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LG Electronics To Pay A$1.5 million Salaries To Onboard Top AI Talent

LG (Image: Sourced from LG Newsroom)

LG Electronics chief executive officer, Cho Joo-wan, has indicated that he is prepared to pay million-plus-dollar annual salaries to attract top talent, especially in the field of AI, to join the South Korean company.

“Changes such as electrification, servitisation and digitalisation are occurring in all industries, and new possibilities are being created with AI, cloud and big data technologies,” said Joo-wan during a conference in the US, according to The Korean Herald.

“These possibilities offer new opportunities for LG Electronics, which have been accumulating various core technologies and know-how.”

The conference was held in Cupertino, the city most widely known as the headquarters of Apple which is also in a race to accelerate its AI ambitions.

At a press conference held in Silicon Valley following the tech event, Joo-wan offered further insights into some of the talent that there were out to secure saying, “To secure AI talents, we should be able to offer an annual salary of U$1 million (A$1.52 million), and we should understand (that such talent) can get paid more than myself.”

“I plan to hire researchers, executive-level talents, or at least those who can lead a team. And I am particularly looking for a leader in the burgeoning security sector,” the CEO noted.

Joo-wan is in the US to meet with big tech counterparts and discuss collaboration in artificial intelligence and secure AI talents.

This week, Cho will host a company briefing for senior executives of global investment institutions in San Francisco. He will also attend the Microsoft CEO Summit, a closed meeting inviting heads of top tech giants, in Washington.

According to LG, it sells on average about 100 million units a year. With an average seven-year life cycle of a product, LG has approximately 700 million customers using its product each year. And this will be the customer base that LG could be gearing up to appeal to with its upcoming AI technology.

Many of its smart devices are equipped are already equipped with AI-supported intelligent sensors that can learn and analyse users’ ‘physical’ and ‘emotional’ life patterns.

The company can therefore use that real-world data to deliver insight into customer-device interactions, as well as customers’ environments, behaviour patterns and emotional states. The LG AI Brain, a powerful processing engine driven by the company’s large language model, leverages the company’s vast repository of user data and forecasts customers’ needs based on user-product interactions and contextual learning, performs advanced reasoning processes, and generates solutions.

In Australia, LG Electronics is struggling. As ChannelNews recently reported, LG Electronics Australia saw a 21 per cent slump in revenues, with the company struggling to lift sales of their OLED TVs and premium appliances.

Sales for the last financial year as of December 2023, fell from A$1.206 billion to A$947 million a fall of A$259 million or 21 per cent according to its recent financials filed with the Australian Securities and Investment Commission.

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