In the US, employees with knowledge of artificial intelligence receive a mean wage premium of as much as 25 percent. According to PwC, some jobs may even earn double that quantity.
The consultancy analyzed half a billion job postings from 15 countries to look at the impact of AI on employment, skills, wages and productivity. In a Report published On Tuesday, it said the 25 percent premium for AI skills within the US was higher than the 14 percent within the UK, the 11 percent in Canada, the 7 percent in Singapore and the 6 percent in Australia.
Looking more closely at individual occupations, PwC found that U.S. job postings for database designers and administrators that require AI skills offer 53 percent higher wages than postings in that category that don’t require AI skills.
This is just not surprising, as data centers are booming because generative AI technology requires enormous capability to coach large language models like OpenAI’s ChatGPT. In fact, leading AI chip supplier Nvidia reported that its revenue greater than tripled in the primary quarter, largely attributable to sales to data centers.
But lawyers may also increase their salaries. Job advertisements within the US searching for lawyers with AI knowledge promise 49 percent higher salaries than advertisements for lawyers without AI knowledge.
Similarly, sales and marketing managers with AI skills can expect a 43 percent salary increase, while financial analysts and accountants can see increases of 33 percent and 18 percent, respectively.
“Countries and industries with high demand for AI skills tend to see higher wage premiums, particularly when there is a shortage of skilled workers, while areas with a greater supply of AI talent are more likely to see lower premiums,” said Mehdi Sahneh, senior economist at PwC UK, in an announcement. “While lower wage premiums may sound less favourable on the surface, all other things being equal, they indicate a balance between labour supply and demand and could potentially encourage greater AI adoption and innovation in the long term.”
PwC also showed that certain “AI-exposed occupations,” similar to customer support, are seeing 27 percent slower job growth, suggesting that AI is easing labor shortages.
The report noted that the info didn’t point to an era of job losses, but quite a period of gradual job gains.
Still, demand for certain individual skills is soaring, while demand for skills that may be replaced by AI is falling. For example, demand for AI/machine learning skills has increased by 113%, while demand for JavaScript programming, which may be replaced by AI, has fallen by 37%, in accordance with PwC. Elsewhere, demand for computer graphics skills has fallen by 30% and demand for cold calling skills has fallen by 37%.
But other skills that require more interpersonal contact are also in greater demand. Yoga skills have increased by 426%, physical education by 178%, child protection by 156% and laser hair removal by 84%.
“Many who predict that AI will lead to a sharp decline in the number of jobs are asking the wrong question,” PwC said. “Those who predict that AI will have a negative impact on the overall number of jobs often look back and ask whether AI will be able to do some tasks in the same way as it has in the past. The answer is yes. But the right question is: How will AI enable us to do entirely new things and create new roles and even new industries?”
Earlier this month, Microsoft and LinkedIn’s 2024 Annual Work Trend Index found that 71% of executives prefer to rent candidates with AI skills over those with conventional experience, and only 25% of corporations plan to supply generative AI training this yr.
This could indicate a bonus for younger candidates, because the report shows that 77% of executives intend to delegate more responsibility to entry-level employees with AI skills.
