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

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Well-known big tech companies, such as Microsoft, Google and Amazon, have all posted stock results that beat estimates, citing AI as a key factor in their success.

While Nvidia, the US chip supplier, has overtaken Apple to become the second most valuable company in the world with a market value of around $3.01 trillion. Much of this is due to increased demand for its AI chipsets.

As corporates across sectors focus on AI and job seekers without knowledge of AI are at a distinct disadvantage, there are fewer roles on offer and lower salaries.

3 exciting roles currently recruiting.

Senior AI is hired.

Two senior AI-specific topics have been added to Genco Associates' mid-year salary survey this year, the longest-running report that's been published for 40 years.

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

Also showing the AI ​​effect, is the fact that supervisor word processing/data entry and data entry operator positions were left out, as many of these positions have been eliminated with automation.

Overall, there is less demand for “entry level” and “low skill” level positions.

Changes in compensation

According to Janco's analysis, demand has been highest for professionals who can support tasks in artificial intelligence, security, blockchain, and e-commerce, and this is reflected in the salaries on offer.

Last year, as companies made a big push to increase their technically skilled workforce, salaries rose. Also, due to the huge skill gap in AI, cybersecurity and cloud, many of these positions remain vacant, leading to higher salaries.

In an April tweet, Elon Musk said, “The talent war for AI is the biggest talent war I've ever seen!”, and that shows the skills gap that AI talent has. Employees can choose their role based on compensation, flexibility. , meaningful work – all key drivers of engagement according to a recent McKinsey report.

But excluding inflated salaries for these in-demand functions, overall IT salary growth was only 3.28 percent, below the annual inflation rate of 4.1 percent.

Salary increases vary with the size of the organization, and while you'd think larger companies would offer higher base salaries, that's not the case. The growth in medium enterprises was 3.82 percent, compared to 3.63 percent in large enterprises.

And of course, base pay isn't everything. Benefits such as flexible hours and scheduling, insurance, 401Ks, bonuses and stock options are part of the total compensation package, and with a shortage of IT professionals, contributions to 401Ks are at least 1 percent above last year's figures. has increased.

Overall, Janco's report says 2023 was not a good year for the size of the IT job market, as the market shrank by 48,600 jobs. In fact, the information technology sector added just 700 positions in 2023 – a big drop from the 267,000 jobs added in 2022.

However, the consulting firm is optimistic about 2024, saying the market is expected to grow slightly.

AI everywhere

Three of the top six job titles have AI specialties that are in high demand at large enterprises, and these positions include: CAIO, AI project managers, and AI system support specialists. While mid-sized enterprises are looking for managers in AI application development and AI project managers.

Low-demand positions include VPs of consulting services and administration, directors of production and data centers, directors of systems and programming, managers of data communications/voice and wireless, librarians, and analysts in network control and IT planning.

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

Jobs site Indeed revealed on Wednesday that the number of job postings related to generative AI has increased tenfold in the past year. While the number of generative AI job advertisements increased 75 times between April 2022 and April 2024.

You don't need to retrain as an AI architect, but by investing in some strategic upskilling, you can gain a competitive edge, better job prospects and higher pay in our increasingly AI-driven world. By ensuring the ability of

Looking for a new job? Take a look at the roles available now on The Hill Jobs Board.

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