Harnham’s 2024 US Data & AI Salary Guide is now live!
Covering the latest salary benchmarks, hiring trends, and expert insights, our in-depth analysis empowers professionals to assess their market value and equips employers to optimize their talent acquisition strategies.
Drawing on data from over 3,500 data and AI specialists worldwide, our 13th annual Salary Guide analyzes the transformative shifts that have reshaped the tech landscape over the past year.
Candidates more willing to jump roles this year – but numbers remain low
56% of our respondents feel more secure in their jobs than in 2023, a trend that has continued in the wake of the Covid pandemic. Perhaps unsurprisingly, data science, ML, and AI professionals felt the most secure in their role than the year before (60%), while those in computer vision felt the least secure (20%).
Candidates are also more willing to jump roles. 2 in 3 reported they’d leave their job if the right opportunity came up, up from 40% in 2023. This, however, is much lower than in 2020 (80%), as well as in 2021 and 2022. Again, data science, ML, and AI professionals came in as the least likely to leave their current role (57%), while life science analytics professionals were most likely (76%).
“It’s clear that instability in the market is causing some data professionals to be more cautious,” says David Farmer, CEO of Harnham. “However, there needs to be a level of fluidity in the market to keep ideas fresh and to ensure that those in the industry are reaching their full potential. Unfortunately, if employee mobility is limited, innovation could also stagnate.”
The five most desired benefits by US-based data & AI professionals. Unlimited vacation slips into the top five for the first time in four years. (Source: Harnham)
Salary dissatisfaction remains the top reason for our respondents leaving their role in the last 12 months – with 28% citing a lack of competitive salary or hourly rate. Our research also found that candidate salary expectations had slightly diminished – seeking 7% less in pay increases than they did last year.
Two-thirds of tech professionals view AI positively
AI remains an unavoidable talking point in the world of data. Recent global projections predict that artificial intelligence will contribute over $15.7 trillion to the global economy by 2030, and is estimated to create 133 million new jobs.
Two-thirds of data and AI professionals view artificial intelligence positively. 64% of respondents reported using AI in their day-to-day roles, and 40% of employees reported working for a company with an official AI policy.
“I see a lot of room for human-AI collaboration,” says Sam Agre, Manager, Data Science, ML and AI at Harnham. “The tools are getting much better and growth in AI augmentation to support decision-making and enhance human capabilities will be a huge push over the next 12 months.”
Gender pay gap and lack of female representation continues
Female representation in the data & AI market has remained relatively similar, with 25% of our respondents identifying as female (up 0.5% from 24.5% in 2023.) The field of data governance and management held the worst gender representation, with just 4% identifying as female.
Jenni Kavanagh, Vice President at Harnham, said “We know that female professionals are underrepresented in this industry, and we can’t invent more women to come in. We are, however, seeing positive steps being taken – more women are going into college in data-related fields than ever before, which is great but, of course, it will take time to really see the benefits and the effects of that. Furthermore, I think more should be done to incentivize female talent past just financial offerings, like proper upskilling and development.”
“I also think it’s important to turn attention back to the employer on these things,” adds Sam Agre. “They want diversity, but what are they doing to attract that diverse workforce?”
On average, our male respondents earned 16% more than their female counterparts.
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Frequently asked questions on the topic of Environmental Intelligence!
The data and tech industry is evolving rapidly, with key trends including a growing emphasis on artificial intelligence, the rise of hybrid roles, and the increasing importance of soft skills alongside technical skills. Data and tech companies are also focusing on Skills-based hiring to fill critical positions in cloud computing and digital technologies
While technical skills remain crucial, soft skills like communication, teamwork, and problem-solving are increasingly valued in the data and tech sector. Data and tech professionals with a balance of technical and soft skills are more likely to succeed in the competitive data and tech job market.
The demand for data and tech talent is driven by the need for expertise in artificial intelligence, cloud computing, and digital skills. Data and tech companies are also looking for professionals with specialized skills to fill roles in hybrid and technical roles that support their business objectives.