To Increase Your Pay You Should Acquire AI Skills

Uploaded on 2024-01-27 in TECHNOLOGY-Key Areas-Artificial Intelligence, JOBS-Careers, FREE TO VIEW

Self-driving cars, websites that recommend products you might like and predicting trading trends you  might like are being used by Artificial Intelligence (AI) and Machine Learning that have thousands of applications in hundreds of industries. 

As more industries seek to embrace the advantages this technology can bring, more companies are on the hunt for people with AI skills. 

AI jobs account for nearly one-third (27%) of all advertisements on the UK job market, according to new research from Thomson Reuters.  Out of 6,073 roles promoted online in January 2024, Thomson Reuters recorded skills as a fundamental requirement in 1,652 of them.  They say the surge in job ads requiring AI skills shows the sharpened industry focus on the technology and continued efforts to poach relevant staff.

With a shortage of people with skills in this significantly growing area companies are competing hard to lure the best available talent to work for them. Consequently, demand for AI skills  is increasing, which means some employers are willing to pay a 31% premium for IT workers with AI expertise and often they are offering six-figure salaries.

This evidence comes from new research from Amazon Web Services (AWS) and Access Partnership. And the findings of this recent survey show that firms are now willing to pay much higher salaries for staff with  AI skills and with staff in research and development also commanding a 30% premium.

These results are from a survey 1,340 employers and 3,297 employees across the US in industries, including healthcare, education and financial services to assess how AI is transforming the workplace.

  • 92% of employers and employees surveyed said they expect to benefit from using generative AI as a way to save time, boost creativity, and improve business outcomes.
  • Nearly eight in 10 workers (79%) are interested in developing AI skills to advance their careers. The top three reasons employees cited a desire to learn AI skills are:
    • improved job efficiency (51%)
    • higher salary (44%),
    • faster career progression (42%) 
  • Employers  revealed that a they would pay 27% higher salaries for those with AI skills in sales, marketing, and finance. Business operations, legal, and human resources all came in slightly lower, but could still all secure workers with AI kills  salary increase of around 25%.

The findings of the survey point toward both the growing demand for AI skills, as well as the acute shortage of workers with relevant expertise, which industry stakeholders have warned could negatively impact innovation in coming years.

Of all the employees surveyed, 70% said they intended to learn AI skills to “enhance work efficiency, boost career opportunities, and increase salaries”. New entrants to the workforce and younger workers were among the most keen to embrace the technology, the survey found.

  • Younger employees (18-44 year old) showed a clear and definite interest in learning AI skills, with over three-quarters of them drawn to the area by motivations of higher salaries and increased job security.
  • Over half of older workers (45-74 year old) also expressed a desire to learn AI skills in the interest of efficiency.
  • As well as the AI skills needed, businesses are also looking for excellent communication skills as each position will be expected to work collaboratively and report to key stakeholders. 

Despite evident enthusiasm for AI skills, only 50% of surveyed employers indicated that they were in a position to provide AI training, which raises some serious doubts about the ability of organisations to fully maximise their AI capabilities in the future.

AWS:        Thomson Reuters:        ITPro:     ITPro:     MatchTech;     Business Insider:    Springboard:  

Workplace Insight:      Tech.co:     Image: Nick Fewings

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