AI jobs see up to 25% wage premium
Sectors using more AI see almost fivefold (4.8x) greater labour productivity growth. AI jobs are growing 3.5x faster than for all jobs and for every AI job posting in 2012, there are now seven job postings. AI jobs see up to a 25% wage premium in some markets, according to consultancy PwC’s Global AI Jobs Barometer.
“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”, the report says.
“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”, the report, which is based on over half a billion job ads from 15 countries, states.
“Like past technological revolutions from electricity to computers, AI is changing what it takes for workers to succeed – and those who adapt may enjoy vast new opportunities.”
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, says Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK,
The report says that across 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). 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.”
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
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.
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