6 Reasons Why Data Scientists Will Persevere (and Maybe Even Thrive) in the Recession | by Will Keefe | Jul, 2022
Opinion
In a time where LinkedIn posts, online conversations, and news articles are all implying the end is near, data scientists, engineers, and analysts all alike should not give up hope and should continue to hone their skills and talents.
While this article has a somewhat different nature than most of my tech tutorials, I felt that I was doing the data science community an injustice by not commenting in an op-ed on industry trends and what has been seeming to be a global recession. It started earlier this week when I noticed a cry for help from a peer of mine at Tesla. We had met as professionals some time ago, and on LinkedIn, they announced that some of their coworkers were part of a 10% layoff and needed to find new work soon. I grieved for them and evaluated how their backgrounds in leading-edge tech automation could be put to use in other ways with my connections. Scrolling further down my timeline, I noticed similar stories from all over my network: small consulting firms liquidating, Coinbase rescinding job offers, and Netflix stopping hiring. Many companies have been reversing, not just slowing down, the extreme growth they saw during the pandemic. It dawned on me that the adverse economic state was now reaching the lives of my friends and family in a way much larger than the price changes we see on the road and in the grocery store, but now in our very livelihood.
For many professionals who have entered the data science and engineering communities in the past decade, a course correction of this magnitude is a new and frightening encounter — the last major recession in 2008 happened well over a decade ago now, and following the drop in 2020 the financial markets saw a recovery unparalleled in growth. That being said, this reversal is not merely a challenge to us as professionals, but it presents an opportunity. This opportunity could set positive and productive tones for many for decades to come if individuals are engaged in the right ways, and there are many reasons that will lead this generation’s innovators not only to succeed but also thrive.
Reason 1: The modern-day technologies sector that has presented so many lucrative job opportunities has been over-inflated in value, but there are other industries that need us just as much, if not more.
Price-to-earnings ratios in the technology field have been sometimes multiple folds greater than those of wholesale or grocery, and while everyone may want a new iPhone, everyone needs to get their food frequently from the grocery store. Our valuations of tech companies have been high for multiple reasons and one of the largest reasons is speculation — we believe these companies will achieve great value not just now (and sometimes not even yet) but also in the future. An increase in interest rates and decrease in spending will drastically impact our valuation of these technology companies because our expectations of the entire market have been lowered (even though our hopes may not be). Some of the most reliable markets during an economic downturn are not the ones that are the most flashy but deliver the most consistent value because they are and will always be needed, and these companies need data scientists just as much, if not more than the big innovators in tech.
Reason 2: Value-based companies need high-performing tech leaders to not only maintain but also increase their value.
Elaborated on in the book Good to Great by Jim Collins, value-based companies such as Kroger thrived and expanded when engaged with business leaders and engineers who understood the significance of data-driven decision-making. Companies, regardless of industry, that do not follow a scientifically-driven decision-making model to drive their businesses into the ground, and the companies that do their due diligence to research and experiment safely will find tremendous profit and expansion opportunities. It is data scientists who perform this great work, and many of these companies are still actively hiring and will continue to. If you don’t believe me, go ahead and google “Data Scientist Jobs Grocery”. And it is not just grocery that continues to do business in recessions, but the needs of healthcare, education agencies, and logistics just to name a few all will place a higher value on data engineers now than ever before because now effective budgeting and decision making matter all the more.
Reason 3: We are the leaders of Industry 4.0.
Industry 4.0 is a term we hear passed around a lot; you’ve probably heard it at the water cooler in your office, on a Zoom call with your peers, or maybe even on the news. It is easy to think about a stage being with this word. Perhaps you picture robots rapidly assembling cars, airplane parts indicating the need for their own maintenance, or simulations of the most efficient warehouses. What seemed to be science fiction even fifteen years ago is a reality now, and Industry 4.0 behind the scenes has data science as a framework and foundation for connecting our entire livelihood as a species. In an increasingly automated and digital world, trustworthy individuals who are capable of finding and applying integrations will be recognized and prioritized. The needs are changing in a now resource-constrained society to be “how can we make the most of what we have” rather than “what can we bring that is new”. Data scientists will be asked to bring their A-game to keep vital businesses at full steam and keep innovators afloat until the storms pass. The time to shine is now.
Reason 4: We can take advantage of this time to better ourselves.
I’m not saying that a lull in work or missed opportunity is a good thing — at all. What I am say saying is that this time may present an opportunity to temporarily change our lifestyles to make the most of what we have and improve the foundations our lives are built on. Every minute that passes we live in the minute with the most content available on the internet to learn new skills, find new hobbies, develop our education, and practice what makes our lives feel fulfilled.
Reason 5: We can unplug at any time.
With so much bad news around us this year, this can be an opportunity to unplug partially and figure out what our priorities are. I deleted one or two of my social media accounts last month and felt my stress and anxiety decrease rapidly. I’d recommend Digital Minimalism by Cal Newport as a resource to reexamine our lives and how much we share or prioritize the opinions of others. We spend so much time online and “plugged in” that we miss moments in our days to better ourselves. What is more useful, scrolling on Instagram for 30 minutes every single day or running, coding, reading, painting, cooking, reading Medium articles, watching tutorials, playing with kids, or even socializing in person for 30 more minutes each day? I’d challenge everyone to unplug for one week in these tumultuous times and see how they are feeling afterward, and if you have done this, please comment below on how this had made you feel.
Reason 6: Similarly to reason 5, with 30 minutes a day, we data scientists have tools in our toolbox to build something incredible.
That “something” though, is up to you. What side hustles (or even hobbies) do you have the skills for already?
- Good at analysis? Build a budget for yourself/family/friends. Find how much you spend each month and evaluate how important discretionary spending is to you.
- Enjoy Python programming? Try making a new app or game. A few years ago I dabbled in making new Skills for the Amazon Alexa program and received all sorts of goodies (and even a few payments) for short, but enjoyable programs I made in an afternoon.
- Like web scripting or digital design? Build a website to showcase your skills or offer your services to your community. Having a professional business profile will set you and your partners apart.
- Are you a student and need to fill the time? Write and showcase your work! I started blogging on Medium as a way to build a portfolio to show future employers and even landed my job at Amazon with the help of displaying my work here.
There are countless digital resources that data scientists have at their disposal for engaging with themselves and their communities right now.
Opinion
In a time where LinkedIn posts, online conversations, and news articles are all implying the end is near, data scientists, engineers, and analysts all alike should not give up hope and should continue to hone their skills and talents.
While this article has a somewhat different nature than most of my tech tutorials, I felt that I was doing the data science community an injustice by not commenting in an op-ed on industry trends and what has been seeming to be a global recession. It started earlier this week when I noticed a cry for help from a peer of mine at Tesla. We had met as professionals some time ago, and on LinkedIn, they announced that some of their coworkers were part of a 10% layoff and needed to find new work soon. I grieved for them and evaluated how their backgrounds in leading-edge tech automation could be put to use in other ways with my connections. Scrolling further down my timeline, I noticed similar stories from all over my network: small consulting firms liquidating, Coinbase rescinding job offers, and Netflix stopping hiring. Many companies have been reversing, not just slowing down, the extreme growth they saw during the pandemic. It dawned on me that the adverse economic state was now reaching the lives of my friends and family in a way much larger than the price changes we see on the road and in the grocery store, but now in our very livelihood.
For many professionals who have entered the data science and engineering communities in the past decade, a course correction of this magnitude is a new and frightening encounter — the last major recession in 2008 happened well over a decade ago now, and following the drop in 2020 the financial markets saw a recovery unparalleled in growth. That being said, this reversal is not merely a challenge to us as professionals, but it presents an opportunity. This opportunity could set positive and productive tones for many for decades to come if individuals are engaged in the right ways, and there are many reasons that will lead this generation’s innovators not only to succeed but also thrive.
Reason 1: The modern-day technologies sector that has presented so many lucrative job opportunities has been over-inflated in value, but there are other industries that need us just as much, if not more.
Price-to-earnings ratios in the technology field have been sometimes multiple folds greater than those of wholesale or grocery, and while everyone may want a new iPhone, everyone needs to get their food frequently from the grocery store. Our valuations of tech companies have been high for multiple reasons and one of the largest reasons is speculation — we believe these companies will achieve great value not just now (and sometimes not even yet) but also in the future. An increase in interest rates and decrease in spending will drastically impact our valuation of these technology companies because our expectations of the entire market have been lowered (even though our hopes may not be). Some of the most reliable markets during an economic downturn are not the ones that are the most flashy but deliver the most consistent value because they are and will always be needed, and these companies need data scientists just as much, if not more than the big innovators in tech.
Reason 2: Value-based companies need high-performing tech leaders to not only maintain but also increase their value.
Elaborated on in the book Good to Great by Jim Collins, value-based companies such as Kroger thrived and expanded when engaged with business leaders and engineers who understood the significance of data-driven decision-making. Companies, regardless of industry, that do not follow a scientifically-driven decision-making model to drive their businesses into the ground, and the companies that do their due diligence to research and experiment safely will find tremendous profit and expansion opportunities. It is data scientists who perform this great work, and many of these companies are still actively hiring and will continue to. If you don’t believe me, go ahead and google “Data Scientist Jobs Grocery”. And it is not just grocery that continues to do business in recessions, but the needs of healthcare, education agencies, and logistics just to name a few all will place a higher value on data engineers now than ever before because now effective budgeting and decision making matter all the more.
Reason 3: We are the leaders of Industry 4.0.
Industry 4.0 is a term we hear passed around a lot; you’ve probably heard it at the water cooler in your office, on a Zoom call with your peers, or maybe even on the news. It is easy to think about a stage being with this word. Perhaps you picture robots rapidly assembling cars, airplane parts indicating the need for their own maintenance, or simulations of the most efficient warehouses. What seemed to be science fiction even fifteen years ago is a reality now, and Industry 4.0 behind the scenes has data science as a framework and foundation for connecting our entire livelihood as a species. In an increasingly automated and digital world, trustworthy individuals who are capable of finding and applying integrations will be recognized and prioritized. The needs are changing in a now resource-constrained society to be “how can we make the most of what we have” rather than “what can we bring that is new”. Data scientists will be asked to bring their A-game to keep vital businesses at full steam and keep innovators afloat until the storms pass. The time to shine is now.
Reason 4: We can take advantage of this time to better ourselves.
I’m not saying that a lull in work or missed opportunity is a good thing — at all. What I am say saying is that this time may present an opportunity to temporarily change our lifestyles to make the most of what we have and improve the foundations our lives are built on. Every minute that passes we live in the minute with the most content available on the internet to learn new skills, find new hobbies, develop our education, and practice what makes our lives feel fulfilled.
Reason 5: We can unplug at any time.
With so much bad news around us this year, this can be an opportunity to unplug partially and figure out what our priorities are. I deleted one or two of my social media accounts last month and felt my stress and anxiety decrease rapidly. I’d recommend Digital Minimalism by Cal Newport as a resource to reexamine our lives and how much we share or prioritize the opinions of others. We spend so much time online and “plugged in” that we miss moments in our days to better ourselves. What is more useful, scrolling on Instagram for 30 minutes every single day or running, coding, reading, painting, cooking, reading Medium articles, watching tutorials, playing with kids, or even socializing in person for 30 more minutes each day? I’d challenge everyone to unplug for one week in these tumultuous times and see how they are feeling afterward, and if you have done this, please comment below on how this had made you feel.
Reason 6: Similarly to reason 5, with 30 minutes a day, we data scientists have tools in our toolbox to build something incredible.
That “something” though, is up to you. What side hustles (or even hobbies) do you have the skills for already?
- Good at analysis? Build a budget for yourself/family/friends. Find how much you spend each month and evaluate how important discretionary spending is to you.
- Enjoy Python programming? Try making a new app or game. A few years ago I dabbled in making new Skills for the Amazon Alexa program and received all sorts of goodies (and even a few payments) for short, but enjoyable programs I made in an afternoon.
- Like web scripting or digital design? Build a website to showcase your skills or offer your services to your community. Having a professional business profile will set you and your partners apart.
- Are you a student and need to fill the time? Write and showcase your work! I started blogging on Medium as a way to build a portfolio to show future employers and even landed my job at Amazon with the help of displaying my work here.
There are countless digital resources that data scientists have at their disposal for engaging with themselves and their communities right now.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.