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Lutz Holding Expands Presence in Switzerland

Danielle
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Lutz Holding Expands Presence in Switzerland

Lutz-Jesco Suisse SA will enter the Swiss market, offering electric motors, pumps, and dosing systems. These products will be used across various sectors, particularly in water treatment, the chemical and pharmaceutical industries, and agriculture.

Lutz-Jesco Suisse SA specializes in producing universal electric motors with power outputs up to 1.5 kW, along with motor components like rotors and stators. The company’s product range will soon expand to include pumps, dosing systems, and water treatment solutions. These offerings will be suitable for various applications, including sewage treatment plants, indoor and outdoor swimming pools, the chemical and pharmaceutical industries, the paper and pulp industry, and agriculture.

“Switzerland is not only an important market for us, but also a hub for innovation and quality. By expanding the fields of activity of Lutz-Jesco Suisse SA, we are strengthening our presence in Switzerland and taking another important step in our international growth strategy,” says Heinz Lutz, CEO of Lutz Holding GmbH, a global group of companies that also includes Lutz Pumpen GmbH from Wertheim and Lutz-Jesco GmbH from Wedemark. “Couvet offers us not only a strategically favourable location, but also provides access to a market that is known for its high standards of technology and reliability.”

Greater customer proximity and shorter response times

 Lutz-Jesco Suisse SA fulfils the desire of Swiss customers for closer proximity and shorter response times. “Today, most customers view outstanding technology as the obvious basis of a good supplier-customer relationship, explains Lutz. Proximity to our customers and good service are therefore the key factors for continued success. “Our presence in Couvet enables us to provide customers in Switzerland with even faster and more direct support, which gives us a decisive competitive advantage.”

Modern industry in a historical setting

Couvet is a village in the French-speaking part of Switzerland, located in the Val-de-Travers in the canton of Neuchâtel, and is known for its historical importance to the watchmaking industry. Lutz explains: “With the presence of Lutz-Jesco Suisse SA in Couvet, we are showing that modern industries are also active in this historical region.”

Streamlining Import Compliance: How Import Duty Calculators Reduce Headaches

Claire James
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Streamlining Import Compliance: How Import Duty Calculators Reduce Headaches

For businesses and individuals all over the world, importing goods can be an exhausting operation. A labyrinth of regulations and intricate calculations can easily overwhelm even experienced businesses, making duty calculation a constant hurdle.

Amidst this complexity lies a crucial aspect – accurately understanding and calculating duties and taxes. To navigate this landscape, import duty tax calculators emerge as indispensable tools, providing a simple and effective solution. With their help, businesses can streamline import compliance, alleviate the headaches associated with international trade, and ensure the smooth flow of goods across borders.

In today’s article, with insight from pallet delivery experts, Pallet2Ship, we will learn about how businesses and individuals can utilise import duty calculators and make their shipping operations more efficient than ever.

The Importance of Accurate Duty Calculations

When goods cross international borders, they are subject to various duties and taxes imposed by the destination country. These charges are typically calculated based on several factors, including the type of goods, their value, and their origin. Calculating these charges accurately is essential for several reasons:

  • Compliance: Incorrect calculations can lead to delays in customs clearance, fines, and penalties. Businesses can use a duty calculator to ensure they pay correctly, avoiding unnecessary complications.
  • Cost Control: Accurate duty calculations allow businesses to factor in these costs when pricing their products, ensuring they remain competitive.
  • Cash Flow Management: Knowing the exact duties and taxes payable upfront enables businesses to plan their finances and avoid unexpected expenses.

How Duty Calculators Simplify Compliance

Duty calculators are online tools that help businesses calculate duties and taxes quickly and accurately. They typically require users to input information about imported goods, such as their classification, value, and origin. The calculator then uses this information to estimate the duties and taxes payable.

This is useful for a range of reasons, such as:

  • Accurate Estimates: While duty calculators don’t provide a government official price, they use up-to-date information on tariffs and trade agreements to estimate with accuracy. This eliminates manual calculations, making for a time-efficient and budget-friendly approach to managing logistics.
  • Correct Classification: Classifying goods correctly is essential for accurate duty calculations. Duty calculators often include features that help users identify the proper classification for their goods, ensuring they pay the correct amount. This is also useful for familiarising individuals with the various product categories and codes.
  • Flagging Potential Restrictions: Some goods may be subject to restrictions or additional requirements, such as licences or permits. Duty calculators can alert users to these potential restrictions, allowing them to take the necessary steps to ensure compliance.

Benefits Beyond Compliance

While the primary function of duty calculators is to ensure compliance, they offer several other benefits that can help businesses streamline their import operations:

  • Time Savings: Manual duty calculations can be time-consuming. Duty calculators automate this process, freeing up valuable time for businesses to focus on other operations.
  • Improved Efficiency: By automating duty calculations and providing information on potential restrictions, duty calculators can help businesses streamline their import processes and improve overall efficiency.
  • Enhanced Decision-Making: Duty calculators can help businesses make informed decisions about their import strategy. By providing an estimate of the duties and taxes payable, companies can compare the costs of importing from different countries and choose the most cost-effective option.

Final Thoughts

Importing goods can be complex, but duty calculators can help simplify compliance and reduce the headaches associated with international trade. By providing accurate calculations, helping classify goods correctly, and flagging potential restrictions, duty calculators can save businesses time, improve efficiency, and enhance decision-making.

Whether you are a seasoned importer or just starting, a duty calculator can be a valuable tool in your arsenal. A duty calculator ensures that your import operations are compliant, cost-effective, and hassle-free.

For further information on UK duty, visit HMRC.

CredAbility Offers Expert Guidance on Renting with a Poor Credit Score

Danielle
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0
CredAbility Offers Expert Guidance on Renting with a Poor Credit Score

August is the most popular month for moving home in the UK, but tenants are finding it increasingly difficult to secure their ideal rental property. Competition for housing is pushing prices upwards—the average rent for a new tenancy has increased by 6.6% over the past year to £1,226—placing greater emphasis on having a strong credit score to secure the best options on the rental market.

The CredAbility App, which assists over 100,000 people in the UK every month in improving their credit scores while providing a free weekly credit report, has compiled top tips for those concerned that a strong financial history is necessary to find a place to call home.

Nik Charalampous, Director at CredAbility App, notes, “While no minimum credit score is needed to rent in the UK, finding and securing an affordable property can be challenging if you do have a low credit score.”

Here are five tips from CredAbility App to help you rent in the UK, even with a poor credit rating:

  1. Be honest about your credit situation.

When applying for a rental property, it’s important to be upfront about your credit situation. Explain to the landlord or letting agent why your credit is poor and what steps you are taking to improve it. Honesty and transparency can build trust and encourage them to consider your application despite a low credit score.

  1. Offer a larger deposit.

Offering a larger deposit can provide reassurance to landlords. This demonstrates your commitment to the property and offers additional security for the landlord. However, this option may not be feasible for everyone, as a deposit equivalent to several months’ rent might be required to sway the landlord’s decision.

  1. Consider using a guarantor.

If possible, ask a close friend or family member with a good credit history to act as a guarantor on the rental agreement. A guarantor agrees to cover the rent if you cannot, which can provide peace of mind for the landlord and increase your chances of securing the property.

  1. Explore alternative rental options.

If you struggle to find suitable rental accommodation through traditional channels, consider other options such as:

  • Subletting a room in a shared house
  • Renting from a private landlord who may be more flexible
  • Looking for properties in areas with lower demand
  1. Work on improving your credit score.

While it may take time, improving your credit score can help you access better rental opportunities in the future. Steps you can take include:

  • Registering on the electoral roll
  • Paying bills on time
  • Reducing outstanding debt
  • Checking your credit report for errors and correcting them

Having bad credit doesn’t mean you won’t find a suitable rental property, but it may require being more resourceful, flexible, and putting in extra effort to secure your dream home.

To access your Credit Score for free and receive advice on how to manage your credit file, download the CredAbility App at www.credability.co.uk

Fed Must Implement Bold 50-Point Rate Cut in September to Avoid Recession

Danielle
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0
Fed Must Implement Bold 50-Point Rate Cut in September to Avoid Recession

The CEO of deVere Group, one of the world’s largest independent financial advisory and asset management firms, urges the Federal Reserve to implement a substantial 50 basis point interest rate cut in September to proactively address a potential economic downturn.

Nigel Green’s warning comes as recent data shows a slight increase in US consumer prices, intensifying speculation that the Fed may soon ease interest rates.

According to the Bureau of Labor Statistics, the consumer price index rose by 0.2% in July, including a core measure that excludes volatile food and energy prices.

Given the current economic uncertainties—such as declining consumer confidence, slowing spending, and concerns about corporate earnings—many believe that a cautious approach is insufficient.

Nigel Green comments: “Here’s the hard truth: the Fed was behind the curve when this cycle began, and it cannot afford to make the same mistake twice.

​“With rates currently sitting at a more than two-decade high, there’s no room for hesitation. A 25 basis point cut might signal a shift, but it’s not the aggressive action needed to stave off a potentially devastating hard landing.

​“The case for a bold 50 basis point cut in September is clear. This move would send a powerful signal that the Fed is serious about steering the US economy away from the brink of a recession.

​“Follow that with two more 25 basis point cuts in November and December, and the Fed would not only be addressing immediate concerns, but also setting the stage for sustainable economic growth.”

​Fed Chair Jerome Powell said last month that recent inflation figures “add somewhat to confidence” that the pace of price increases is returning to the central bank’s target sustainably, after noting the economy is “no longer overheated” during his congressional testimony.

​While critics argue that the Fed’s measured pace is necessary to avoid overcorrecting, the risks of inaction – or insufficient action – are far greater.

​“If the central bank doesn’t move decisively, we could be looking at a prolonged period of stagnation, or worse, a full-blown recession. The stakes couldn’t be higher,” affirms Nigel Green.

​He concludes: “The Fed needs to stop playing catch-up and start leading the charge.

“Anything less than a 50 basis point cut in September would be a missed opportunity – one that the economy, and Americans, can’t afford.

​“It’s time for the Fed to act boldly, to cut rates aggressively, and to send a clear message that it’s ready to do whatever it takes to keep the US economy on track.”

​

Results Day Tips and Advice from Coventry University’s Chartered Psychologist for Handling Disappointment

Danielle
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0
Results Day Tips and Advice from Coventry University’s Chartered Psychologist for Handling Disappointment

When students fall short of their A-Level or T-Level goals and university offers, it’s natural to feel disheartened. The disappointment often stems from the significant time and effort invested in achieving specific grades, and not meeting these expectations can make students feel like they’ve let themselves down.

Dr. Rachael Molitor, a chartered psychologist, lecturer, and admissions tutor at Coventry University, has personal experience with such disappointment. She did not receive the A-Level results she had hoped for, feeling not only a personal failure but also as though she had disappointed her parents.

After receiving her results, Dr. Molitor took a gap year to explore her options and determine her career path. Today, she is a distinguished chartered psychologist with a master’s degree with distinction and a PhD.

Here, Dr. Molitor shares her advice for managing disappointment:

Shifting Your Perspective

While we may not control the events that lead to disappointment, we can control how we respond. It’s normal to feel sad, frustrated, or annoyed, but it’s important to address these feelings in a way that allows us to learn and grow. Dwelling on disappointment is counterproductive; instead, focus on how to move forward stronger and more resilient.

Taking Charge of Your Thoughts

Planning for the future can restore a sense of control and positivity. Acknowledge that the challenges faced are part of the journey to success. Keeping a positive mindset and recognizing past challenges as learning experiences is crucial.

Embracing Opportunity

Reframe Clearing as an opportunity rather than a failure. This process isn’t about falling short but about exploring new possibilities. Disappointment in grades is natural, but how you handle it matters. Clearing can open doors to paths you hadn’t previously considered. If you’ve put in your best effort, your grades reflect the work you’ve done. There’s no need to be disheartened; instead, see it as a chance to redirect your future.

Creating a Path for Your Future

Use your current grades as a foundation for planning your next steps. Taking ownership of your results and being realistic about university choices and career goals can help you navigate to your next adventure. By setting clear, achievable goals, you can carve out a new path for your educational and professional journey.

Dr. Molitor is available to discuss:

  • Her personal experience with disappointment and her journey to overcoming it
  • The importance of addressing and understanding your feelings
  • Strategies for planning your next steps
  • Shifting from disappointment to opportunity
  • Advice on navigating the Clearing process

Bumble Earnings Miss Forecasted by Alternative Data Platform

Danielle
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0
Bumble Earnings Miss Forecasted by Alternative Data Platform

Bumble Faces Earnings Miss as Predicted by Alternative Data Platform

Many investors rely on alternative data to guide their stock selections, especially in institutional investing. These unconventional data sources—such as job postings, social media metrics, and employee satisfaction—often provide valuable insights into company performance, helping investors make informed decisions and navigate potential risks. A recent case in point is Bumble, where the alternative data platform AltIndex forecasted an earnings miss a week before the official report.

AltIndex AI Score Warned of Potential Issues Ahead of Market Response

In Bumble Inc.’s (BMBL) earnings report for the quarter ending June 30, the company reported revenue of $268.6 million, a modest 3.4% increase that fell short of the $273.2 million average analyst estimate. While paying users grew by 14.7% to 2.8 million, revenue per user dropped to $21.37 from $23.23 the previous year, indicating potential challenges in user engagement and monetization.

The earnings disappointment led to a 25% drop in Bumble’s share price over the past week, with the company’s price-to-earnings (P/E) ratio falling to 7.91, significantly lower than its competitor Match Group’s 15.15 ratio. This decline reflects a loss of investor confidence in Bumble’s growth prospects.

AltIndex’s alternative data had already signaled these issues. A week before the earnings report, Bumble’s AI score plummeted to an all-time low of 32, indicating emerging concerns. The score was influenced by a 20% drop in app downloads, reduced job postings suggesting a slowdown in growth efforts, and low internal employee sentiment.

Bumble’s Stock Value Drops Nearly $4 Billion Over the Past Year

Following the earnings report, Bumble’s stock has faced additional declines, now trading at $5.98 per share—63% below its price from the previous year. This dramatic decrease has resulted in a $4 billion drop in Bumble’s market value, reducing it to $960 million from $4.94 billion in August of the previous year.

The continued decline in Bumble’s stock value highlights the company’s ongoing struggles. According to AltIndex, these challenges are likely to persist in the coming months, suggesting that investors should be cautious about the stock’s short-term outlook.

Reed Foundation Contributes £10,000 to Samuel’s Promise

Danielle
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Reed Foundation Contributes £10,000 to Samuel’s Promise

The Reed Foundation has donated £10,000 to Samuel’s Promise, a special fund under the Children’s Cancer and Leukaemia Group (CCLG) dedicated to advancing research into low-grade brain tumors and surgical innovations.

As part of its 65th-anniversary celebration and founder Sir Alec Reed’s 90th birthday, The Reed Foundation is giving £10,000 each week for a year to 52 charities selected by its employees. By April 2025, this initiative will result in a remarkable £520,000 in donations.

Each week, a Reed employee is randomly chosen to nominate a charity for the donation. This time, Niketa Johnson, a Public Sector Recruitment Consultant at Reed’s Leicester office, chose Samuel’s Promise. This cause is particularly meaningful to her colleague Keith Priestley, whose late son, Samuel Priestley, was the inspiration behind the fund.

Samuel’s Promise was established in memory of Samuel Priestley, who was diagnosed with pilocytic astrocytoma, a type of brain tumor, in 2018 and passed away in February 2022. His family, including Keith, Sharon, and Emily Priestley, created the fund to support research into low-grade brain tumors and surgical advancements, honoring Samuel’s memory.

Niketa shared her motivation for selecting this charity: “Our team in Leicester is very close-knit, and Keith often speaks fondly of Samuel. It’s heartwarming to support a cause that means so much to him and his family.”

“I was touched by Samuel’s story and wanted my donation to support the fund’s aim of keeping people talking about him.

“We are a community at Reed, so to be able to offer support – and a donation of this size to a cause that directly impacts those I work with – is amazing. I also feel so grateful that I can donate to a cause that will have a strong impact on other families looking after children with cancer.”

Talking to Samuel’s father, Keith Priestley, he says: “I was really taken aback when Niketa picked Samuel’s charity. When I heard she’d been selected, I wanted it to be entirely her decision on who she thought the money should go towards, and I was emotional when Niketa made her decision. I thank her for her donation; it will make a massive difference.”

Keith explains how Samuel’s Promise came to fruition. He said: “Samuel’s Promise started as something for us to do as a family. After Samuel passed, we knew we wanted to do something in his name but weren’t sure what or how. A Teenage Cancer Trust nurse mentioned CCLG and their Special Named Funds, where families can raise money for specific causes.”

Keith shares how Samuel’s Promise has helped them connect to other families in similar situations, and how the money raised can pool resources and research funds.

He said: “As it’s our fund, we have control over where the money goes, and so we can direct it specifically towards research into low-grade brain tumours – the condition Samuel had. The donation will make a massive difference – brain tumours are the biggest cancer killer of children and adults under 40, yet it only receives 3% of research spend.”

Based in Leicestershire, Samuel’s Promise has raised over £37,000 – and with Niketa’s donation, it will now hit more than £47,000. Most of the fundraising is done locally and as a way to keep people – including his parents and sister – talking about Samuel. Fundraising and raising awareness has gone as far as Manchester United player Marcus Rashford sending a signed football shirt for donation.

But most initiatives have been closer to home, with family and friends raising money, including: six of his friends planning to cycle from London to Brighton later this year, initiatives involving walking barefoot up Ben Nevis, and Samuel’s sister, Emily, completing a skydive.

“Doing nothing was never an option, Samuel had such a big circle of friends, and we wanted to celebrate him,” shares Keith.

He explains how the fund has given him and his family a reason to go on, adding: “The fund has given us a purpose as a family. We have a saying that we’ll forever be a family of four. Without that purpose, it’d be really difficult. We promised to always keep talking about Samuel, and the fund helps us to do that.”

Lizzie Goates, Fundraising Manager at CCLG, commented: “We’d like to say a huge thank you to The Reed Foundation for the very generous donation of £10,000 to Samuel’s Promise, which will help us fund pioneering research into low-grade brain tumours and surgical advancements

“Donations like this make a huge difference to CCLG’s work, helping to ensure future generations have access to more effective treatments to improve outcomes and prevent debilitating long-term side effects.”

Niketa said she was extremely excited to be picked to donate to a charity of her choice. She said: “I was so surprised and excited when I was chosen, but mostly I was really thankful.

“It’s an incredible feeling to be able to donate to a meaningful cause, and the money will make such a huge difference. Being the one to be able to give it to Samuel’s Promise has definitely given me that warm fuzzy feeling.”

Tech Overconsumption: Americans Average 13 Devices Per Person—Four More Than Europeans and Four Times More Than Asians

Danielle
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0
Tech Overconsumption: Americans Average 13 Devices Per Person—Four More Than Europeans and Four Times More Than Asians

Despite a global decline in tech device spending since the 2021 market peak, consumers worldwide are set to spend an astonishing $710 billion this year on PCs, tablets, and smartphones. This is just a fraction of the tech devices that the average consumer owns, and the number continues to rise. Over the past five years, the average number of devices and connections per person worldwide has increased from 2.4 to 3.6. North America leads in tech overconsumption, with significant regional variations.

According to data from AltIndex.com, Americans owned an average of 13.4 devices and connections per person last year, surpassing Europeans by four devices and Asians by four times.

Americans Lead in Tech Ownership, Europeans Top in Growth

The UN Trade and Development’s Digital Economy Report 2024 reveals that the increase in tech ownership is not just due to more people buying devices but also to individuals owning more devices. From 2018 to 2023, the global average number of devices per person rose from 2.4 to 3.6, with significant regional differences.

In a global context, Americans lead in tech ownership. Five years ago, the average American had about eight devices. By the end of 2023, this number surged by 63% to 13, giving Americans four more devices than Europeans and four times more than Asians.

While Americans lead in overall tech ownership, Europeans have experienced the highest growth rate. Between 2018 and 2023, the average number of devices per European increased by 68%, from 5.6 to 9.4.

Other regions saw varying growth. Central and Eastern Europe saw a 60% increase, with the number of devices rising from 2.5 to 4. Latin America experienced a 40% increase, with devices rising from 2.2 to 3.1. Asia and the Pacific had 3.1 devices per person in 2023, a 47% increase over five years.

The Middle East and Africa, with the fewest tech devices, saw the smallest growth, with devices per capita rising from 1.1 to 1.5 between 2018 and 2023.

IoT Devices to Drive Future Tech Ownership Growth

The Digital Economy Report predicts that the Internet of Things (IoT) devices, including sensors, connected vehicles, consumer electronics, and wearables, will drive future growth in tech ownership.

In 2021, IoT devices exceeded conventional devices like PCs, tablets, and smartphones, with 9.2 billion connections worldwide. This number is expected to surpass 18.8 billion in 2024 and double to nearly 40 billion by 2028, with consumer IoT connections accounting for over half of this growth.

Groundbreaking Debt Management Qualification Introduced by MoneyPlus and NTI Insolvency Training

Danielle
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0
Groundbreaking Debt Management Qualification Introduced by MoneyPlus and NTI Insolvency Training

Consumer debt advice organization MoneyPlus has teamed up with NTI Insolvency Training to launch a pioneering PIP qualification aimed at elevating customer service standards and enhancing staff retention within the UK’s debt management sector.

This new qualification will be mandatory for all customer-facing employees at MoneyPlus, which employs over 170 staff members. The initiative is part of an extensive employee support program that includes an on-site gym, subsidized meals at the company canteen, and mental health support from a qualified counselor.

With nearly 10% of UK debt advice providers considering leaving the sector within the next year, according to the Institute of Money Advisors (IMA), MoneyPlus aims to set a precedent by implementing high standards and qualifications to encourage others in the industry to follow suit.

MoneyPlus CEO Chris Davis stated: “We are committed to delivering the highest standards of advice, especially as we address the growing needs of customers impacted by the cost of living crisis. Our investment in this new qualification reflects our dedication to excellence, and we hope it will inspire others to raise their own standards.”

The Money and Pensions Service (MaPS) recently highlighted challenges in attracting and retaining talent within the debt advice sector, with many advisers reporting unmanageable workloads and insufficient time to perform their duties effectively.

Davis added: “This qualification aims to elevate the standard of training in our sector, ensuring debt advisers are equipped with the latest knowledge and highest service standards for managing insolvency and debt plans.”

NTI Insolvency Training, known for its Money Helper (FCA) accredited qualifications, is once again leading the way with this new partnership.

Neil Taylor, Managing Director of NTI Insolvency Training, remarked: “Recent Insolvency Service reports highlight a gap in training across parts of the debt management industry. Consumers need high-quality service to make informed decisions about debt repayments. This new PIP training not only covers technical expertise but also emphasizes understanding and empathizing with those seeking help.”

AI Jobs: Discover Top Skills and States for High-Paying Remote Positions

Danielle
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0
AI Jobs: Discover Top Skills and States for High-Paying Remote Positions

Revealed: US States Offering High Salaries for Specialist AI Skills

  • California, Washington, New York, and Oregon offer higher pay for AI specialists compared to other states
  • Proficiency in Rust and Golang programming languages can increase AI job salaries by $20k-30k on average
  • Over 15 years of relevant experience can lead to a salary boost of more than $50k in AI roles

A recent study has highlighted the top skills and states that offer the highest salary increases in artificial intelligence (AI). Proficiency in programming languages like Rust or Golang can elevate expected salaries by $20,000-$30,000, with California and Washington offering the highest average pay for AI specialists.

Conducted by content operations software StoryChief.io, the research analyzed 12,634 US job listings on Glassdoor mentioning AI and providing salary details up to March 8th, 2024.

The study identified key requirements such as skills, education levels, and experience across these job openings. It assessed the salary impact of these keywords based on location, revealing that some keywords, while not directly diminishing pay, are linked to lower average salaries.

The findings show that programming skills in Rust lead to the highest salary boost, with an average increase of $29,480. Knowledge of Go (Golang) can add $21,080 to salaries. Other valuable skills include deep learning, Python, PyTorch, Scala, JavaScript, and NLP.

Conversely, job listings mentioning certain skills, such as MATLAB, Keras, and clustering, are often associated with salaries about $8,826-$12,990 below the average.

Top-paying states for AI jobs

California has the highest salaries for AI jobs, averaging $150,110 per year. Surprisingly, the second best-paying state for AI specialists is Washington, where average AI salaries are not far off Californian levels. People working in the AI field in Washington state can expect to earn $143,570 per annum.

Storychief.io’s model has found that the average salary in America for AI jobs is $101,816. Washington DC and another 19 states have a salary above the national level. Alaska, West Virginia and North Dakota have the lowest-paying AI jobs.

The highest concentration of AI jobs is in Washington state (841), California (830), New York state (826), Washington DC (763), Massachusetts (735) and Texas (718). Not all of these necessarily have the highest pay levels. States with the scarcest AI vacancies include Wyoming (8), West Virginia (10), South Dakota (13), Idaho (18) and Vermont (18).

Value of AI experience

Having over 15 years of relevant experience gives AI jobs the biggest salary bump, estimated at $56,790. Experience in the AI field ranging from ten up to 15 years is worth an extra $41,430 above average. Applicants with five to ten years’ worth of relevant experience should expect a $19,700 salary increase compared to their state average. Those with less than five years’ experience in AI can expect to see a salary below average. Even one year’s experience, up to five, generally sees openings that are around $2,086 below the state average.

Value of education level for AI jobs

AI job listings that mention a bachelor’s degree as a requirement tend to pay $8,756 less than average. Having a master’s degree earns AI specialists an extra $1,534 per year, while PhDs tend to boost average salaries by $3,951.

Valeri Potchekailov, CEO of StoryChief.io, commented on the findings: “While having relevant experience is the clearest factor dictating pay, it is unfair on younger talent keen to see their abilities rewarded appropriately. We sought to identify AI-related skills that could be mastered quickly, resulting in higher pay.

“Surprisingly, even the highest level of education is currently valued about 7.5 times less than knowing how to code in Rust, for example. AI is an incredibly fast-paced environment. While higher education is always valuable, the fact that employers appreciate certain specific skills sometimes more than having a particular degree evens out the playing field for those who cannot access higher education or have limited experience. This is refreshing news and opens the door to AI enthusiasts from all walks of life.

“Our salary estimate model allows you to combine various factors to have a better understanding of what pay one could expect. For example, someone in a relatively rich state, like Florida, with a relevant bachelor’s degree and three years’ experience in AI, who can code in Golang, Python and JavaScript finds a job requiring all of the above and no other factors mentioned in this study. To estimate their salary, they should start from the state’s average AI salary, which is $93,859 in Florida, and add or subtract how much the other factors are worth: add $21,080 for Golang, $13,100 –for Python, $5,952 – for JavaScript; subtract $8,756 for having less than five years’ experience. Their final salary estimate is thus $125,235.

“While the skills we analyzed are geographically weighted based on how much employers in each state value them, an identical job listing in a state with better AI salaries is still a useful fact to know, especially when someone is not tied down geographically, or the job is largely remote.

“We hope our findings encourage those who are passionate about AI and have a knack for coding to be more confident and make more informed choices when looking for a job in AI.”

The study was carried out by StoryChief.io, a leading content marketing platform specializing in centralized collaborative content creation, distribution and metrics.

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