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No AI skills on your resume? Expect lower salaries and fewer roles in the future

Major tech companies including Microsoft, Google and Amazon have all reported better-than-expected stock performance and point to AI as key to their success.

Meanwhile, American chip provider Nvidia has overtaken Apple to become the world’s second-most valuable company with a market capitalization of about $3.1 trillion, thanks in large part to surging demand for its AI chipsets.

As companies across all sectors rush to catch up with AI, job seekers without AI knowledge will be at a distinct disadvantage as they will be offered fewer jobs and receive lower salaries.

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Advanced AI Recruitment

Two advanced AI-only titles have been added Janco Associates Mid-Year Salary Survey This year’s edition is another long-running report that has been published for over 40 years.

These are the VP Artificial Intelligence (aka Chief AI Officer CAIO) and the Project Manager Artificial Intelligence.

Also showing the impact of AI is the fact that the number of Supervisor Word Processing/Data Entry and Data Entry Operator positions have been eliminated, as many of these positions have been eliminated by automation.

Overall, there are fewer requirements for “entry level” and “low-skill” level positions.

Reward changes

Janco’s analysis shows that professionals who can support artificial intelligence, security, blockchain and e-commerce functions are in highest demand, which is also reflected in the salaries offered.

Salaries have risen in the last year as companies have advertised heavily to recruit more tech-savvy employees, and with large skills gaps in AI, cybersecurity and cloud, many of these positions remain unfilled, pushing salaries even higher.

in Tweets from AprilElon Musk has said, “The AI ​​talent war is the craziest talent war I’ve ever seen!” This reflects the skills gap and means that workers upskilled for AI will be able to handpick their roles based on compensation, flexibility and meaningful work – all important engagement factors. A recent McKinsey report.

However, excluding higher salaries in high-demand functions, the overall IT sector salary increase was just 3.28%, below the annual inflation rate of 4.1%.

Salary increases vary by organization size, and while you might expect larger companies to offer higher base salaries, this isn’t the case: mid-sized companies saw an average increase of 3.82 percent, while large companies saw an average increase of 3.63 percent.

Of course, it’s not all about base salary: Benefits like flex time and schedules, insurance, 401K, bonuses and stock options are all part of the total compensation package, and coupled with the shortage of IT professionals, 401K contributions are up at least 1 percent from last year’s figures.

Overall, Janco’s report states that 2023 was not a good year for the size of the IT job market, with the market shrinking by 48,600 jobs. In fact, the information technology field is adding just 700 jobs in 2023, a significant decrease from the 267,000 jobs added in 2022.

However, the consulting firm is optimistic about 2024, predicting slight growth in the market.

AI Everywhere

Three of the top six in-demand roles at large companies involve AI, including CAIO, AI project manager, and AI systems support specialist, while mid-sized companies are looking for managers of AI application development and AI project managers.

Positions with low demand include VP of consulting services and administration, director of production and data center, director of systems and programming, manager of data communications/voice and wireless, librarian, and network control and IT planning analyst.

For both short-term and long-term career development, professionals across all industries must recognize the importance of AI and related skills or risk being left behind.

Job site Indeed said Wednesday that the number of job postings related to generative AI has increased 10-fold over the past year, while the number of job ads related to generative AI has increased 75-fold between April 2022 and April 2024.

While you won’t need to reskill as an AI architect, investing in strategic upskilling can give you a competitive advantage and ensure better job prospects and higher salary potential in an increasingly AI-driven world.

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