Wall Street firms tie bonuses, promotions to AI skills, survey finds

Add ARY News on GoogleFollow on Google DiscoverA street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/File PhotoAAResizeNEW YORK: AI skills are starting to count toward pay and promotion on Wall Street, with nearly a quarter of financial firms tying raises, bonuses, or promotions to employees’ proficiency with the technology, a survey showed.

Another 30% require employees to disclose their use of artificial intelligence tools in formal performance reviews, according to the survey by Selby Jennings, a financial-services recruitment firm.

The findings point to a broader shift ​on Wall Street as firms seek tangible returns from their investment in technology.

“Companies are no longer just seeing if ​their employees are using AI tools but ​are also monitoring its impact on output and contribution to ‌business ⁠results,” Dylan Gomez, executive director at Selby Jennings, told Reuters.

“While currently there is no established formula on how much compensation is getting tied to AI ​usage and ​performance, we ⁠expect this to become more defined by next year,” Gomez added.

The survey ​found that 42% of respondents had introduced ​formal ⁠criteria to evaluate employees’ AI skills, while 30% had created dedicated teams or roles focused on tracking ⁠whether ​their AI investments were delivering ​results.

The firm polled 500 executives across the finance industry.

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