According to PwC's most recent global AI employment barometer, UK workers are now offered a hefty 14 % wage premium for AI-savvy roles, underscoring the sector's extraordinary growth.
The analysis, which examined over 500 million job postings in 15 countries, found that UK demand for AI knowledge, such as machine learning capabilities, has soared, exceeding overall job growth by 3.6 times.
UK Workers with AI Skills See Surge in Job Listings and Wage Premiums
Based on PwC's findings, a decade ago, barely three out of every 1,000 UK job listings needed AI proficiency; by 2023, this figure jumped to nine per 1,000, outpacing the global surge in AI job opportunities.
Furthermore, businesses recently embracing AI skills have noticed notable productivity leaps.
PwC UK's chief economist Barret Kupelian highlighted: “Our findings show that AI has the power to create new industries, transform the jobs market and potentially push up productivity growth rates.”
He added, “In terms of the economic impact, we are only seeing the tip of the iceberg 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.”
The report also highlighted the profitable potential for jobs requiring AI expertise, revealing a 14 % average wage rise for such roles in the UK.
It was observed that legal positions requiring knowledge of AI command a substantial 27 percent salary increase.
AI Skills Command High Wage Premiums in the UK and US, PwC Report Reveals
In the US, the importance given to AI skills by employers is even more pronounced, with an average wage premium of 25 % for those equipped with Artificial Intelligence skills.
Mr Kupelian stated: “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.”