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AI Skills Could Mean Higher Pay, PwC Research Finds

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Artificial intelligent professionals are likely to earn more money than their counterparts without AI skills, according to PwC’s inaugural Global AI Jobs Barometer.

In the UK, jobs requiring AI skills offer an average wage premium of 14 per cent, a figure that rises to 27 per cent for lawyers with AI expertise and 58 per cent for database designers and administrators.

The UK ranks just behind the US, which has the highest average wage premium for AI skills at 25 per cent. In Australia, the premium for AI-related roles is just six per cent.

Mehdi Sahneh, senior economist at PwC UK, said: “Countries and sectors that have a high demand for AI skills tend to see higher wage premiums, especially if there is a scarcity of skilled professionals, whereas in areas where there is a more abundant supply of AI talent, lower premiums are more likely.

“Although on the surface lower wage premiums may sound less favourable, all else being equal, they suggest a balance between labour supply and demand, and could potentially foster greater AI adoption and innovation over the long term,” he explained.

It comes as the UK is looking to AI to solve its productivity problem. Between 2008 and 2021, UK productivity has grown just 2.2 per cent on average, slower than all of the G7 nations, bar Japan.

PwC’s AI Jobs Barometer, which analysed half a billion job ads from 15 countries, found that jobs using AI are experiencing nearly five times the productivity growth rate compared to those less exposed to AI.

This is only the tip of the iceberg in terms of economic impact, according to Barret Kupelian, chief economist at PwC UK.

“Currently our findings suggest that 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,” he said.

Source : City AM