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In major labor markets, including the US, the UK, Canada, Australia, and Singapore, jobs requiring AI expertise are associated with a considerable wage premium.
Copyright: cio.com – “AI is driving productivity and wage increases: Report”
Business sectors using artificial intelligence are seeing significant gains in productivity while AI skills are commanding higher wages, according to a new PwC report.
Industries such as financial services, information technology, and professional services are seeing labor productivity growth nearly five times greater than industries with less AI integration, the consulting firm said in a statement.
The report also highlights that jobs requiring AI expertise are associated with a considerable wage premium in major labor markets, including the US, the UK, Canada, Australia, and Singapore.
In the US, for example, these positions can offer an average of 25% higher salaries than non-AI jobs. The wage premium varies across professions, reaching 18% for accountants, 33% for financial analysts, 43% for sales and marketing managers, and 49% for lawyers.
This wage disparity is consistent across all analyzed markets, with AI skills consistently valued higher.
The report, analyzing over half a billion job advertisements across 15 countries, indicates that AI could enable many nations to overcome long-standing low productivity growth. This could lead to economic development, higher wages, and improved living standards, PwC added.
Upskilling imperative
The report also pointed out that job postings for AI-related positions are increasing 3.5 times faster than the overall job market. For every AI job listed in 2012, there are now seven.
However, the situation also demands more effort in skill development. Occupations significantly exposed to AI are experiencing a 25% faster change in skill requirements compared to those less exposed to it.[…]
Read more: www.cio.com
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