At JAM we’ve been placing AI professionals since 2014, so we’ve seen first-hand the significant financial implications of hiring and retaining talent in this highly competitive market. Recent industry research has revealed some eye-opening statistics about the true cost of employee turnover, particularly in specialized fields like data science and machine learning.
The Real Cost of Employee Turnover
When it comes to mid-level data science and machine learning professionals earning over $150,000 annually, the cost of replacement can range from 50% of their annual salary up to 200% for more senior positions. For a mid-level AI professional, this could mean a replacement cost over $75,000. They encompass a range of expenses:
- Candidate identification and selection
- Multiple rounds of technical interviews
- Thorough background checks
- Job advertising across specialized platforms
- Lost productivity during position vacancy
- Increased workload on existing team members
- Potential recruitment fees
In-Demand Talent
AI professionals know their value and recognize their skills are in demand. A higher percentage of AI professionals in Georgia indicate they are ‘Open to Work’ on LinkedIn compared to the national average, signaling greater job mobility in the region. In Georgia, 31% of AI professionals in Georgia changed jobs in 2024.
Georgia’s AI Talent: Retention Challenges
Retaining AI talent in Georgia is a challenge for employers with data science and machine learning professionals having a much lower median tenure than the average for these skillsets across the rest of the US. According to JAM’s latest research, the median tenure of data science and machine learning professionals in Georgia with 3+ years of experience is 1.5 years, compared to the rest of the US which is 2.3 years. With this in mind, it’s important to choose a talent solutions partner like JAM, who can support your business with the full recruitment lifecycle and help you develop effective retention strategies to retain your top talent.
Strategic Recommendations for Tech Companies
Based on current market dynamics, we recommend:
- Invest in robust technical assessment processes to ensure candidates have the required AI expertise
- Focus on skills validation rather than just credentials
- Consider the long-term potential of candidates, not just immediate skill matches
- Factor in the full cost of turnover when making hiring decisions
- Build strong onboarding programs and effective retention strategies.
Looking Ahead
As Georgia continues to grow as a tech hub, the competition for AI talent will only intensify. Companies need to be strategic about both hiring and retention, understanding that the true cost of losing an AI professional extends far beyond the immediate financial impact.
At JAM, we specialize in helping companies navigate these challenges, ensuring they make informed decisions that balance cost considerations with the need to secure and retaining top AI talent.
Remember: in today’s competitive tech landscape, the cost of making a poor hire often exceeds the investment required to get it right first time. Get in touch.