Sectors more sensitive to the influence of artificial intelligence (including programming and financial analysis) are experiencing nearly five times (4.8x) higher productivity growth, according to the first Global AI Jobs Barometer 2024 report published by PwC. The report, which analyzed over half a billion job postings from 15 countries, indicates that AI could enable many nations to break free from persistently low productivity growth, generating economic development, higher wages, and a better standard of living.
- The number of job postings related to artificial intelligence is growing 3.5 times faster than the overall volume of job postings. For every AI-related job posting in 2012, there are now seven postings.
- Job postings requiring AI skills are on some markets rewarded with up to 25% higher wages.
- Productivity growth driven by AI could enable many countries to break free from persistently low productivity growth, generating economic development, higher wages, and a better standard of living.
- The skills sought by employers are changing at a rate 25% higher in occupations most susceptible to the influence of AI. To remain relevant in these professions, workers will need to acquire new skills.
For every job posting requiring specialized AI skills (such as machine learning) in 2012, there are now seven job postings. PwC’s study also found that since 2016, the growth in the number of postings requiring AI skills has outpaced the growth of all job postings, with the number of AI-related job postings growing 3.5 times faster than the overall volume. At the same time, positions requiring AI skills are rewarded with average salaries up to 25% higher in some markets.
“Artificial intelligence is transforming the global job market, which is good news for the global economy facing significant economic challenges and concerns about long-term business viability. For many economies struggling with labor shortages and low productivity growth, PwC’s findings highlight optimism about AI. This technology presents an opportunity for economic development, job creation, and the emergence of entirely new industries. However, the results also show that workers will need to acquire new skills, and organizations must invest in their AI strategies and people if they are to accelerate their growth and ensure they are ready for the AI era,” says Jakub Borowiec, Partner at PwC Poland, leader of the Analytics & AI team.
The skills sought by employers are changing significantly faster in occupations more sensitive to the influence of artificial intelligence, with old skills disappearing and new ones emerging in job postings at a rate 25% higher than in less AI-prone sectors. To remain relevant in these professions, workers will need to acquire new skills. The impact of AI on labor markets and productivity is positive – sectors most susceptible to AI influence, such as financial services, information technology, and professional services, are experiencing nearly five times higher productivity growth than less AI-prone industries.
Positions requiring specialized AI skills come with a substantial pay premium (on average up to 25% in the US or 14% in the UK), highlighting the value of these competencies for companies. The scale varies by industry and country; for example, in the US, this can range from 18% for accountants, 33% for financial analysts, 43% for sales and marketing managers, to 49% for lawyers. Meanwhile, in the UK, it is 27% for lawyers, 14% for sales and marketing managers, 34% for systems analysts, and 58% for database engineers and administrators. While the pay premium varies by market, it is predominantly higher across all analyzed countries.
“Companies and governments worldwide will need to invest appropriately in the skills required by both their employees and organizations if they are to thrive in the global economy and labor market transformed by artificial intelligence. This is also a tremendous opportunity for individuals, organizations, and economies with expertise in new and emerging technologies like AI. Ensuring a skills-based approach to recruitment and continuous investment in upskilling workers is essential, as no industry or market will remain immune to the impact of technological and economic transformation associated with AI,” says Katarzyna Komorowska, Partner at PwC Poland, leader of the People & Organisation team.
Knowledge-based work sectors are experiencing the fastest growth in the share of roles requiring AI skills. This includes financial services (2.8 times higher share of AI skill-requiring roles compared to other sectors), professional services (3 times higher), and information and communication (5 times higher).
Companies, workers, and policymakers share the responsibility for helping workers build the skills needed to succeed in the rapidly changing job market. Skills required by employers in occupations more susceptible to AI development are changing at a rate 25% faster than in occupations less dependent on AI development. 69% of CEOs expect AI to require new skills from their employees, rising to 87% among those who have already implemented AI, according to PwC’s 27th Annual Global CEO Survey 2024.
