Newsletter “Generative AI Insights”. September 2024: Gen AI jobs climb and see up to 25% wage premium.

Welcome to the September 2024 edition of Generative AI Insights from AI Accelera! This issue covers a wide range of topics, including the rising demand for Gen AI jobs, which are offering up to a 25% wage premium, and the growing impact of AI across various sectors. We also highlight a significant productivity boost in Gen AI-exposed industries, discuss the decreasing costs of AI models due to increased competition, and provide insight into top trends and opportunities in the Gen AI space. Additionally, we feature our latest book, “Do You Speak Generative AI?” to help readers deepen their understanding of prompt engineering.

This newsletter is packed with essential information and updates designed to keep you informed and engaged in the rapidly evolving world of Generative AI.

PwC’s Global Gen AI Jobs Barometer: Gen AI Roles Surge, Offering Up to a 25% Wage Premium.

PwC has released striking data on the rapid rise of Generative AI and its transformative impact on the 2024 workforce in its Global Gen AI Jobs Barometer report. 

After analyzing half a billion job ads from 15 countries, PwC uncovered significant insights into how AI is reshaping the labor market:

– “Postings for Gen AI jobs are growing 3.5 times faster than for all other jobs.”

– AI skills can significantly boost salary potential: “Jobs that require Gen AI skills carry up to a 25% wage premium.”

– The demand for new skills is also accelerating: “Skills sought by employers are changing at a 25% higher rate in occupations most exposed to Gen AI,” referring to jobs that can easily be augmented by Gen AI tools. Workers in these roles must acquire new skills to remain competitive.

The job market—and the skills necessary to thrive within it—is evolving rapidly. Without adapting and acquiring Gen AI-related skills, professionals may face the risk of layoffs or even long-term unemployment. 

Gen AI is not just a technical skill confined to tech-specific roles. Non-tech professionals looking to maintain a competitive edge in 2024 should also consider investing in Gen AI training.

“An eagerness to learn is the biggest soft skill we look for when hiring for roles in Gen AI and related fields,” says A. Sines, director of talent at a leading tech company.

The rise of Gen AI could have an enormous impact on the labor market. The IMF chief warns that Gen AI will disrupt the workforce like a “tsunami,” adding, “The Gen AI era is upon us. We have very little time to get people ready for it.”

Fortune Magazine also highlights the soaring demand for AI expertise: “AI experts are in hot demand in the current job market, raking in million-dollar compensation packages and getting personally recruited by top CEOs.”

As Gen AI continues to reshape industries, professionals across all sectors must adapt to this wave of innovation to remain relevant and competitive.

Gen AI-Exposed Sectors See Productivity Surge. Most employees still lack Gen AI skills.

Sectors more exposed to Generative AI are experiencing a significant boost in labor productivity, growing nearly fivefold (4.8x). Gen AI penetration is accelerating, particularly within knowledge work sectors, leading to remarkable efficiency gains.

“Executive urgency to incorporate Gen AI tools into business operations has increased sevenfold over the past six months and is now a top concern, surpassing inflation and broader economic challenges,” reports The Workforce Index.

However, despite the growing emphasis on AI integration, most employees still lack Gen AI skills. Findings from The Workforce Index, a new study released by Slack, show that almost the entire global workforce either does not use Gen AI in their workplaces or lacks a full understanding of its benefits. The study revealed that approximately two-thirds of workers have not yet utilized Gen AI tools in their jobs, and more than 90% do not trust AI to handle their work projects effectively.

This gap highlights the urgent need for widespread AI education and training to harness the potential benefits Gen AI offers across industries.

The Cost of Generative AI Drops Significantly Amid Growing Competition

The price of using large language models is decreasing rapidly as companies like OpenAI and Google introduce cost-cutting measures to stay competitive. OpenAI has reduced the cost of GPT-4o API calls by 50% for input tokens and 33% for output tokens, while Google slashed the price of its Gemini 1.5 Flash model by 75%. These reductions are part of a broader trend toward more affordable AI, with models like GPT-4o mini and Llama 3.1 405B also offering competitive rates and discounts for batch processing, making powerful AI models more accessible to businesses and developers.

Video: Top VC uncovers top 10 Startup Gen AI Opportunities

In this episode of the “My First Million” podcast, Sarah Guo, a venture capitalist with a $100M AI fund, discusses the immense business potential of Gen AI technologies. She explores various Gen AI-driven opportunities, such as video generation, companion apps, and Gen AI-powered automation tools for industries like copywriting, e-commerce, and marketing. Sarah emphasizes how Gen AI can help entrepreneurs create scalable, profitable businesses by automating tasks and leveraging innovative models. The conversation highlights both the vast commercial potential of Gen AI, including its ability to generate significant revenue quickly, and its broader societal impacts, particularly in fields like healthcare, education, and infrastructure.

View the full video here.

Video: Highest value use cases and opportunities from Gen AI (McKinsey)

The video features a discussion between Rodney Zemmel of McKinsey and Peter Jacobs, CEO of ING Netherlands, about the implementation of Gen AI in regulated industries like banking. They highlight how Gen AI is revolutionizing areas such as customer engagement, marketing personalization, and compliance, with significant benefits in efficiency and risk management. ING has adopted a cautious approach to Gen AI deployment, centralizing decision-making, embedding strict regulatory frameworks, and focusing on gradual scaling. The session emphasizes the importance of cross-department collaboration and careful monitoring to ensure Gen AI solutions are both effective and compliant in regulated environments.

View the full video here.

Video: The transformative role of Gen AI in Business: practical examples (Harvard)

In this presentation, Kareem Lakhani from Harvard Business School discusses how Gen AI is transforming industries by reducing the cost of creativity, problem-solving, and cognition, allowing businesses to scale exponentially. He highlights examples like Ant Financial, which serves 1.2 billion users with just 15,000 employees, and shows how Gen AI tools are dramatically improving productivity in areas like marketing and consulting. Overall, Gen AI is reshaping business models and workflows, creating both opportunities and challenges for the future.

View the full video here.

Video: Are we in a Gen AI Hype Cycle? (Y Combinator)

In this Y Combinator panel, experts discuss whether Gen AI is in a hype cycle, addressing concerns about overinvestment, particularly in companies like Nvidia, and drawing comparisons to past tech bubbles like crypto. While Gen AI is driving massive gains in public markets and startup ecosystems, there is uncertainty about which part of the Gen AI value chain—GPU makers, hosting providers, or application developers—will capture the most value. Despite these concerns, the panel highlights the rapid growth of Gen AI startups, particularly in application layers, where founders can build scalable companies with minimal capital by leveraging existing Gen AI models. The long-term outlook remains positive, as companies that solve real problems are seeing strong revenue growth.

View the full video here.

Video: Gen AI and the Disruption of Customer Experience

In this video, the CEO of IGT Solutions discusses the integration of Gen AI in customer service, emphasizing a shift from “human in the loop” to “AI in the loop” to enhance human expertise and empathy. AI is being used to train customer service agents more efficiently through real-time simulations, reducing training time and improving retention by supporting agents in handling complex customer issues. The focus is on augmenting human workers rather than replacing them, with responsible AI practices in place. The CEO highlights AI’s potential to transform customer service by improving both customer experiences and employee satisfaction, with full AI-driven customer interactions anticipated in the future..

View the full video here.

New Book: “Do You Speak Generative AI?”

AI Accelera recently published its third book, “Do you speak Generative AI? The Prompt Engineering Beginner’s Guide.” Designed to demystify the complexities of prompt engineering, this book fills a significant gap in AI education. The book serves as an essential resource, offering a thorough grounding in the basics of prompt engineering, a detailed classification of prompts across various tasks, industries, and business areas, and is rich with practical examples. Tailored for students eager to delve deeper into the nuances of generative AI, this book is positioned as a valuable tool to enhance their understanding and skills in this revolutionary field. This book is an exclusive gift for the 5-star students of AI Accelera’s Online Bootcamp on Generative AI and LLM Applications.

Generative AI Job and Freelance Opportunities

The demand for talent in Generative AI is surging. We’ve compiled the top 20 job and freelance opportunities in the field, with a focus on positions available in San Francisco. For those looking beyond, the search tool can help you find the perfect opportunity in your preferred geographic area.

AI Accelera, the #1 Online Bootcamp on Gen AI Worldwide. Last Updates.

With more than 12,500 total students and almost 7,000 corporate students from the top companies and more than 120 countries around the world, AI Accelera’s Online Bootcamp on Generative AI and LLM Applications is the #1 online Gen AI bootcamp worldwide

Students of the bootcamp have the opportunity to become part of the Alumni Network and receive job offers, consulting projects, and startup opportunities.

The bootcamp contents evolve every month. The most recent updates were:

* Error-free installation for every exercise and project.

* 45 videos on the Basics of the new LangChain v020.

* New book on advanced Prompt Engineering techniques: “Do you speak Generative AI? The Prompt Engineering Beginner’s Guide”.

In case you missed it, remember that we recently uploaded the Lesson 3, featuring personalized recommendations for different Learning Paths and Paces, designed to optimize your educational experience based on your individual student profile—whether you are a beginner, professional, or expert.

We also added in-depth sections on Advanced RAG Development, Multimodal LLM Applications, LLMOps Management with LangSmith, Multi-Agent LLM Application Development, the second generation of LangChain, and LCEL in depth.

How to Apply Generative AI in Your Business Today: Express Consulting for Executives and Companies.

Do you want to use Generative Artificial Intelligence in your company but don’t know where to start? We have the perfect solution for you. More information.

Stay tuned for more updates and insights in our next newsletter. As the landscape of Generative AI continues to transform, we remain committed to providing you with the most current and impactful information to navigate this dynamic field.