TL;DR intro
- AI Jobs Barometer:PwC's AI Jobs Barometer analyzes over 500 million job ads from 15 countries to understand AI's impact on the workforce.
- AI-Exposed Sectors:AI-exposed sectors experience nearly 5 times higher labor productivity growth.
- AI Skills Demand:Jobs requiring AI skills offer up to a 25% wage premium and are growing 3.5 times faster than other jobs.
AI Boosting Productivity and Transforming Job Skills
PwC's recent publishing of a AI Jobs Barometer revealed a comprehensive look at how artificial intelligence (AI) is reshaping the job market, making people and businesses more productive while changing the necessary skills for success. By analyzing over half a billion job ads from 15 countries, in this report PwC provided concrete evidence of AI's impact on various sectors and occupations.
Here's what they uncovered:
Key Findings of the AI Jobs Barometer
AI is revolutionizing the workforce much like the Industrial Revolution did for manufacturing. PwC's study found that sectors exposed to AI are experiencing nearly five times higher growth in labor productivity compared to other sectors. This productivity boost is crucial for economic growth and improving living standards, especially in regions with slow productivity growth.
The 2024 Global CEO Survey by PwC indicates that 84% of CEOs adopting AI believe it will increase employee efficiency. Additionally, 70% of CEOs anticipate that AI will significantly change how their companies create, deliver, and capture value in the next three years.
Key Statistics:
- 4.8x: Higher growth in labor productivity in AI-exposed sectors.
- 25%: Higher rate of skills change in AI-exposed occupations.
- 3.5x: Jobs requiring specialist AI skills are growing 3.5 times faster than all jobs.
- 25%: Wage premium for workers with specialist AI skills.
These findings are echoed by PwC's 2023 Global Investor Survey, where 61% of investors view accelerated AI adoption as crucial for generating value. This points to a positive outlook for the global economy, with AI driving a revolution in productivity and value creation.
Addressing Labor Shortages with AI
Despite slower growth, job numbers in AI-exposed occupations continue to rise. In roles such as teaching and IT, jobs are growing 27% more slowly, which could help nations with shrinking working-age populations and unmet labor needs. AI's gradual impact on job growth suggests it helps maintain adequate worker numbers to meet organizational demands.
For workers, especially those in AI-exposed roles like financial analysts, adapting to a rapidly evolving job market is essential. The skills employers seek in these roles are changing 25% faster than in less AI-exposed roles. Demand for traditional skills, such as JavaScript coding, is declining, while demand for AI-utilizing skills or tasks difficult for AI, like sports coaching, is rising.
PwC's 2024 Global CEO Survey reveals that 69% of CEOs expect AI will necessitate new skills for most of their workforce. This underscores the shared responsibility among workers, companies, and policymakers to help workers develop relevant skills and embrace AI-driven opportunities.
Opportunities for Workers in the AI Era
Workers who learn to harness AI can become more productive and valuable to employers. AI is redefining roles such as financial analysts, customer service agents, and marketers, opening new possibilities for these workers to deliver results.
A majority of workers view AI positively. PwC's 2023 Hopes & Fears survey shows that 31% of workers expect AI to boost their productivity/efficiency, and 21% anticipate AI will create new job opportunities.
The benefits of AI are particularly evident in jobs requiring specialized AI skills. These roles have grown 3.5 times faster than all jobs since 2016 and offer up to a 25% wage premium. This highlights the high value of AI expertise in the job market.
Conclusion
The AI Jobs Barometer by PwC underscores the transformative impact of AI on the workforce (which is clearly becoming an every day conversation), enhancing productivity and altering the skills required for success. As AI continues to shape the job market, workers who embrace and harness AI technology can look forward to a bright future with increased productivity, higher wages, and more job opportunities. The findings suggest that AI is not reducing the number of jobs but rather reshaping the nature of work, creating a more dynamic and productive job market.
