Attracting and Retaining Top AI Talent?

This week:?

• AI enables dynamic pricing by adjusting prices in real-time based on market demand, consumer behavior, and external factors.?
• Companies face challenges in attracting and retaining AI talent due to high demand exceeding supply, needing effective retention strategies beyond competitive salaries.?
• The UN’s AI for Good Summit in Geneva highlighted ethical risks of AI, including environmental impact, gender biases and ethical transparency.?

Read below.?

?? AI in Business?

Harnessing AI For Dynamic Pricing?

AI allows for real-time price adjustments based on market demand, consumer behavior, and external factors. Dynamic pricing changes prices based on current market demands.?

• AI analyzes vast datasets to predict demand, understand price sensitivity, and find optimal prices.?
• Machine learning algorithms learn from market data, purchasing patterns, competitor pricing, and social media trends.?

Advantages:?

• Maximize Revenue: Capture maximum willingness to pay during peak demand and adjust prices during off-peak times.?
• Enhance Competitiveness: Ensure competitive pricing by reacting to market changes faster than competitors.?
• Improve Customer Segmentation: Tailor prices to different segments based on price sensitivity, maximizing sales and satisfaction.?
• Optimize Inventory Management: Manage inventory effectively, reducing stockouts and avoiding excess inventory.?

Real-World Examples:?

• Uber: Uses AI for surge pricing based on demand, traffic, and driver availability.?
• Amazon: Adjusts prices on millions of products daily using AI to consider competitor pricing, demand, and inventory levels.?
• Airbnb: Employs dynamic pricing to suggest optimal prices based on location, seasonality, and events.?

Attracting and Retaining Top AI Talent??

“10% of new AI roles are filled by existing staff” - Boston Consulting Group?

While demand for AI talent has never been higher, the supply is critically low. This has led to companies needing to differentiate themselves from the competition.?

They face challenges when it comes to:?

• High Demand and Limited Supply: The demand for skilled AI professionals far exceeds the supply, making it difficult for companies to find and recruit qualified candidates.?
• Access to Advanced Resources: Providing access to state-of-the-art computing resources and infrastructure is essential but can be costly and logistically challenging.?
• Retention Strategies: Retaining AI talent requires more than just competitive salaries. It involves offering career advancement opportunities, fostering a positive work culture, and recognizing and rewarding contributions.??

Here are some ways companies are tackling the talent shortage:?

• Purpose-Driven Organization: Emphasize your company’s unique mission and strengths to keep AI talent engaged.?
• Understand AI Worker Needs: AI professionals value exciting projects and clear advancement strategies.?
• Internal Reskilling: Reskill existing employees for AI roles to leverage their business knowledge and commitment.?
• Career Path Clarity: Provide clear advancement opportunities for AI recruits to retain them.?
• Tailored Recruiting Strategy: Align recruiting efforts with company maturity; start with an "anchor" hire and evolve recruitment processes as you scale.?
• Explore Untapped Talent Pools: Look beyond major tech hubs to find AI talent in less competitive markets and consider remote work options.?

“80% of AI talent leaves their current roles, among other things, due to a lack of perceived opportunities for career advancement.” Boston Consulting Group?

To attract and retain top AI talent, companies need to understand their unique preferences. These professionals seek opportunities to work on innovative and impactful projects, access state-of-the-art computing resources, and receive competitive compensation. Namely:?

Beyond competitive compensation, creating an environment where AI professionals can thrive, collaborate, and innovate—both in physical and remote workspaces—will help companies secure a competitive edge.?

?? From the Web?

Consulting Firms Are the Early Winners of the AI Boom ?

Boston Consulting Group's Vladimir Lukic highlights the surge in consulting demand as companies seek guidance on leveraging generative A.I. technology for business, reflecting a booming consulting market.?

Bill Gates Says AI Will Advance Green Tech ?

Bill Gates asserts AI will enhance data center efficiency, reducing future energy use despite increased demand, ultimately benefiting the environment more than it harms.?

Finding the meaning in clinical data with AI ?

Leveraging AI can reduce clinician workload through automation, intelligent messaging, patient summaries, and ambient AI, while ensuring transparency, security, and careful selection of AI applications in healthcare.?

????AI for Good?

AI Summit in Geneva Highlights AI Concerns?

The UN’s AI for Good Summit was held in Geneva, organized by the International Telecommunication Union, with a focus on using AI to meet UN’s Sustainable Development Goals, including eradicating poverty, achieving gender equality, and promoting clean energy.??

Concerns Raised:?

• Doubts about AI's role in advancing UN goals; concerns it may hinder progress.?
• Climate activist Sage Lenier cautioned against AI accelerating environmental damage.?
• Tristan Harris discussed the negative impact of social media addiction and tech sector's financial motives.?
• Mia Shah-Dand pointed out persistent gender biases in tech.?

Need for Transparency and Accountability:?

• Call for increased transparency, accountability, and inclusion in AI development and deployment.?
• Concern about the environmental impact of AI, with high energy use for generative AI.?
• Highlighted inequalities in AI systems, noting the exploitation of low-paid content moderators in the Global South.?

Sam Altman's Presentation:?

• OpenAI’s CEO Sam Altman, the summit’s star speaker, discussed AI's benefits, mainly focusing on productivity enhancements.?

?? Prompt of the week?

Review the following data set and explain why customers are churning. [Insert data]         

See you next week,?

Mukundan?

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