Research published by PwC indicates that jobs requiring artificial intelligence skills offer higher wages compared to those that do not require such skills. The study analyzed job advertisements from last year across various professions in countries such as the United States, United Kingdom, and Canada. On average, wages for AI-related roles were 25% higher in the US, 14% higher in the UK, and 11% higher in Canada compared to comparable jobs that did not require AI skills. The wage premiums were particularly significant in professions such as law and finance, with lawyers and financial analysts in the US earning a 49% and 33% premium, respectively.
The analysis by PwC was based on more than 500 million job ads in 15 countries across North America, Europe, and Asia. The report highlighted that countries and sectors with a high demand for AI skills tend to offer higher wage premiums, especially in cases where there is a shortage of skilled professionals. The number of jobs requiring AI skills grew significantly faster than the total number of jobs between 2012 and 2023 in the countries studied, indicating the increasing importance of AI skills in the workforce. The skills required by employers in AI-exposed occupations are also evolving at a faster rate compared to those in other sectors.
Labor productivity in industries heavily exposed to AI is growing at a faster rate than in other sectors, as AI can be used to perform tasks more efficiently. Higher labor productivity is essential for boosting living standards and economic growth, as companies can produce more with fewer staff or fewer working hours. The report emphasized that productivity growth is crucial for increasing real wage growth, especially as populations age and the number of working hours in the economy may decline. Improving productivity is particularly important for countries like the UK, where it has grown slower since the global financial crisis.
The use of AI in industries could be the missing piece in improving productivity in the UK, which could lead to a boost in the economy, wages, and living standards. AI has the potential to transform the workforce by creating new roles while also reducing the demand for certain skills that can be performed more efficiently by AI. As the adoption of AI continues to increase, the trend of changing skill requirements in AI-related occupations is likely to intensify. It is expected that AI will play a significant role in enhancing productivity, driving growth, and increasing wages in various sectors, ultimately contributing to overall economic development.
