Image Source: Photo by Alycia Fung
“It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.”
― Harry S. Truman
This article is about making yourself valuable member of your company and its Data Science community, such that no matter economic shake downs you stay confident about your career and your future.
- Introduction: Economic condition terminology
- Data Science Sector and 2022 Recession
- Expected Growth of Data Science Sector
- Is Recession a Challenge or an Opportunity?
- How To Make Yourself Irreplaceable as Data Scientist
Before we jump into the current Economic condition, it’s impact on job and Tech market, tips that I would suggest every Data Scientist to take to make yourself valuable member of your team, let’s look into few economic terms used to describe the economical development.
Recession is a [business cycle](en.wikipedia.org/wiki/Business_cycle "Business cycle") contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse [demand shock](en.wikipedia.org/wiki/Demand_shock "Demand shock")). This may be triggered by various events, such as a [financial crisis](en.wikipedia.org/wiki/Financial_crisis "Financial crisis"), an external trade shock, an adverse [supply shock](en.wikipedia.org/wiki/Supply_shock "Supply shock"), the bursting of an [economic bubble](en.wikipedia.org/wiki/Economic_bubble "Economic bubble").
Wikipedia
Depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10%.
Image Source: GetYarn
A market correction is a rapid change in the [nominal price](en.wikipedia.org/wiki/Nominal_price "Nominal price") of a [commodity](en.wikipedia.org/wiki/Commodity "Commodity"), after a [barrier](en.wikipedia.org/wiki/Barriers_to_trade "Barriers to trade") to [free trade](en.wikipedia.org/wiki/Free_trade "Free trade") has been removed and the [free market](en.wikipedia.org/wiki/Free_market "Free market") establishes a new [equilibrium price](en.wikipedia.org/wiki/Equilibrium_price "Equilibrium price"). It may also refer to several of these single-commodity corrections en masse, as a collective effect over several markets concurrently.
Wikipedia
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with [banking panics](en.wikipedia.org/wiki/Bank_run#Systemic_ban.. "Bank run"), and many [recessions](en.wikipedia.org/wiki/Recession "Recession") coincided with these panics.
Wikipedia
There is no simple answer to this question, since some experts say that we are in recession while others argue that the economy is strong and we are not in Recession. To get an expert view on this I would suggest you to read this article:
Image Source: FGiphy
[Recession Tracker: Are We In A Recession?
In the summer of 2022, politicians, economists and market professionals engaged in a great semantic debate over whether…forbes.com](https://www.forbes.com/advisor/investing/are-we-in-a-recession/ "forbes.com/advisor/investing/are-we-in-a-re..")
One of the leading indicators for economic recession is the layoffs. As of this was not enough, tech giant Alphabet or Google has announced about 2-week hiring freeze in the end of July (read more about this here) and some people fear the possibility of layoffs. You might haave seen more and more news like those:
[Google’s CEO Reportedly Calls for ‘Simplicity Sprint’ as Employees Fear Possibility of Layoffs
Google CEO Sundar Pichai is reportedly calling on his staff to implement a “Simplicity Sprint” initiative meant to…gizmodo.com](https://gizmodo.com/google-sundar-pichai-big-tech-1849355015 "gizmodo.com/google-sundar-pichai-big-tech-1..")
[Amazon Reduces Staff by 100,000, Joining Netflix and Google in Hiring Slowdown
With recession fears mounting-and inflation, the war in Ukraine and the lingering pandemic taking a toll-many tech…tech.hindustantimes.com](https://tech.hindustantimes.com/tech/news/amazon-reduces-staff-by-100-000-joining-netflix-and-google-in-hiring-slowdown-71659160931329.html "tech.hindustantimes.com/tech/news/amazon-re..")
[Oracle reportedly undergoing mass layoffs
Oracle, one of the stalwart tech giants headquartered in Silicon Valley up until recently, is reportedly undergoing…sfgate.com](https://www.sfgate.com/news/article/Oracle-reportedly-conducts-mass-layoffs-17343408.php "sfgate.com/news/article/Oracle-reportedly-c..")
Though I don’t want to sound cliché, but I would like to point out that this correction in economy is not a challenge to us, tech professionals, but it is an opportunity. This might be a lifetime opportunity if you play your cards right, and there are many reasons why this time will lead this generation’s innovators to succeed as in the years after 2008 crisis.
For many data science professionals, as well as data analysts, engineers and others, in the past decade, this economic correction might be a flashback for the decade following 2008. That’s why, some of you migh find these times frightening.
A recession is very bad for publicly traded company’s, but it’s great time for start-ups, especially if you have a good profile and are good at their job.
A recession is very bad for publicly traded company’s, but it’s great time for start-ups, especially if you have a good profile and are good at thier job. Moreover, the Data Science sector is expected to grow independent of the economic correction that we are now in.
The data science industry is expected to grow over the coming years independent of recession and pandemic. Many sources have estimated that the DS sector will see a sustained increase in value. According to Statista data, the big data market is expected to be worth $103 billion by 2027, more than double its expected market size in 2018.
The U.S. News & World Report’s annual job ranking list showed that data scientists and statisticians continue to be top careers, offering competitive salaries, opportunity for advancement, and a healthy work-life balance.
Data Scientist is ranked as the #3 in Best Technology Jobs, #6 in Best STEM jobs, and #6 in overall Best Jobs.
This growth is also predicted in the data science platform market. Grand View Research suggests that the industry will see a compound annual growth rate (CAGR) of 26.9% from 2020 to 2027, providing an eventual revenue value of $25.94 billion.
Along with this market value increase, we’ll also likely see an increase in data science jobs. The US Bureau of Labour Statistics predicts a 15% rise in industry jobs between 2019 and 2029, much higher than the 4% national average.
2010 4,32
2011 3,59
2012 9,09
2013 3,39
2014 3,23
2015 4,48
2016 2,8
2017 1,62
2018 1,6
2019 2,03
Data Scientist is ranked as the #3 in Best Technology Jobs, #6 in Best STEM jobs, and #6 in overall Best Jobs.
Try to fit in but stay authentic!
Don’t follow the crowd and trends blindly. If you are able to do exactly the same things, have exactly the same skills and background as other Data Scientists, you are replaceable. Not that you have to be panicking if you feel like you are, but you might want to change this and make yourself irreplaceable.
If you have specific qualities that people rememeber you for and your business values you for that, then you are more than just another Data Scientist. I tend to believe that to achieve big things you can’t just seat and wait those big things to happen to you. The same holds for your career.
Recession or not, to be irreplaceable you don’t want to be exactly the same Data Scientist next door. You should be recognized for something specific or even better for many things.
If you are laid off or simple search for new opportunity during recession here are few things to keep in mind:
Not all opportunities are online
The 40% of the jobs are not even posted, so if you are not happy with the opportunities you get in your mailbox, or you are not getting good results from online applications, it’s time to get more proactive and start networking. You can also send cold email to the recruiter of your favourite company(ies)
During the hard times, pessimistic opinions can be extra impactful and there can always be people who intentionally or unintentionally will give negative advices (you can’t find a job in country X or at company Y, that’s just not possible during this period.
To not sound cliche: “the word impossible says itself, I’m possible”. I know personally, people who have been searching for Data Analyst roles for months and finally, during this month, landed her dream job as a Data Analyst.
[My Strategy on Writing Blogs With More Than 50K Views and High Engagement
Uncovering the strategy I used in writing blogs that got me more than 50K views and consistent engagement over a yearmedium.com](https://medium.com/geekculture/how-to-write-blogs-with-more-than-50k-views-and-high-engagement-9d4e094686a5 "medium.com/geekculture/how-to-write-blogs-w..")
[Fundamentals Of Statistics For Data Scientists and Data Analysts
Key statistical concepts for your data science or data analytics journeytowardsdatascience.com](https://towardsdatascience.com/fundamentals-of-statistics-for-data-scientists-and-data-analysts-69d93a05aae7 "towardsdatascience.com/fundamentals-of-stat..")
[Simple and Complete Guide to A/B Testing
End-to-end A/B testing for your Data Science experiments for non-technical and technical specialists with examples and…towardsdatascience.com](https://towardsdatascience.com/simple-and-complet-guide-to-a-b-testing-c34154d0ce5a "towardsdatascience.com/simple-and-complet-g..")
[Complete Guide to Conducting Data Science Case Study
End-to-end Data Science Case Study with Tips and Python Implementation for Real Life Business Problem: What Makes…towardsdatascience.com](https://towardsdatascience.com/spotify-data-science-case-study-what-makes-a-playlist-successful-28fec482c523 "towardsdatascience.com/spotify-data-science..")
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[A/B Testing — LunarTech
Our data science bootcamp stands out from traditional degrees by offering a comprehensive and practical learning…lunartech.ai](https://lunartech.ai/a-b-testing/ "lunartech.ai/a-b-testing")
The Ultimate Data Science Bootcamp offered by LunarTech is designed to Ignite your Data Science career, transforming you into a world-class job-ready Data Scientist. We offer everything you need in one comprehensive, affordable package. This bootcamp provides a strong foundation in essential theoretical and technical skills, practical experience through real-world projects, and comprehensive career guidance including interview preparation.
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Hello, fellow enthusiasts! I am Tatev, the person behind the insights and information shared in this blog. My journey in the vibrant world of Data Science and AI has been nothing short of incredible, and it’s a privilege to be able to share this wealth of knowledge with all of you.
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