The findings of PwC’s inaugural “2024 AI Jobs Barometer” show that employees with (artificial intelligence) AI skills are more likely to “carry up to a 25% wage premium.”
The PwC research found that workers who have adopted or developed AI skills are now viewed to bring more value to the company, given that businesses are now increasingly compelled to embrace the technology that promises more efficiency and productivity.
PwC, a professional services network, examined half a billion job ads from 15 countries, which together comprise over 30% of global GDP, to uncover AI’s impact on the workforce.
The analysis also revealed that AI is enabling workers to become more productive, with sectors leveraging AI reporting nearly five times higher growth in labor productivity. PwC considers this “good news” to a world facing persistently sluggish productivity growth.
“AI is creating mind-blowing shifts in what teams are able to do,” said Bivek Sharma, chief technology officer for Tax, Legal, and People, PwC UK . “We are able to solve problems that were beyond anyone’s grasp until now.’
In terms of job growth, the research found that jobs requiring specialization in AI have “outpaced growth in all jobs since 2016.” As mentioned earlier, these jobs carry up to a 25% wage premium, underlining the value of these skills to companies.
Old skills disappearing from job ads
In its media release, PwC emphasized that job numbers in AI-exposed occupations are still growing.
“Our data suggests that AI does not herald an era of job losses but rather more gradual jobs growth, helping to ensure there are enough workers so that organizations can find the people they need,” the company said.
The research suggests that AI is inevitable, at least in certain AI-exposed jobs such as financial analyst, regardless of resistance. PwC recommends that those in AI-exposed industries adapt to the changing job market. “AI-exposed” means AI can readily be used for some tasks. Examples of AI-exposed occupations are financial analysts, customer service agents, and software coders.
“Old skills are disappearing from job ads — and new skills are appearing — 25% faster in these roles than in roles less exposed to AI,” the report stated.
The company mentioned that while AI can now perform tasks such as coding, skills that make use of AI or are hard for AI to perform (like sports coaching or ecological restoration) are in increasing demand.
As companies adapt to AI, it follows that they need workers who are at least knowledgeable—if not experts—in the technology to fully maximize its worth. PwC noted that demand for many skill sets that AI can assist with to some degree—such as coding in JavaScript—is declining rapidly, while demand for many skills that make use of AI or are hard for AI to perform is booming.
As companies adapt to AI, it only follows they need workers who are at least knowledgeable — if not experts — in the technology to fully maximize its worth. PwC noted that demand for many skill sets that AI can assist with to some degree — such as coding in Javascript — is declining fast, while demand for many skills that make use of AI or are hard for AI to perform are in increasing demand.
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