Data scientists and front-end developers were the roles that received the maximum remuneration increases in startups in 2017. Both received an average salary increase of about 25% last year, compared to the year before, according to data shared by Bengaluru-based recruitment firm Belong.
India saw internet revolution in the late 90s and early Indian internet companies that have been around for some years have gathered massive consumer data and now they plan to start mining it to their advantage, and thus they need a data scientist, analytics professionals for same. Data scientists are responsible for using computing systems to collect, analyze and interpret large amounts of information to identify ways to help a business improve operations and gain a competitive edge over rivals.
The Belong study, which looked at the top 40 startups and at those with three to five years of experience, said the annual salary of data scientists rose to Rs 25-29 lakh last year. Last year, a report from Bangaluru-based Simplilearn.com predicted that demand for data scientists will grow in 2017.
Another reason for the increase in compensation of data scientists is that the average tenure of a data scientist in a company is just two years. Every time they move to a new job, they get a hike.
Front-end developers now earn Rs 18 lakh to Rs 22 lakh per annum. In 2014, they were earning Rs 10-13 lakh.
A major reason for upraising of front-end developers' compensation is the rise of cloud infrastructure by companies like Amazon Web Services and Microsoft Azure, and growing competition in same which in turn prompting every company to strengthen the front-ends of their web and mobile apps. In 2013 and 2014, cloud infrastructure was in the nascent stage. Now the job description of a front-end developer has also changed dramatically. They take care of everything from managing the website to ensuring the company is protected against hacks, explains Rishabh Kaul, co-founder at Belong.
Mobile developers and UX designers are also among those who received 15-20% increases in compensation last year. A UX designer is the highest paid role in technology startups, with such employees taking home Rs 28 lakh to Rs 32 lakh per annum. Startups are trying to contain these UX designer costs by employing freelancers, who work for multiple companies.
Beside these two roles, another important role is Product managers, who are responsible for the strategy, roadmap, and feature definition of a product. This role saw a 20% increase in compensation to about Rs 24 lakh in 2017. Python developers have seen a 20% compounded annual growth rate in compensation since 2014, and last year earned around Rs 20 lakh per annum.
Roles in cybersecurity, including security architect and chief information security officers, also received handsome increases.
Interestingly, many of these highly compensated employees are self-trained, which means they didn't go through any course/ training from institutes or colleges but practiced on their own over the time.
The above development was first reported in the Times of India.
Also, according to a 2017 India Jobs study, data science is the fastest-growing field in India. As every company turns into a technology company, organizations in industries such as manufacturing, healthcare, and retail are all looking to strengthen their data teams. India is emerging as one of the world's largest data science capitals, with companies like Mercedes-Benz, Walmart, PayPal, and AIG setting up data science centers in the country. Research from the Everest Group shows that India holds between 35 percent and 50 percent of the global analytics services market.
Moreover, Glassdoor in 2016 reported that the number one job in America was a data scientist. The demand for data science is increasing so quickly, it is predicted that by 2018 there will be a 50% gap in the supply of data scientists versus demand.
In India, every big firms and startup are considering the role of data scientists as the most important role next to CEO or COO which is quite evident from hiring spree of these companies. Recently, India's leading telecom operator Bharti Airtel appointed former NASA executive Santanu Bhattacharya as Chief Data Scientist to accelerate efforts around emerging technologies.
Ola, Indian unicorn startup, also appointed Dr. Badri Raghavan as its Chief Data Scientist. Bhadri is an ex-IBM Research employee and a seasoned data scientist with over 20 years of extensive domain experience. Fashion marketplace Voonik also hired a Chief Data Scientist from Silicon Valley - Himmat Singh Padode.