PwC report finds that jobs that require AI skills see up to 25% ‘wage premium’
Research from PwC looks at workplace and productivity trends due to the growth of AI
21st May 2024
New research has been released from PwC, as part of its ‘2024 Global AI Jobs Barometer’, on AI-based productivity and recruitment trends.
Those sectors ‘more exposed’ to AI are experiencing almost five times greater labour productivity growth.
After analysing millions of job advertisements from 15 countries around the world, It found that postings for AI jobs are growing more than three times faster than others.
The study also found that jobs that require AI specialist skills ‘carry up to a 25% wage premium in some markets’. This was explored in the labour markets of the US, UK, Canada, Australia and Singapore.
“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…”
Pete BrownGlobal Workforce Leader, PwC UK. Source
Specifically across US-based industries, it was found that sales and marketing managers can command a 43% wage premium and lawyers an impressive 49% wage premium.
Elsewhere, Microsoft research looked at AI skills in the workplace and found that over half (55%) of business leaders were ‘concerned about having enough talent to fill roles in the year ahead.’
Leaders are looking for more technical AI talent than ever before, with hiring up a significant 323% in the past eight years.
66% of leaders say they wouldn’t hire someone without AI skills.
Microsoft: AI at work is here. Now comes the hard part. Source
This highlights the huge opportunity for those skilled individuals with AI, data analytics and machine learning qualifications. Already a lucrative job market for these workers, they will be more in demand than ever by businesses looking to attract their skills.
It’s food for thought for graduates or existing tech workers looking to retrain in another field; as it is unlikely we’ll see the appetite for AI skills wane for some time to come.
As we continue to see AI rapidly develop and impact our lives at home and work, it will be interesting to see what other trends will emerge in the future.
The underlying hope is that AI will enable businesses to move more quickly, innovate, create more efficiencies for consumers and drive wealth into local economies.
For the full press release, please view the PwC newsroom.
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