Netflix, Meta, NVIDIA, and others are generously offering salaries between $250,000 and $1,000,000 for generative-AI positions. Why, then?
While everyone is riding the wave of generative AI, we may as well capitalize on it. Those with AI abilities appear to be the kings of the current generation of artificial intelligence.
Employers offering exorbitantly high salaries for AI-related positions make it the best place to be. Netflix was in the news for offering up to $900,000 for a product manager position on their machine learning platform team. The news arrived during the duration of the Hollywood writer’s strike. Netflix is not the only company willing to pay lavishly for AI-related roles, despite the commotion it has caused. Several businesses are following suit. Is the AI salary frenzy justified?
According to Indeed, large tech companies such as Meta, NVIDIA, Anthropic, Microsoft, Adobe, and many others offer a variety of generative AI positions with salaries as high as $500,000 per year. A technical product manager in AI safety can earn up to $520,000 at Anthropic, while a principal engineer in AI at HubSpot receives $427,000.
It’s not just tech and AI companies that offer such exorbitant salaries. Companies that are implementing AI to transform their products are also willing to pay competitive salaries. Hinge was seeking to hire a vice president of artificial intelligence to oversee their app’s AI strategy for a salary of $398,000. The position will involve leading a team of data scientists and machine learning (ML) technologists to develop AI features. Additionally, Walmart was seeking a senior manager for its conversational AI platform at a salary of up to $252,000 per year.
All In One
As generative AI assumes center stage, its impact on the labor market is evident. According to AIM Research, the generative AI labor market grew consistently from January to June of this year. In May, the number of generative AI-related positions in the United States increased by 20% to over 4,200. Moreover, job roles have been altered to accommodate the current trend. The previously nonexistent position of generative AI engineer will now require the skills of a deep learning, machine learning, natural language processing, and software engineer.
Multiple responsibilities are currently a necessity, almost to the point of being a necessity. The aggregation of multiple roles has been described under the ‘qualifications section’ for these open positions offering enormous salaries. For example, the position of ‘Senior Research Scientist-generative AI’ at NVIDIA, which pays up to $414,000 per year, requires not only a thorough understanding of python/C++ programming skills, but also an excellent understanding of the theory and practice of deep learning, computervision, natural language processing, and computer graphics. Additionally, the candidate must hold a Ph.D. in Computer Science/Engineering, Electrical Engineering, or a related discipline.
Similarly, a ‘Product Technical Program Manager-generative AI’ for Meta, with a compensation package of up to $297 000, must have technical and leadership experience. The candidate must have experience developing large-scale ML/AI platforms, such as dataset generation, feature development, and model testing, as well as supporting the development of AI-powered product experiences, such as natural language processing, computer vision, ranking, and personalization.
The Layoffs-Hiring Balance
Interestingly, the massive cutbacks in the tech industry at the beginning of the year appear to have had little impact on the current state of affairs. In January, Scale AI, an AI data platform that provides training data for ML teams, laid off 20% of its workforce. However, ScaleAI posted a job listing on Indeed last month for a’software engineer- generative AI’ offering a maximum salary of $215,000.
There are even businesses that have cast off employees due to the implementation of AI chatbots and efficient processes with generative AI. In May, executive outplacement and career consulting firm Challenger, Gray & Christmas attributed 4000 job losses to artificial intelligence, the first time the company mentioned AI as a cause of job losses. Dukaan, an Indian e-commerce platform for merchants, recently replaced 90 percent of its support employees with a chatbot powered by artificial intelligence.
Even though large tech layoffs have occurred as a result of the recession or automation, it does not appear to have dampened companies’ ambitious recruiting efforts. As of now, it appears optimistic, but it remains to be seen how long the generative AI hiring wave will last.
