10 Jul 2023

The rise of AI | Labor market shifts, new skills in high demand

The rise of AI is creating new and exciting opportunities across various industries. AI is becoming more sophisticated, causing shifts in the labor market and ultimately, creating new jobs. These jobs will play a vital role in ensuring that AI is used effectively and efficiently, helping businesses stay competitive in a rapidly changing marketplace.

Some of the jobs that are being created include:

  • Data annotators: categorizes and labels data for AI applications. They play an essential role in fine-tuning AI models, ensuring that they are as accurate and useful as possible.
  • Prompt engineers: designs and creates prompts for large language models (LLMs). A human touch is necessary to ensure that the prompts are tailored to the specific needs of the business and its customers.
  • AI auditors: ensure that the outputs from AI are accurate and unbiased. They play a crucial role in ensuring that AI is used responsibly and ethically, helping to guard against bias and unintended consequences.
  • AI ethicists: advise on ethical AI practice and guard against bias and unintended consequences. Develop ethical guidelines and policies for AI projects and establish standards for responsible AI development.
  • Machine managers: oversee AI-operated hardware and systems. They play a vital role in ensuring that AI is used effectively and efficiently.
  • AI strategists: create the overall cross-functional strategy that describes where AI will be deployed, how success is managed, what resources will be required, etc. They play an essential role in ensuring that AI is used strategically and in a way that maximizes its potential.
  • AI business and performance analysts: develop and maintain key performance indicators (KPIs) to measure how much AI moves the needle in profitability and other related metrics. They play a crucial role in ensuring that AI is used effectively and that its impact on the business is accurately measured.
  • AI security experts: in charge of safeguarding AI systems from cyber threats and ensuring data privacy. They play an essential role in ensuring that AI is used securely and that sensitive data is protected.
  • AI research scientists: develops new AI algorithms, techniques, and applications across various industries. They play a crucial role in advancing the field of AI, driving innovation, and helping to unlock its full potential.

The creation of these jobs shows the immense potential that AI has to offer. Since May 2022, nearly 600 regional employers have posted more than 6,000 job postings seeking AI-skilled talent. On average, the advertised pay is $129,000, which equates closer to $132,000 after adjusting for cost of living. Compared to some of our peer cities, demand and pay for the same talent varies. Though locating to the Charlotte Region will lead to increased purchasing power for AI-skilled talent.

The high demand for AI-related skills and the accompanying high salaries illustrate the value that these skills bring to the table. As the demand for AI-related skills continues to rise, individuals in possession of such skills are in a strong position to capitalize on the opportunities that this growing field has to offer. By doing so, they can help drive innovation, unlock the full potential of AI, and build a better future for all.

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