The transformative potential of artificial intelligence (AI) has made it the most sought-after technology discipline in the global talent market. As such, organizations around the world are willing to invest heavily in skilled professionals who can drive innovation and growth in the AI space, giving companies the upper hand in today’s competitive business environment.
To date, cloud computing and cybersecurity have led in the demand for certain job disciplines, but that has changed, according to our 2023 Artificial Intelligence and Digital Talent Compensation Survey (Figure 1). This shift toward AI-specific skills spans sectors and geographies.
| Location | Leading job disciplines | ||
|---|---|---|---|
| Brazil | 1. Artificial Intelligence and Machine Learning | 2. Data Science and Business Intelligence | 3. Cybersecurity |
| Canada | 1. Artificial Intelligence and Machine Learning | 2. Cybersecurity | 3. Data Science and Business Intelligence |
| China | 1. Artificial Intelligence and Machine Learning | 2. Cloud Computing | 3. Blockchain |
| France | 1. Artificial Intelligence and Machine Learning | 2. Cybersecurity | 3. Cloud Computing |
| Germany | 1. Artificial Intelligence and Machine Learning | 2. Cybersecurity | 3. Blockchain |
| India | 1. Artificial Intelligence and Machine Learning | 2. Digital Architecture | 3. Data Science and Business Intelligence |
| Mexico | 1. Artificial Intelligence and Machine Learning | 2. Data Science and Business Intelligence | 3. Digital Architecture |
| Spain | 1. Artificial Intelligence and Machine Learning | 2. Cloud Computing | 3. Blockchain |
| United Kingdom | 1. Artificial Intelligence and Machine Learning | 2. Cloud Computing | 3. Cybersecurity |
| United States | 1. Artificial Intelligence and Machine Learning | 2. Cybersecurity | 3. Digital Architecture |
Organizations’ pursuit of candidates who are proficient in machine learning, deep learning, natural language processing and other AI-related domains indicates a recognition of AI’s transformative potential, such as its ability to automate certain operations, predict market trends and identify business opportunities. Professionals who are adept at AI implementation can effectively design and deploy solutions that can streamline repetitive tasks, which can promote efficiency and ultimately boost productivity across the organization. Employers across industries are offering high compensation packages for AI roles, which is particularly evident in markets with tight talent pools. The highest compensation packages for AI-related roles can be found in the United States, followed closely by Germany, Canada and the United Kingdom (Figures 2 and 3).
As a result, employers are rethinking their talent acquisition strategies. When assessing candidates, many are de-emphasizing traditional educational backgrounds (e.g., degrees, schools where candidates studied) and focusing more on skills and competencies. Moreover, organizations are willing to offer pay premiums for key tech and digital roles to compete for critical talent. These trends reflect the growing importance of practical expertise and the ability to deliver tangible results.
Reskilling or upskilling requires an investment in training the current workforce, which can lead to greater employee loyalty and commitment, as workers feel valued and supported in their professional growth. Reskilling or upskilling also can be more cost-effective, as companies do not have to pay the high costs of recruiting and onboarding new employees. Training the existing workforce also helps ensure that employees remain aligned with industry demands, thus helping the organization stay competitive.
However, reskilling or upskilling can require a significant investment of time and resources. The length of time that certain skills remain in demand is becoming shorter. By the time employees have acquired the new skills, they may already be close to obsolete and the return on investment can be lower than expected.
“Some organizations may consider purposeful partnering with third parties for AI product development before making large investments internally.”
Shankar Raman | Global Co-Leader Technology Industry
Alternatively, organizations can outsource some components of AI development to specialized firms, freelancers or other third parties. This allows companies to leverage a wider range of AI expertise and gain access to state-of-the-art technologies and innovations without the need to invest in internal training and development programs. Outsourcing also allows organizations to respond to fluctuating market demands more quickly than if they were to internally develop AI capabilities. However, a sole reliance on external parties may result in a lack of internal AI expertise and a loss of control over the development process, thus impeding the organization's long-term AI strategy. "Some organizations may consider purposeful partnering with third parties for AI product development before making large investments internally," said Shankar Raman, Global Co-Leader, Technology Industry.
To make an informed decision, employers should carefully assess their organization’s specific needs, resources and long-term goals. Factors such as the company size, complexity of AI projects and availability of internal AI expertise should be taken into consideration. A hybrid approach that combines both reskilling or upskilling and outsourcing may also be suitable for some organizations, allowing them to leverage the benefits of both strategies.
For organizations to attract and retain key AI talent, they must first understand the current talent market and their competitors' compensation practices. This requires comprehensive data collection and analysis, including survey data and insights from specialized tools for total rewards analysis.
These insights provide a clear picture of in-demand skills and the compensation required to acquire them, allowing organizations to position themselves effectively and offer competitive packages that attract and retain key AI talent.
With this information, organizations can prioritize skills that align with their strategic objectives and offer the highest return on investment. By aligning talent acquisition efforts with market demand, organizations can gain a competitive edge in the AI talent landscape.
Furthermore, employers need to stay updated with industry trends and developments to adapt their talent strategies accordingly. Regular engagement with industry publications, attending conferences and workshops, and networking with professionals in the AI field are all effective ways to remain informed.
Successful talent attraction and retention among AI-skilled talent requires organizations to prioritize access to precise and current information. Data, specialized tools and industry trends can help you craft talent management strategies that propel business success and are aligned with market demands. As the AI talent market grows increasingly competitive, having accurate information is the linchpin to cultivating a skilled workforce that fuels organizational growth and innovation.
