AI is driving productivity and wage increases: Report

Upskilling imperative

The report also pointed out that job postings for AI-related positions are increasing 3.5 times faster than the overall job market. For every AI job listed in 2012, there are now seven.

However, the situation also demands more effort in skill development. Occupations significantly exposed to AI are experiencing a 25% faster change in skill requirements compared to those less exposed to it.

A separate PwC survey of CEOs showed that 69% of respondents anticipate AI will necessitate new skills from their workforce. This expectation increases to 87% among CEOs who have already implemented AI technologies.

“Businesses and governments around the world will need to ensure they are adequately investing in the skills required for both their people and organizations if they are to thrive in a global economy and labor market being transformed by AI,” Pete Brown, global workforce leader at PwC UK said in the statement.

Impact of AI on jobs

The latest PwC report comes amid mounting concerns over the potential for significant job losses due to the increasing use of AI.

In June last year, Goldman Sachs reported that up to 300 million jobs in the US and Europe could be at risk due to AI advancements. The analysis suggested that two-thirds of US jobs may see partial automation, with up to a quarter of current tasks potentially being fully automated.