CONTENT
Changes in Salaries Around the World
A Case Study
Will Data Science Salaries Continue to Grow?
Conclusion
25th November 2021 I E-Commerce
The coronavirus pandemic affected every industry in the world. Some industries, like travel and tourism, were disrupted completely for months when governments imposed lockdowns. Others were better off; one example is the tech industry. However, they still needed time to get used to the system with offices being shut. But, how have these changes affected wages?
CONTENT
Changes in Salaries Around the World
A Case Study
Will Data Science Salaries Continue to Grow?
Conclusion
Counterintuitively, salaries have actually increased in many countries, including Canada, United States, Italy, and the UK, according to figures from the International Labour Organization (ILO). In the US, for example, average earnings grew in 2020. However, the ILO points out that this was due to the loss of lower-paying jobs. Many low-paid workers lost their jobs, so the average wage now reflects more salaries from high earners who managed to remain employed. |
The tech industry in North America presents an interesting case study to examine salary fluctuations. Some tech companies decided to try remote work by the second quarter. The results were astounding and some top tech companies decided to extend this work method and let it continue post-Covid. Their workers no longer have to go to work in a physical office. Even though the decision came with a 10% salary decrease, the circumstances are still favorable. |
Right now, it is tricky to predict the evolution of data science salaries. Steady companies were volatile at some point, so anything can change in the future. One thing is certain though, the tech industry has enjoyed a good run this year and there is evidence that suggests that it will continue in the future. As the world becomes more digitized—from education, to travel, and more—tech salaries will continue to rise. This will likely rub off on data science as it is an essential part of technology. |
The full extent to which COVID-19 has impacted average wages will only become clear with time as national statistical offices publish their new statistical estimates. |