The findings indicated that roles that require AI skills in the United States command an average wage premium of 25% over similar positions that do not utilize AI skills. This premium varies by country, with the United Kingdom and Canada seeing wage increases of 14% and 11%, respectively. Certain professions, such as lawyers and financial analysts in the United States, could earn up to 49% and 33% more by possessing AI capabilities.
Mehdi Sahneh, a senior economist at PwC UK, highlighted the correlation between the demand for AI skills and higher wage premiums, especially in sectors and countries experiencing a scarcity of skilled professionals. The study also uncovered that the demand for AI skills has grown 3.5 times faster than the overall job market from 2012 to 2023, reflecting a significant shift in the skills that employers value today.
Barret Kupelian, chief economist at PwC UK, noted that the skillset required in AI-exposed occupations evolves approximately 25% faster than in other fields. This rapid change underscores the increasing importance of AI in enhancing job functions and efficiency.
Beyond individual wage benefits, the adoption of AI is also substantially impacting industry-wide productivity, particularly in sectors like financial services. Industries with high AI exposure are experiencing productivity growth rates 4.8 times faster than those in less AI-intensive sectors. Higher labor productivity, as explained by Randall Kroszner, a member of the Bank of England’s financial policy committee, is crucial for sustaining economic growth and improving living standards, especially in aging populations.
The study suggests that AI could be pivotal in solving productivity challenges in countries like the United Kingdom, where productivity growth has been sluggish since the global financial crisis. Sahneh from PwC posited that AI might be
