PwC’s 2024 AI Jobs Barometer Findings

Thursday, 23 May 2024

PwC’s 2024 AI Jobs Barometer reveals a surge in AI jobs and an associated wage premium, but Australia must grasp opportunities to keep pace with global trends.

PwC Australia has today released the 2024 AI Jobs Barometer, a landmark global study which has analysed over half a billion job ads from 15 countries and found Australia has work to do to remain competitive on the global stage.

The AI Jobs Barometer reveals that sectors more exposed to AI are experiencing almost five times higher growth in labour productivity, with AI skills carrying up to a 25 percent wage premium in some markets.

The findings in Australia show an increase in demand for AI skilled workers and an associated wage premium, however not at the same pace that is occurring in the US, UK and Canada. 

The AI Jobs Barometer reveals:

• Globally, sectors more exposed to AI are experiencing almost fivefold (4.8x) greater labour productivity growth. 

• Internationally, AI job postings have increased by a factor of 7 since 2012, however only by a factor of 4.5 in Australia over the same period. 

• In Australia, demand growth for AI skills has been strongest in the Financial Services, Professional Services and Information and Communication sectors since 2012. Education, Manufacturing and Health and Social sectors saw limited change in their share of AI related job postings.

• Globally, jobs that require AI skills have an average wage premium of 14%, compared to 6% in Australia. Locally, roles in areas such as Research and Development are associated with the largest wage premium, at 17% and 15% respectively for AI skills. Others include Database Designers and Administrators at 14%; Advertising and Marketing Professionals and Supply, Distribution and Related Managers at an 11% wage premium.  

• Skills sought by employers are changing at a 25% higher rate in occupations most exposed to AI. To remain relevant in these occupations, workers will need to demonstrate or acquire new skills, and embrace AI-enabled ways of working.

Tom Pagram, PwC Australia’s Artificial Intelligence Leader, says the findings in Australia show both an increased demand for AI skilled workers and an associated wage premium, but that we need to remain competitive on a global scale.

“For Australia to stay in the race globally, and to maximise local productivity growth, we must continue investing in local AI skills and capability. Australia’s productivity performance has been waning over the past decade and we are behind most comparable countries. By better harnessing AI in our local economy we can help to boost productivity growth.

“More broadly, AI is transforming the global labour market globally which presents an opportunity, particularly for economies facing labour shortages and low productivity as AI will continue to play a critical role in economic development, new jobs, and the creation of new industries.”

The report also suggests that organisations will need to invest in workforce transformation and upskilling to take advantage of the opportunities, with PwC’s Workforce Leader, Norah Seddon adding:

“Leaders need to ensure they are adequately investing in the skills required for both their people and organisations if they are to thrive in a global economy, and a labour market being transformed by AI. 

“Equally, AI represents tremendous opportunities for people, organisations, and economies with expertise in new and emerging technologies. Ensuring a skills-first approach to recruitment and continued investment in workforce upskilling is imperative. No industry or market will remain immune to the impact of new technologies.”