Get your recruitment processes in order. If you don’t have the luxury of a big brand name in tech and are unable to compete on cash, the next best thing to offer is a great candidate experience. Tech firms underestimate the importance of the interview process and how interview conduct can impact a candidate's final decision. This interaction may likely be the only interaction a candidate has had with the company prior to the interview.

Get your senior executives involved at the start of the process. Figure out, together, exactly what you need to get out of an interview so that you are able to make an informed and fast decision - both sides will appreciate it!

This is where big tech companies are at a disadvantage. Due to the sheer volume of hiring they do, it is impossible for them to move quickly. However, they do understand how competitive the tech recruitment market is, and can bring out the big guns where and when needed.

THE FUTURE IS BRIGHT

Promote career growth and your employer brand, to drive internal referrals. Referrals are the most cost-effective way to recruit, but most employers drive referral incentive initiatives in the wrong way. Avoid a combination of cash bonuses or a donation to a charity of the employees’ choice, this is not what drives someone to refer a friend/ex-colleague. 

It’s no secret that top-performers attract and surround themselves with top-performers, so you need to get your employee branding right. Offer your employees structured career paths so that they can see what the opportunities are for them. Provide a better work-life balance by creating and promoting a culture of creativity and innovation. We know that larger tech firms get labelled as being process focused with a lot of micromanagement.

Put simply, most candidates just want to go somewhere where they feel happy, appreciated and can do great work, so show them how.

Over the last 8 years, I’ve helped companies ranging from global investment houses to small startups build data science teams, if you’re struggling or just want to compare notes, please contact me for a confidential chat.