Nearly 1mk for an AI job?

The scramble for artificial intelligence (AI) talent in the
U.S. is reaching fever pitch, with companies across sectors
offering near seven-figure salaries to attract top talent.
Industries from entertainment to manufacturing are vying
for data scientists and machine-learning experts to leverage
the vast potential of AI technology. Companies are resorting
to competitive compensation packages, internal training,
and even acquisitions of AI startups to build their talent pools.

For instance, online dating platform Hinge offers a base salary ranging from $332,000 to $398,000 for a VP of AI, while Upwork's similar role pays between $260,000 and $437,000. Even more striking, Netflix has a product manager role for a machine-learning platform that offers total compensation of up to $900,000. But not all roles in the field are as lucrative; positions like prompt engineers and machine-learning product engineers offer average total compensations of about $130,000 and $143,589 respectively.

The salary surge is attributed to a supply-demand imbalance, particularly for mid and senior-level roles. As Paul J. Groce of executive recruiting firm Leathwaite puts it, "This is pure market economics." Companies are also realizing that they can't solely rely on hiring to meet their AI needs and are considering retraining existing employees for AI tasks.

This competition for talent is not limited to tech companies. Retail giant Walmart, for example, offers a base salary of $168,000 to $252,000 for a position on its conversational AI team. Goldman Sachs is also in the market for an AI engineer, offering a salary range of $150,000 to $250,000 plus bonuses. Meanwhile, commercial real estate company JLL is attracting candidates by emphasizing the impact of AI on property management, from energy conservation to pricing strategies.

Accenture, planning to hire over a thousand new AI employees, faces challenges in recruiting individuals who not only understand AI but also have industry-specific expertise. Lan Guan, Accenture's Chief AI Officer, notes that such talent is the hardest to find. To address the talent scarcity, some companies are open to acquiring smaller AI firms. ServiceNow, for instance, acquired Element AI in 2020 and recently purchased another AI company, G2K.

In summary, as AI technology continues to permeate various sectors, the war for talent is intensifying. Companies are deploying various strategies from competitive salaries to acquisitions and internal training to ensure they don't miss out on the AI revolution. With salaries reaching up to $900,000 in some cases, it's a lucrative time to be an AI professional, but the challenge for companies is to find or develop the multifaceted talent they need to advance. GFC/A.Westerwelle/N.Rattner/C.Cutter