Building data fluency requires major investment—but it’s worth it
Hiring top talent is the primary data fluency hurdle
Respondents cite difficulty hiring top talent as the biggest business challenge to building and improving data fluency, followed by the complexity of core business operations. But there is also a growing talent gap, which means not all companies are able to hire top talent. This trend will only accelerate: In 2017, CareerBuilder estimated that the skills gap is costing many companies nearly $1 million annually. For employers with extended job vacancies, 45% have experienced productivity loss, 40% are experiencing higher employee turnover, and 26% are attributing revenue loss as a direct result.
Hiring top talent isn’t enough to establish broad data fluency
Forty-six percent of companies that have not yet invested in data fluency—versus 29% that have—are experiencing difficulty hiring top talent. But hiring talent is only one part of the solution. The majority of companies may benefit from training their existing workforce and investing in re-skilling and upskilling their employees.
Our reasoning is simple: There’s nowhere near enough top talent today for all the data-related work that needs to be done, and companies should step up their efforts to develop talent internally rather than just trying to attract external talent.