In a Sea of Tech Talent, Companies Can’t Find the Workers They Want
A divide has opened in the tech job market between those with artificial-intelligence skills and everyone else.
4 min
There has rarely, if ever, been so much tech talent available in the job market. Yet many tech companies say good help is hard to find.
What gives?
U.S. colleges more than doubled the number of computer-science degrees awarded from 2013 to 2022, according to federal data. Then came round after round of layoffs at Google, Meta, Amazon, and others.
The Bureau of Labor Statistics predicts businesses will employ 6% fewer computer programmers in 2034 than they did last year.
All of this should, in theory, mean there is an ample supply of eager, capable engineers ready for hire.
But in their feverish pursuit of artificial-intelligence supremacy, employers say there aren’t enough people with the most in-demand skills. The few perceived as AI savants can command multimillion-dollar pay packages. On a second tier of AI savvy, workers can rake in close to $1 million a year .
Landing a job is tough for most everyone else.
Frustrated job seekers contend businesses could expand the AI talent pipeline with a little imagination. The argument is companies should accept that relatively few people have AI-specific experience because the technology is so new. They ought to focus on identifying candidates with transferable skills and let those people learn on the job.
Often, though, companies seem to hold out for dream candidates with deep backgrounds in machine learning. Many AI-related roles go unfilled for weeks or months—or get taken off job boards only to be reposted soon after.
Playing a different game
It is difficult to define what makes an AI all-star, but I’m sorry to report that it’s probably not whatever you’re doing.
Maybe you’re learning how to work more efficiently with the aid of ChatGPT and its robotic brethren. Perhaps you’re taking one of those innumerable AI certificate courses.
You might as well be playing pickup basketball at your local YMCA in hopes of being signed by the Los Angeles Lakers. The AI minds that companies truly covet are almost as rare as professional athletes.
“We’re talking about hundreds of people in the world, at the most,” says Cristóbal Valenzuela, chief executive of Runway, which makes AI image and video tools.
He describes it like this: Picture an AI model as a machine with 1,000 dials. The goal is to train the machine to detect patterns and predict outcomes. To do this, you have to feed it reams of data and know which dials to adjust—and by how much.
The universe of people with the right touch is confined to those with uncanny intuition, genius-level smarts or the foresight (possibly luck) to go into AI many years ago, before it was all the rage.
As a venture-backed startup with about 120 employees, Runway doesn’t necessarily vie with Silicon Valley giants for the AI job market’s version of LeBron James. But when I spoke with Valenzuela recently, his company was advertising base salaries of up to $440,000 for an engineering manager and $490,000 for a director of machine learning.
A job listing like one of these might attract 2,000 applicants in a week, Valenzuela says, and there is a decent chance he won’t pick any of them. A lot of people who claim to be AI literate merely produce “workslop”—generic, low-quality material. He spends a lot of time reading academic journals and browsing GitHub portfolios, and recruiting people whose work impresses him.
In addition to an uncommon skill set, companies trying to win in the hypercompetitive AI arena are scouting for commitment bordering on fanaticism .
Daniel Park is seeking three new members for his nine-person startup. He says he will wait a year or longer if that’s what it takes to fill roles with advertised base salaries of up to $500,000.
He’s looking for “prodigies” willing to work seven days a week. Much of the team lives together in a six-bedroom house in San Francisco.
If this sounds like a lonely existence, Park’s team members may be able to solve their own problem. His company, Pickle, aims to develop personalised AI companions akin to Tony Stark’s Jarvis in “Iron Man.”
Overlooked
James Strawn wasn’t an AI early adopter, and the father of two teenagers doesn’t want to sacrifice his personal life for a job. He is beginning to wonder whether there is still a place for people like him in the tech sector.
He was laid off over the summer after 25 years at Adobe , where he was a senior software quality-assurance engineer. Strawn, 55, started as a contractor and recalls his hiring as a leap of faith by the company.
He had been an artist and graphic designer. The managers who interviewed him figured he could use that background to help make Illustrator and other Adobe software more user-friendly.
Looking for work now, he doesn’t see the same willingness by companies to take a chance on someone whose résumé isn’t a perfect match to the job description. He’s had one interview since his layoff.
“I always thought my years of experience at a high-profile company would at least be enough to get me interviews where I could explain how I could contribute,” says Strawn, who is taking foundational AI courses. “It’s just not like that.”
The trouble for people starting out in AI—whether recent grads or job switchers like Strawn—is that companies see them as a dime a dozen.
“There’s this AI arms race, and the fact of the matter is entry-level people aren’t going to help you win it,” says Matt Massucci, CEO of the tech recruiting firm Hirewell. “There’s this concept of the 10x engineer—the one engineer who can do the work of 10. That’s what companies are really leaning into and paying for.”
He adds that companies can automate some low-level engineering tasks, which frees up more money to throw at high-end talent.
It’s a dynamic that creates a few handsomely paid haves and a lot more have-nots.
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Capital Haus has snapped up Adelaide stalwart Baker Young, lifting its funds under management beyond AUD$1 billion and signalling a generational shift in the advice industry.
3 min
Capital Haus has moved to expand its national presence with the acquisition of Adelaide advisory firm Baker Young, one of Australia’s longest-standing private wealth practices.
The deal will see the combined group’s funds under management exceed AUD$1 billion, as adviser numbers and client coverage grow across the country.
Founded more than 40 years ago by Alan Young and David Baker, Baker Young today serves over 6,000 clients and manages AUD$700 million in assets.
Under the agreement, the Baker Young brand will be retained, and senior principals including Young and Baker will continue in active advisory roles.
Capital Haus will also migrate its existing clients to the refreshed ‘Baker Young, a Capital Haus company’ banner, which becomes its flagship advisory business.
A new offering for ultra-high-net-worth clients, Baker Young Private, will be introduced, providing access to wholesale opportunities, global private credit financing and capital raises.
Both firms’ clients will continue working with their current advisers, while gaining access to broader group-level capability, including global research, multi-asset solutions and cross-border services. Baker Young will also gain upgraded institutional-grade infrastructure and portfolio management systems.
The acquisition adds further momentum to Capital Haus’ expansion. Established in Sydney in 2019, the company has since launched offices in Dubai and Zurich and acquired practices in Townsville and Bateman’s Bay.
With the addition of Baker Young’s team, plus new managers from RiverX Investment Management and Active Super, the group now employs 41 advisers and support staff.
Brendan Gow, Founder and CEO of Capital Haus Group, said: “Baker Young has been a cornerstone of South Australia’s advice community for four decades, built on deep relationships and trust. We feel privileged to be the next custodian of that legacy.
“By moving our existing client base across to the Baker Young brand, as well as launching the new Baker Young Private service, this deal represents more than just a passing-the-torch moment. We’re combining heritage and innovation to set a new standard for financial advice at a time when the industry needs it most.”
The acquisition lands at a pivotal moment for the sector. Adviser numbers have halved since 2018, falling from around 28,900 to fewer than 15,300 as at September 2025, even as demand surges.
More than 10.2 million Australian adults were seeking financial advice in 2024, driven in part by intergenerational wealth transfer and growing expectations from Millennials and Gen Z for both trusted relationships and digitally enabled service.
Alan Young, Co-Founder and Joint MD of Baker Young, said: “For 40 years, our focus has been simple: put clients first and build relationships that span generations. Capital Haus shares that philosophy.
“We are planning for the long term – for our clients, our team and our brand. Becoming part of the Capital Haus Group means our legacy will endure, while also providing stability for clients, as well as access to exciting new opportunities. It is the right succession step for our practice and a positive evolution for our clients.”
David Baker, Co-Founder and Joint MD, added: “We’ve spent four decades building Baker Young on a foundation of trust, personalised service, and consistent performance. We’re energised by the shared vision Capital Haus is pursuing and we’re proud to be part of it.”
Gow said: “We believe the future of advice belongs to firms that can combine old-fashioned relationship banking with modern, global wealth capabilities. By bringing Baker Young into the Capital Haus family, we’re preserving one of Australia’s great advisory brands while building a platform that can serve the next generation of investors.”
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