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AI drives major productivity growth and pay rewards

Published on: 6 Jun 2024

The business sectors most exposed to AI have seen nearly a fivefold increase in productivity growth, alongside sharp pay rises for jobs requiring AI skills, according to research.

PwC analysed half a billion job advertisements in 15 countries to examine AI’s impact on roles, skills, wages and productivity. It found that the most exposed sectors – such as financial services, information technology and professional services – showed 4.8 times greater labour productivity growth relative to those that are less exposed.

UK job postings requiring AI skills are growing 3.6 times faster relative to all job postings. On average, UK employers are willing to pay a 14% wage premium for jobs requiring AI skills, soaring to 27% for lawyers and 58% for database designers and administrators.

The US has the largest average wage premium, at 25%.

“The adoption of AI is concentrated in a few sectors of the economy, but once the technology improves and diffuses across other sectors of the economy, the future potential could be transformative,” said PwC UK chief economist Barret Kupelian.