Economic sectors that are more exposed to Artificial Intelligence (AI) are seeing sharply higher labour productivity, ‘PwC’s 2024 AI Jobs Barometer,’ has shown.
AI is the Industrial Revolution of knowledge work, transforming how all workers can apply information, create content, and deliver results at speed and scale.
And with the AI Jobs Barometer, PwC analysed AI’s impact on workers, companies, and the global economy.
The report examined over half a billion job ads from 15 countries to find evidence of AI’s impact at worldwide scale through jobs and productivity data.
PwC tracked the growth of jobs that demand specialist AI skills (such as machine learning or neural networks) across countries and sectors as an indication of AI penetration.
“We found that AI penetration is accelerating, especially in professional services, information & communication, and financial services.
“Workers with specialist AI skills command significant wage premiums, suggesting that their abilities to deploy AI are valuable to companies,” PwC said.
PwC, in its executive summary of global findings, said “AI is transforming what workers and companies can achieve. There is no going back to yesterday’s jobs market, but – if carefully managed – this jobs transition could bring a bright future for workers.”
Partner and Advisory Leader, PwC, Femi Osinubi, said the report’s data shows AI may be able to help with deep economic challenges, as sectors more exposed to AI are seeing sharply higher labour productivity.
“This could help to break many nations out of persistent low productivity growth, generating economic expansion, higher wages, and enhanced living standards.
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“In addition, we find that AI can help to ease labour shortages that are likely to become more acute as populations age,” he said.
PwC’s AI Jobs Barometer specifically found that sectors with highest AI penetration are seeing almost fivefold (4.8x) greater labour productivity growth.
It also found that jobs that require AI specialist skills carry up to a 25 per cent wage premium in some markets.
The report further said growth in jobs that require AI specialist skills has outpaced all jobs since 2016 (well before ChatGPT brought fresh attention to AI), with numbers of AI specialist jobs growing 3.5 times faster than all jobs.
It also found that skills sought by employers are changing at a 25 per cent higher rate in occupations most able to use AI.
“To stay relevant, workers in these jobs will need to build or demonstrate new skills. Workers who learn to harness AI are likely to be more productive and valuable than ever, and all within a context of rising societal prosperity,” the report stated.
PwC put it thus: “Old skills are disappearing from job ads – and new skills are appearing – 25 per cent faster in jobs more exposed to AI.”
The report said one key to a bright future for workers is for companies and workers to fully embrace AI.
“Instead of thinking only about how AI can replace people (which is fundamentally backward-looking), we should think inventively about how we can make the most of AI to create entirely new industries and roles for people,” it said.
The report’s findings suggested priority actions for companies, workers, and policymakers to manage a disruptive jobs transition while realising the potential of AI to do good for society.
It suggested, for instance, the need to embrace uses of AI to grow productivity and prosperity, ensure benefits are shared; encourage use of AI in partnership with people (which can lead to better results), and upskill workers for an AI age.
“AI is transforming work—making people and businesses more productive and changing what it takes to succeed,” the report said.
