The PwC’s 2024 report has revealed that AI exposed sectors are witnessing the greatest growth in labour productivity, with the jobs requiring AI skills attracting substantial wage premiums.
Productivity and AI: A Winning Combination
The report reveals that productivity growth is almost five times higher in industries where AI can be easily integrated. Financial services, IT, and professional services are leading the charge, showcasing how AI can revolutionize work efficiency.
The New Gold Standard
UK employers are recognizing the value of AI skills, offering an average wage premium of 14% for roles requiring such expertise. The legal and IT sectors are particularly lucrative, with AI skills fetching wage premiums as high as 25% in some global markets. Additionally, the requirement for candidates to have AI skills within the UK job market is growing 3.6 times faster than the overall job market.
A Solution to Labour Shortages
The report observed that companies are using AI to tackle staff shortages, supposedly a promising development for markets grappling with a decreasing working-age populations.
PwC’s findings stress the transformative impact of AI on productivity and wages, marking a pivotal shift in how businesses and employees approach the future of work.
