- Sectors more exposed to AI are experiencing almost fivefold
(4.8x) greater labour productivity growth ('AI exposed' means AI
can readily be used for some tasks)
- Postings for AI jobs are growing 3.5x faster than for all jobs.
For every AI job posting in 2012, there are now seven job
postings
- Jobs that require AI skills carry up to a 25% wage premium in
some markets
- AI-driven spike in productivity could allow many nations to
break out of persistent low productivity growth, generating
economic development, higher wages, and enhanced living
standards
- Skills sought by employers are changing at a 25% higher rate in
occupations most exposed to AI. To stay relevant in these
occupations, workers will need to demonstrate or acquire new
skills
LONDON, May 21, 2024 /PRNewswire/ -- Sectors more exposed
to AI are experiencing almost five times (4.8x) higher growth in
labour productivity, according to PwC's inaugural 2024 Global AI
Jobs Barometer, published today.
The report, which analysed over half a billion job ads from 15
countries, suggests that AI could allow many nations to break out
of persistent low productivity growth, generating economic
development, higher wages, and enhanced living standards.
The report finds that for every job posting requiring AI
specialist skills (i.e., machine learning) in 2012, there are now
seven job postings.[1] PwC research also
finds that growth in jobs demanding AI skills has outpaced all jobs
since 2016, with postings for jobs requiring AI skills growing 3.5x
faster than for all jobs.
The findings also highlight economic opportunity for labour
forces: jobs that require AI skills carry up to a 25% average wage
premium in some markets.
Skills sought by employers are changing much faster in
occupations more exposed to AI, with old skills disappearing – and
new skills appearing – in job ads at a 25% higher rate than in
occupations less exposed to AI. To stay relevant in these
occupations, workers will need to demonstrate or acquire new
skills.
As questions abound around the technology's impact on everything
from job security to long-term business viability, the findings
highlight positive news, even for workers in sectors most exposed
to AI. The findings also reflect a good news story for workers and
the global economy in which AI-enabled workers are more productive
and more valuable, opening the door to rising prosperity for
workers and nations.
Carol Stubbings, Global Markets
and Tax & Legal Services (TLS) Leader, PwC UK, says:
"AI is transforming the labour market globally and presents
good news for a global economy hindered by deep economic challenges
and concerns around long-term business viability. For many
economies experiencing labour shortages and low productivity
growth, the findings highlight optimism around AI with the
technology representing an opportunity for economic development,
job-creation, and the creation of new industries entirely. However,
the findings show that workers will need to build new skills and
organisations will need to invest in their AI strategies and people
if they are to turbocharge their development and ensure they are
fit for the AI age."
Near fivefold productivity growth in sectors more exposed to
AI
The findings paint a positive picture of the impact of AI on
labour markets and productivity. Sectors most exposed to AI –
financial services, information technology, and professional
services – are experiencing nearly five times higher labour
productivity growth than sectors less exposed to
AI.[2]
Jobs that require AI skills carry significant wage
premiums
Across the five major labour markets for which wage data is
available (US, UK, Canada,
Australia and Singapore), jobs that require AI specialist
skills carry a significant wage premium (up to 25% on average in
the US), underlining the value of these skills to companies. Across
industries (in the US for example), this can range from 18% for
accountants, 33% for financial analysts, 43% for sales and
marketing managers, to 49% for lawyers. While the wage premium
differs by market, overwhelmingly this is higher in all markets
analysed.
AI penetration is accelerating, particularly in knowledge
work sectors
The study finds that knowledge work sectors are seeing the most
rapid growth in the share of roles requiring AI skills. This
includes financial services (2.8x higher share of jobs requiring AI
skills vs other sectors), professional services (3x higher), and
information & communication (5x
higher).[3]
No going back to yesterday's jobs markets: the skills
building imperative
Companies, workers, and policymakers share responsibility for
helping workers build the skills to succeed in a fast-changing jobs
market. Skills demanded by employers in occupations more exposed to
AI are changing at a 25% higher rate than in less exposed
occupations. 69% of CEOs expect AI will require new skills from
their workforce, rising to 87% of CEOs who have already deployed
AI, according to PwC's 27th Annual Global CEO Survey
2024.
Pete Brown, Global Workforce
Leader, PwC UK, adds:
"Businesses and governments around the world will need to
ensure they are adequately investing in the skills required for
both their people and organisations if they are to thrive in a
global economy and labour market being transformed by AI. Equally,
there is tremendous opportunity for people, organisations, and
economies with expertise in new and emerging technologies such as
AI. Ensuring a skills-first approach to recruitment as well as
continued investment in workforce upskilling is imperative as no
industry or market will remain immune to the impact of AI's
technological and economic transformation."
Scott Likens, Global AI and
Innovation Technology Leader, PwC US, concluded:
"AI provides much more than efficiency gains. AI offers
fundamentally new ways of creating value. In our work with clients,
we see companies using AI to amplify the value their people can
deliver. We don't have enough software developers, doctors, or
scientists to create all the code, healthcare, and scientific
breakthroughs the world needs. There is a nearly limitless demand
for many things if we can improve our ability to deliver them –
and limitless opportunity for organisations and individuals that
invest in learning and applying the technology."
Notes to Editors:
About the PwC 2024 Global AI Jobs Barometer
PwC's new Global AI Jobs Barometer uses half a billion job ads
from 15 countries to examine AI's impact on jobs, skills, wages,
and productivity. Analysing data from the past decade and across a
large number of sectors, the report provides insight on AI job
penetration, salary premiums, vacancy rates and more. The report
will be presented at the VivaTech Summit in Paris by PwC global leaders.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network
and/or one or more of its member firms, each of which is a separate
legal entity. Please see http://www.pwc.com/structure for
further details.
[1] Refers to six of the fifteen countries
analysed: US, UK, Singapore,
Australia, Canada and New
Zealand.
[2] Due to the availability of OECD data, PwC
analysis focused on just these six sectors profiled for the period
2018-2022 (2023 data has not yet been released).
[3] Other sectors include: Agriculture,
Mining, Power, Water, Retail Trade, Transportation, Accomodation,
Real Estate, Administrative, Arts and Entertainment, Household
Activities, Construction, Manufacturing, Education and Social
Activities and ExtraCurricular Activities.
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