PwC: investment in AI needed if organisations are to thrive
Artificial intelligence is reshaping the labour market and organisations must train workers and invest in the technology to thrive, according to the head of PwC in Bermuda.
The business advisory firm has just produced its 2024 Global AI Jobs Barometer, which shows that sectors more exposed to AI are experiencing almost five times higher growth in labour productivity.
Other key findings show that for every job posting requiring AI specialist skills in 2012, there are now seven job postings, and jobs requiring AI skills carry up to a 25 per cent average wage premium in some markets.
The study also found that knowledge work sectors, such as financial services, professional services and information and communication, were seeing the most rapid growth in the share of roles requiring AI skills.
Arthur Wightman, leader, PwC Bermuda, said: “AI is reshaping the global labour market, offering good news for economies grappling with significant challenges.
“It brings promising prospects for economic growth, job expansion and the emergence of new industries.
“However, the shift necessitates upskilling for workers and strategic investments in AI by organisations to thrive in the AI era.”
Alistair McNeish, director, people and organisation, PwC Bermuda, added: “Businesses must prioritise investing in the skills needed for their workforce and organisations to succeed in an evolving global economy shaped by AI.
“It is critical to adopt a skills-first recruitment approach and continue upskilling efforts to navigate the profound impact of AI on all industries and markets.
“Embracing this transformation is key to staying competitive and thriving in the future job landscape.”
• Sectors more exposed to AI are experiencing almost fivefold greater labour productivity growth (‘AI exposed’ means AI can readily be used for some tasks)
• Postings for AI jobs are growing 3.5 times faster than for all jobs. For every AI job posting in 2012, there are now seven job postings
• Jobs that require AI skills carry up to a 25 per cent wage premium in some markets
• AI-driven spike in productivity could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards
• Skills sought by employers are changing at a 25 per cent higher rate in occupations most exposed to AI. To stay relevant in these occupations, workers will need to demonstrate or acquire new skills
The report, which analysed more than half a billion job ads from 15 countries, suggests that AI could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards.
The report added: “As questions abound around the technology’s impact on everything from job security to long-term business viability, the findings highlight positive news, even for workers in sectors most exposed to AI.
“The findings also reflect a good news story for workers and the global economy in which AI-enabled workers are more productive and more valuable, opening the door to rising prosperity for workers and nations.
“Like past technological revolutions from electricity to computers, AI is changing what it takes for workers to succeed — and those who adapt may enjoy vast new opportunities.”
• To read PwC’s full statement, see Related Media
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