A quarter of financial firms tie pay and promotions to AI proficiency: survey
A survey of 500 companies by financial recruiting firm Selby Jennings finds that the practice is more common among fintechs and smaller firms.
A significant portion of US financial firms, as revealed in a survey of 500 companies by recruiting firm Selby Jennings, link employee pay and promotions to proficiency in artificial intelligence (AI), reports Jake Angelo of Semafor. The survey found that AI skills are nearly four times more important than an applicant's undergraduate institution in hiring decisions.
Jacob Summers, Selby Jennings' head of tech recruiting, noted that this practice is more prevalent among fintech startups and smaller firms as opposed to well-established banks and trading houses.
Nearly a third of the firms surveyed have established new roles or departments to monitor AI usage, with the primary focus being on extracting actual value from AI applications rather than merely tracking token burn. Summers pointed out that the concept of "tokenmaxxing" has become obsolete, replaced by "valuemaxxing," a term emphasized in a June blog post from IBM. However, managing AI workloads has often fallen to managers, who are effectively being asked to act as part-time AI accountants.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
