Impact of AI on jobs

FAR from heralding the end of jobs, artificial intelligence (AI) signals the start of a new era in which workers can be more productive and valuable than ever.

Al does more than help workers do the old things faster as it opens the door to new business models and ways of creating value.

The implications for businesses are huge as AI delivers significant top and bottom line benefits, increasing profitability and revenue.

Sectors that are especially exposed to AI are experiencing nearly five times higher growth in labour productivity.

Rising labour productivity is a key driver of economic growth and increasing living standards, according to PwC in its inaugural 2024 Global AI jobs barometer report.

For a worker, it means adapting to a changing job market as the skills required by employers in AI-exposed occupations are changing fast.

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Old skills are disappearing from job ads and new skills are appearing faster in AI roles than in roles less exposed to it, says PwC.

The jobs carry up to a 25% wage premium on average, underlining the value of the skills to companies, according to the report.

PwC analyses over half a billion job ads from 15 countries that together comprise over 30% of global gross domestic product to find empirical evidence of AI’s impact.