AI Geeks Poised To Get Up To 115% Pay Hike As Demand For Talent Hits The Roof

For instance, those skilled in generative AI (artificial intelligence) like ChatGPT, BARD, and Ernie, or a combination of full stack developers equipped in Snowflake skills or big data, are in high demand. In fact, the demand and supply crunch along with 20% plus attrition is prompting IT companies to hire candidates for backfills, as well as for fresh positions.

“There are around 20,000 open positions for AI,ML, data engineers at any given point of time on our sites. Companies are automating parts of their businesses where they need product developers and special skillsets," said Saran Balasundaram, founder, HanDigital a tech recruitment firm.

Hikes offered by unicorns and IT firms range 100-150% despite the slowdown and hiring freeze in many firms, Balasundaram added.

“The attrition is 25% from these teams, and companies need immediate backfill. Demand will up by another 15% in coming months compared to last year."

Balasundaram now has a dedicated team of recruiters whose job is to source these profiles.

Tech recruiters are hiring these specialists from IT firms, startups and global captive centres. “With the recent buzz in action and visibility, active talent demand from the generative AI ventures has grown significantly in the last two quarters," said Kamal Karanth, co-founder, Xpheno. “Currently, the highest demand is for engineering and IT skillsets accounting for 52% of the total demand. The rest of the roles are spread across a wider range of functions including product management, design, sales and operations," he said.

Xpheno says five tech skills that command a hike of 100-150% include- user experience researcher, implementation consultant, principal scientist ML, ML research engineer and AI leader.

According to industry insiders, the top six locations for such talent are India, the US, the UK, Germany, France and Canada. The six countries account for 60% of the total active generative AI talent pool.

The tech and startup sector has witnessed muted demand for the last 4-6 months as companies professed to over hiring after two years of covid. From counter offers and an average 100% increment in 2022, layoffs have become the norm.

Due to pressures on balance sheets, both sectors that hire from each other aggressively have slowed their hiring activities. However, recruiters said demand for multi-functional skillsets is still strong.

“Fullstack, along with ERP, Big Data and Snowflake, is an example of the current in-demand combination that companies are seeking. The trend is a multi-pack focus on competency hiring for functional skills and not singular specialization," A.R. Ramesh, director, digital business solutions, professional staffing and international engagement, Adecco, a staffing firm, said. However, Ramesh said the average hike for these profiles is hovering around 40%.

According to Aon’s recent salary study, technology, fintech and e-commerce are seeing the highest attrition rates, and candidates with the right skillsets continued to receive multiple offers.