Hiring Business Analysts: Why Recruiting Fast Shouldn’t Mean Recruiting Twice
Latest figures by the UK government suggest that the Skills GAP is predicted to leave an estimated 2.4 million positions unfilled between 2018 and 2028, across the globe. Due to rapidly emerging technologies and post-covid growth, the nature of work is changing. As such, the skills that employers need and rely upon are changing too. We understand that this Skills GAP has resulted in many employers struggling to hire appropriately trained workers.
In the last two years, just under half (46%) of businesses have struggled to recruit for roles that require data skills. Research from DCMS predicts that data analysis will become the fastest growing digital skills cluster, increasing by an estimated 33% in the next five years. Our experts at Pareto knew that we needed to help facilitate this demand for data-driven roles in order to help our clients achieve their succession targets.
However, we recognise that rapid recruitment is not always the best option, it can often be costly and time consuming if the wrong candidate is selected for your vacancy. Therefore, we developed Pareto Innovate - our latest service designed to screen, select and train talented graduates who will be the next generation of Business Analysts.
At Pareto, we’re determined to provide a pathway for talented graduates looking to enhance their skill set and job opportunities. A report by the Institute for Fiscal Studies published in April 2020 found that education-leavers who enter the workforce during a recession are significantly more likely to enter “non-graduate” jobs and will earn less in the first few years after graduation. Pareto Innovate enables high calibre graduates to receive certified training so that they can become a valued and important member of your data team.
How it works:
For over 26 years, Pareto Law has been the chosen training and recruitment partner for global corporations. Specialising in graduate and apprentice roles, we take people with high potential, provide them with globally recognised accredited training, and place them into positions where they can excel.
Pareto assessed graduates are provided with an intense training curriculum and on graduation, they are qualified Project Managers & Business Analysts with 9 qualifications:
- AXELOS ITIL 4 Foundation
- AXELOS PRINCE 2 Foundation
- AXELOS PRINCE 2 Practitioner
- PRINCE 2 AGILE Practitioner
- Scrum.org Professional Scrum Master
- BCS Foundation Certificates in Business Analysis
- BCS Foundation Certificates in Requirements Engineering
- BCS Foundation Certificates in Modelling Business Process
- BCS Foundation Certificates in Business Analysis Practice
At Pareto, we continue to support every candidate, even after they complete their initial training ensuring that every Pareto cohort has extensive industry knowledge and market insights. We conduct monthly BA/PMO meetings and also hold a technically-led 2-hour coaching sessions each month with their peers, an Executive Agile practitioner and business-led career/commercial coaching sessions with Pareto trainers.
Why Is Finding The Right Business Analysts So Important For Your Business?
Business analysts (BAs) are responsible for forming a bridge between IT and the business using data analytics to assess processes, determine requirements and deliver data-driven recommendations and reports to executives and stakeholders.
According to a Forbes article, they estimate the cost of onboarding an employee is around $240,000. And, according to the U.S. Department of Labor, the price of a bad hire is at least 30 percent of the employee's first-year earnings! Certainly, you should not compromise on quality. For a small company, a five-figure investment in the wrong person is a threat to the business.
It's no surprise then that over half (55%) of large and medium (54%) sized businesses have struggled to fill BA positions with a further one in ten (9%) have difficulty filling a “Data Analyst” role, with a similar proportion (8%) findng it difficult to fill a “Head of Data” position.
Business Analysts are essential for any successful business strategy - whether a business is a small start-up or large corporation, it is crucial to have accurate translations of data in order to make real time decisions.
Furthermore, BA’s are also responsible for defining business requirements and reporting them back to stakeholders. BA’s employ data-led research to accurately forecast and thus, make budget recommendations for areas of your business.
Most importantly, BA’s outline any problems, opportunities or solutions that your business may be able to capitalise on. The UK’s Department for Digital, Culture, Media and Sport (DCMS) estimated that in 2016 the value of the UK data economy was between £61.3 billion and £73.3 billion which is only set to skyrocket in the coming years.
Curious to know more about Pareto Innovate?
If you require further information or guidance about how Pareto Innovate can help you secure a graduate Business Analyst, speak to a member of our team today!