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Fight for AI talent as companies offer million dollar packages

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As the demand for expertise in generative AI surges, tech companies are engaging in fierce competition, offering million-dollar compensation packages and even poaching entire engineering teams.

This fervent pursuit of AI talent occurs against a backdrop of layoffs in other tech sectors and a significant reallocation of resources towards AI development.

Tech companies are going to unprecedented lengths to attract individuals with expertise in generative AI, the technology that underpins innovations like ChatGPT and humanlike bots.

With a shortage of qualified candidates, these companies are resorting to eye-catching compensation packages and aggressive recruitment tactics to secure the necessary talent.

According to Naveen Rao, head of Generative AI at Databricks, the pool of individuals capable of training large language models (LLMs) from scratch or tackling complex AI problems is extremely limited.

AI is becoming a top job skill.

Requisite skills

Rao estimates that only a few hundred people possess the requisite skills, leading to intense competition among employers.

To entice top-tier candidates, companies are offering total compensation packages exceeding $1 million annually, far surpassing industry norms.

Sales professionals with expertise in AI are also in high demand, commanding double the salary of their counterparts in other sectors.

The scarcity of AI talent is reflected in significant salary increases across managerial and non-managerial roles within the industry.

A survey by WTW revealed base-pay increases ranging from 5% to 19% from April 2022 to April 2023, with median compensation figures reaching staggering heights.

Startup struggle

Startups, in particular, are facing challenges in attracting and retaining talent due to their limited resources compared to tech giants like Google and Meta.

Despite offering potentially lucrative equity incentives, startups struggle to compete with the financial stability and resources provided by established companies.

Some individuals with entrepreneurial aspirations are leveraging the demand for AI expertise by launching their own startups.

Arthur Mensch, a former Google employee, founded Mistral AI, which quickly gained a valuation of over $2 billion within its first year.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Tech

TikTok launches Instagram competitor ‘Notes’

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TikTok Notes has launched in Australia & Canada as a formidable competitor to Instagram, offering a unique platform for content creation, text and sharing.

“TikTok Notes is a lifestyle platform that offers informative photo-text content about people’s lives, where you can see individuals sharing their travel tips and daily recipes,” reads the official App Store description.

Take note

The app allows users to create content by combining short videos with text-based notes, closely resembling that of Meta’s Instagram.

Whether it’s sharing a quick tutorial, a personal anecdote, or a thought-provoking message, TikTok Notes is positioned to be a formidable social media platform.

Currently, the app is only available for download and “limited testing” in Australia and Canada.

As it gains momentum, the platform is poised to contest Instagram’s established reign in the social media landscape.

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Tech

Ramifications of a TikTok ban to impact Open Internet

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The United States’ longstanding advocacy for an open internet faces a critical juncture as Congress considers legislation targeting TikTok.

The proposed measures, including a forced sale or outright ban of TikTok, have sparked concerns among digital rights advocates and global observers about the implications for internet freedom and international norms.

For decades, the U.S. has championed the concept of an unregulated internet, advocating for the free flow of digital data across borders.

However, the move against TikTok, a platform with 170 million U.S. users, has raised questions about the consistency of America’s stance on internet governance.

Read more – Big tech to handover misinformation data

Critics fear that actions against TikTok could set a precedent for other countries to justify their own internet censorship measures.

Russian blogger Aleksandr Gorbunov warned that Russia could use the U.S. decision to justify further restrictions on platforms like YouTube.

Similarly, Indian lawyer Mishi Choudhary expressed concerns that a U.S. ban on TikTok would embolden the Indian government to impose additional crackdowns on internet freedoms.

Moreover, the proposed legislation could complicate U.S. efforts to advocate for an internet governed by international organizations rather than individual countries.

China, in particular, has promoted a vision of internet sovereignty, advocating for greater national control over online content.

A TikTok ban could undermine America’s credibility in urging other countries to embrace a more open internet governed by global standards.

 

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Tech

BlackRock CEO Larry Fink says AI leads to higher wages

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Larry Fink, the CEO of BlackRock Inc., has outlined his vision for the impact of the firm’s investment in artificial intelligence.

During the company’s recent earnings call, Fink emphasized the connection between productivity gains driven by AI and the potential for rising wages among BlackRock’s workforce.

He explained the firm’s ambition to leverage AI technology to enhance efficiency, enabling employees to accomplish more with fewer resources.

Fink’s remarks underscore BlackRock’s strategic approach to harnessing AI as a tool for optimising operations and driving organisational growth.

Read more – Australia’s productivity gap widens

By leveraging AI-driven productivity enhancements, the company aims to empower its employees to deliver greater value, thereby paving the way for wage increases across the organisation.

The CEO’s statement reflects a broader trend in the intersection of technology and labor dynamics, where advancements in AI and automation have the potential to reshape workforce dynamics and compensation structures.

Fink’s optimism about the transformative impact of AI investment on employee wages highlights BlackRock’s commitment to embracing technological innovation as a catalyst for sustainable business growth and employee prosperity.

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