There is no going back to the labour markets of yesteryear - that's how artificial intelligence is making inroads

Jobs requiring AI skills can provide significant wage premiums

In the five largest labour markets for which wage data are available (US, UK, Canada, Australia and Singapore) surveyed in the study, jobs requiring specific skills in AI can command a significant wage premium (25% on average in the US), demonstrating the value of these skills to the businesses involved. Across industries (in the US, for example), this can be as high as 18% for accountants, 33% for financial analysts, 43% for sales and marketing managers and 49% for lawyers.

While there are many questions about the impact of technology on all aspects of business, from job security to the long-term viability of businesses, the survey highlights the positive developments for workers in the sectors most affected by AI. Indeed, workers with the skills to use AI are more productive and more valuable, leading to increased prosperity for both the individual and the economy.

The rise of AI in knowledge-based work sectors

The fastest growth in the proportion of jobs requiring AI skills is in knowledge-based work sectors. These include financial services (where the share of jobs requiring AI is 2.8 times higher than in other sectors), professional services (with a 3 times higher share) and information and communication (with a 5 times higher share)

M Márta Reguly, head of the HR consulting team at PwC Hungary, highlights the impact of AI on labour market transformation. A skills-based approach to recruitment and continuous investment in workforce training are the key to long-term success. The transition will not only depend on IT experts, but primarily on HR: building the right skills, motivating people to use new tools, and a corporate culture that emphasises adaptability and flexibility are all essential to operating effectively in an AI-dominated world," he stresses.

No going back to previous labour markets: skills development is essential

In the professions most affected by AI, the need for workers to constantly acquire new skills to remain relevant in their profession is even more acute. In these jobs, old skills are being lost and new skills are emerging at a rate 25% faster than in occupations less affected by AI. According to PwC's 27th Global CEO Survey,69% of CEOs expect AI to require new skills from their employees, and 87% of CEOs who already use AI.

"AI offers much more than just increased efficiency. In our work with clients, we see that companies are using AI to increase the value that their employees deliver," says Antal Kerekes, Partner, Business Advisory at PwC.