The international business community is now fully aware of the competition centered around artificial intelligence, and they are urgently seeking the required skills and capable individuals to remain competitive.
Industries spanning manufacturing, real estate, and entertainment are all vying to harness the considerable potential for enhanced productivity that generative AI presents. This intense competition for talent has resulted in salaries soaring to the range of high six to nearly seven figures.
AI Talent Landscape
The online dating platform Hinge is actively searching for a Vice President of Artificial Intelligence. The role comes with a base annual salary ranging from $332,000 to $398,000.
Analogous job openings at Upwork are currently posted with a salary range spanning from $260,000 to $437,000. In a parallel vein, Amazon, has put forth an annual compensation of $340,300.
Paul J. Groce, the leader of the executive recruiting firm Leathwaite, conveyed that this situation is a manifestation of straightforward market dynamics. He emphasized, “We cannot conjure up an abundance of additional AI developers, product managers, and other roles through magic.”
The demand for AI-related expertise in the job market has undergone a remarkable surge. According to the job platform Upwork, the number of weekly job listings for positions related to Generative AI skyrocketed by 450% compared to the previous year. Within the realm of “AI Services,” a total of 294 distinct skills are now encompassed.
Upwork has observed a growing need for expeditious engineers, creators of AI content, engineers specializing in machine learning and deep learning, data scientists, developers proficient in AI chatbots, as well as professionals skilled in model tuning and AI model integration.
In line with the World Economic Forum’s Future of Jobs Report, AI is projected to generate a total of 97 million novel employment opportunities, surpassing the 85 million jobs it is anticipated to render redundant.
Presently, the prevailing predicament lies in the scarcity of adequately trained professionals to fulfill the demands of various corporations.
Challenges and Solutions Insights
At present, a prevailing deficiency exists in the availability of skilled individuals equipped with the necessary knowledge and competencies to effectively construct, empower, and sustain these technologies within their respective organizations,” remarked Mohit Josh, who holds the position of Head of Banking, Financial Services and Insurance, Healthcare, and Life Sciences at Infosys, headquartered in Bengaluru, India.
“The conspicuous scarcity of proficient experts capable of orchestrating and leading a company’s AI and digital transformation endeavors considerably impedes advancement and remains a significant obstacle for businesses.”
This assertion finds validation in a digital skills survey conducted by Salesforce, where only 1 out of 10 workers asserted possessing AI skills.
Evidently, a comprehensive global initiative for upskilling appears imperative to enable workers to fulfill the demands of the burgeoning AI era.
According to Gretchen Alarcon, the Vice President of HR Service Delivery at ServiceNow, a software company based in California, initiating the process requires a bottom-up strategy, as highlighted in an interview with the Society for Human Resource Management.
“We initiate involvement from our employees to collaboratively design the AI-enhanced procedures that they will interact with daily. This initial phase involves active listening and exploratory efforts to identify and rectify the existing processes that require improvement,” she remarked.
“In essence, the individuals who are poised to gain the most from AI are also the individuals who possess the keenest insight into where AI’s impact is most necessary.”
Alarcon emphasizes that this grassroots methodology not only boosts efficiency but, more importantly, “empowers employees to take the lead in driving change, rather than merely being pulled along by it.”
In the competitive realm of AI, global businesses seek skilled talent urgently. Industries aim to tap AI’s potential for productivity gains, fueling salary escalation. Talent shortages prompt innovative approaches. As AI’s promise grows, upskilling becomes essential. Challenges persist but solutions are emerging, shifting the AI landscape.