PwC: Jobs requiring AI skills grew 3.5 times faster than other jobs, and salaries can be up to 25 percent higher

Financial services, IT and professional services are the most exposed to the changes generated by artificial intelligence (AI), both in their work and in terms of employee skills, according to the PwC 2024 Global AI Jobs Barometer report, which analyzed more than half a billion job ads from 15 countries that account for more than 30 percent of global GDP. The productivity of these sectors has increased as much as five times following the use of AI technology compared to other fields.

“Increasing labour productivity is a key premise of economic growth and living standards, as it always has been, and technology is a critical factor. Consequently, any innovation in technology, such as artificial intelligence, is welcome. History shows us that each wave of technology leads to a reconfiguration of supply and demand in the labour market, which, however, has always meant an overall increasing demand, both numerically and in terms of the required skills. The only difference is related to the speed with which artificial intelligence penetrates economic activity and society in general. Our data suggests that AI is not heralding a period of job losses, but rather a gradual increase in positions that will require more skills in this area, combined with a reshaping of roles with content that can be replaced by technology. On the one hand, this can be good news for countries facing labour shortages in many sectors, but on the other hand, it creates an acute need for new skills development or even retraining. It is therefore critical for each of us, in order to preserve our value on the labour market, to have an open attitude for continuous learning and to understand that the world we live in requires adaptation and flexibility”, said Oana Munteanu, People & Organization Director PwC Romania.

For example, in IT, the demand for skills related to artificial intelligence, such as “AI/Machine Learning Inference” or natural language processing, is increasing, while for certain programming skills in classical languages, which can be easily to be replaced by AI, is declining. 

However, there are also sectors that will not be affected by artificial intelligence or that see a growing demand for labour due to other macro trends, such as the renewable energy sector, construction, sports activities or medical or personal care services.

There are now seven times more AI job postings than in 2012. The report finds that the fastest growing share of roles requiring AI skills has been in financial services (2.8 times higher compared to other sectors), professional services (3 times higher) and IT (5 times higher).

Moreover, studies show a significant increase in the importance of sophisticated cognitive skills (analysis, critical thinking, creativity, etc.), but also emotional and behavioural ones (adaptability, emotional intelligence, social influence, autonomy, etc.), in addition to digital skills.

The PwC CEO Survey 2024 confirms that 84 percent of CEOs whose companies have started to adopt artificial intelligence believe it will increase productivity, and 70 percent believe that AI will significantly change their company’s work. Also, 46 percent see an increase in profitability from the use of AI, and 41 percent see an increase in revenue.

Although the adoption and strategic integration of GenAI in Romanian companies is still limited, their executives share the views of their global counterparts that AI will significantly change their business models, intensify market competition, and require new skills for most employees, simultaneously with an efficiency of one’s working time, an increase in the efficiency of employees and an increase in profitability.