Companies Prepared to Shell Out Almost $1 Million for AI Positions

According to a recent report from Futurism, there are concerns about the AI “bubble” bursting. However, despite this, there are still companies willing to invest a substantial amount of money in hiring experts who truly understand the potential of artificial intelligence. The Wall Street Journal reveals that major employers are offering six-figure salaries to data scientists and machine learning experts. For example, Netflix caused a stir on social media when it announced a $900,000 per year position for its machine-learning platform. Other notable examples include a $398,000 AI position at dating site Hinge, a $252,000 job at Walmart, and a $437,000 position at Upwork, a popular job marketplace.

“This is purely a matter of market economics,” explains Paul J. Groce of the executive recruiting firm Leathwaite, as reported by the Journal. “We simply do not have an abundance of AI developers, product managers, and other professionals in this field.” Aaron Sines, a recruiter at Razoroo, echoes this sentiment in an interview with Insider, stating that “the demand for professionals with knowledge in AI research, machine learning, and deep learning far exceeds the available supply of qualified candidates.” As public awareness of AI advancements has increased, so too has the amount of money being offered for AI expertise. Back in January, Nexford University published a list of the top 10 highest paying AI jobs, with the highest paying job (business development manager) offering just under $200,000.

Insider notes that even companies not traditionally associated with the tech industry, like Jane Street (a trading firm), are now offering salaries of up to $300,000 for machine-learning experts. Other companies are hiring AI specialists not just for coding, but to also educate their employees on how to navigate this new technological landscape. The article cites the example of a law firm. Furthermore, the Journal highlights that financial investments in AI don’t end with lucrative job offers; larger companies are also willing to spend substantial amounts of money to acquire smaller startups focused on AI. Currently, the market for AI expertise is exceptionally competitive. “We’re trying to hire, but it’s a smoking-hot market,” says Chris Todd, CEO of software company UKG, as quoted by the Journal. (Read more artificial intelligence stories.)