In a significant development for the global labor market, sectors more exposed to AI are experiencing a remarkable surge in productivity, according to PwC’s inaugural 2024 Global AI Jobs Barometer.
The report highlights that these sectors are witnessing nearly five times higher growth in labor productivity compared to less AI-exposed sectors.
PwC’s comprehensive analysis of over half a billion job ads from 15 countries reveals that AI is driving substantial economic benefits. For every job posting requiring AI skills in 2012, there are now seven such postings, and this growth has outpaced all other jobs since 2016.
Notably, jobs demanding AI expertise come with a significant wage premium, reaching up to 25% in some markets.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader at PwC UK, shared her insights on the transformative impact of AI on the labor market.
“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.”
The report underscores the economic opportunity presented by AI. In major labor markets like the US, UK, Canada, Australia, and Singapore, jobs requiring AI skills offer a wage premium of up to 25% on average.
For example, in the US, this premium ranges from 18% for accountants to 49% for lawyers, demonstrating the high value of AI proficiency across various industries.
AI penetration is particularly pronounced in knowledge work sectors, with financial services, professional services, and information and communication sectors seeing rapid growth in AI job requirements.
These sectors have a significantly higher share of roles demanding AI skills compared to others.
PwC’s study also highlights the changing landscape of job skills. Employers in AI-exposed occupations are seeking new skills at a 25% higher rate than those in less AI-exposed fields.
According to PwC’s 27th Annual Global CEO Survey 2024, 69% of CEOs expect AI to require new skills from their workforce, a figure that rises to 87% among CEOs who have already deployed AI.
Pete Brown, Global Workforce Leader at PwC UK, emphasized the importance of skill development in this evolving job market.
“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,” Mr Brown said.
“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,” he said.
Scott Likens, Global AI and Innovation Technology Leader at PwC US, concluded with a forward-looking perspective on AI’s potential.
“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.”
PwC’s 2024 Global AI Jobs Barometer offers a detailed examination of AI’s impact on jobs, skills, wages, and productivity, presenting a comprehensive view of the transformative potential of AI in the global labor market. The report will be presented at the VivaTech Summit in Paris by PwC global leaders.
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