AI skills command higher wages as demand soars, PwC study finds
LONDON, UNITED KINGDOM — New research shows that jobs requiring artificial intelligence (AI) skills command significantly higher wages than similar roles without those skills.
Analyzing over 500 million job ads across 15 countries, “PwC’s 2024 AI Jobs Barometer” found that roles involving AI paid 25% higher wages on average in the United States. The premium was 14% in the United Kingdom and 11% in Canada.
Certain professions saw even larger gaps, with AI-skilled lawyers in the U.S. earning 49% more, sales and marketing managers 43% more, and financial analysts 33% more than their counterparts in traditional roles.
“Countries and sectors that have a high demand for AI skills tend to see higher wage premiums, especially if there is a scarcity of skilled professionals,” said Mehdi Sahneh, senior economist at PwC UK.
“Although on the surface lower wage premiums may sound less [favorable], all else being equal, they suggest a balance between [labor] supply and demand, and could potentially foster greater AI adoption and innovation over the long term.”
Rapid job growth in AI sectors
The PwC report also highlighted that the demand for AI skills has grown 3.5 times faster than the overall job market between 2012 and 2023.
Barret Kupelian, PwC UK’s chief economist, noted, “The menu of skills required by employers in occupations exposed to AI is changing about 25% faster than those which aren’t.”
“As pickup of AI continues, this trend is likely to intensify, creating new roles whilst also reducing demand for some skills that can be done more efficiently using AI,” he added.
AI driving productivity growth and revenue
Industries embracing AI, such as financial services, IT, and professional services, saw labor productivity growing 4.8 times faster than other sectors.
“The implications for business are huge. Global CEOs anticipate that one form of AI –
generative AI – will deliver significant top and bottom line benefits, with 46% saying it will
increase profitability, and 41% saying it will increase revenue,” the report said.
This echoes a study from Tata Consultancy Services (TCS) that revealed that 86% of executives have already deployed AI solutions to enhance existing revenue streams or create new ones.
