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Europe is witnessing a fierce competition for talented individuals with respect to artificial intelligence (AI). With the emergence of several AI startups, corporate giants like Google DeepMind are facing a tough challenge and it is either to spend more money to retain the skilled workforce or risk losing them to other companies.
The success of OpenAI’s ChatGPT has caught the attention of investors and this is leading to a surge in funding for promising AI startups. The influx has attracted foreign AI firms, such as Cohere from Canada and Anthropic and OpenAI from the United States, to establish their presence in Europe. The move has added pressure on those companies which are already striving to attract and retain talent in the region.
London-based company DeepMind is well known for applying AI in various areas like games and biology. It is now finding itself in a competitive landscape. With well-funded competitors entering the scene, it has lately witnessed some of its employees leaving and starting their own ventures. Some notable departures are co-founder Mustafa Suleyman and research scientist Arthur Mensch.
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To overcome the situation, DeepMind is learned to have started giving senior researchers access to valuable restricted stock and believes to attract and nurture talent.
AI talent is in good demand lately and this has resulted in a significant rise in salaries for executives in Britain. According to Avery Fairbank, an executive search firm, base salaries for AI executives have surged by as much as £100,000 over the past year. The rise is basically driven by the entry of foreign AI giants into the London market.
