• Sectors more exposed to AI are experiencing almost fivefold (4.8x) greater labour productivity growth (‘AI exposed’ means AI can readily be used for some tasks)
• Postings for AI jobs are growing 3.5x 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% 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% higher rate in occupations most exposed to AI. To stay relevant in these occupations, workers will need to demonstrate or acquire new skills

LONDON, May 21, 2024 /PRNewswire/ — Sectors more exposed to AI are experiencing almost five times (4.8x) higher growth in labour productivity, according to PwC’s inaugural 2024 Global AI Jobs Barometer, published today.

The report, which analysed over 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 finds that for every job posting requiring AI specialist skills (i.e., machine learning) in 2012, there are now seven job postings.^[1] PwC research also finds that growth in jobs demanding AI skills has outpaced all jobs since 2016, with postings for jobs requiring AI skills growing 3.5x faster than for all jobs.

The findings also highlight economic opportunity for labour forces: jobs that require AI skills carry up to a 25% average wage premium in some markets.

Skills sought by employers are changing much faster in occupations more exposed to AI, with old skills disappearing – and new skills appearing – in job ads at a 25% higher rate than in occupations less exposed to AI. To stay relevant in these occupations, workers will need to demonstrate or acquire new skills.

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.

Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, says:

“AI is transforming the labour market globally and presents good news for a global economy hindered by deep economic challenges and concerns around long-term business viability. For many economies experiencing labour shortages and low productivity growth, the findings highlight optimism around AI with the technology representing an opportunity for economic development, job-creation, and the creation of new industries entirely. However, the findings show that workers will need to build new skills and organisations will need to invest in their AI strategies and people if they are to turbocharge their development and ensure they are fit for the AI age.”

Near fivefold productivity growth in sectors more exposed to AI

The findings paint a positive picture of the impact of AI on labour markets and productivity. Sectors most exposed to AI – financial services, information technology, and professional services – are experiencing nearly five times higher labour productivity growth than sectors less exposed to AI.^[2]

Jobs that require AI skills carry significant wage premiums

Across the five major labour markets for which wage data is available (US, UK, Canada, Australia and Singapore), jobs that require AI specialist skills carry a significant wage premium (up to 25% on average in the US), underlining the value of these skills to companies. Across industries (in the US for example), this can range from 18% for accountants, 33% for financial analysts, 43% for sales and marketing managers, to 49% for lawyers. While the wage premium differs by market, overwhelmingly this is higher in all markets analysed.

AI penetration is accelerating, particularly in knowledge work sectors

The study finds that knowledge work sectors are seeing the most rapid growth in the share of roles requiring AI skills. This includes financial services (2.8x higher share of jobs requiring AI skills vs other sectors), professional services (3x higher), and information & communication (5x higher).^[3]

No going back to yesterday’s jobs markets: the skills building imperative

Companies, workers, and policymakers share responsibility for helping workers build the skills to succeed in a fast-changing jobs market. Skills demanded by employers in occupations more exposed to AI are changing at a 25% higher rate than in less exposed occupations. 69% of CEOs expect AI will require new skills from their workforce, rising to 87% of CEOs who have already deployed AI, according to PwC’s 27th Annual Global CEO Survey 2024. 

Pete Brown, Global Workforce Leader, PwC UK, adds:

“Businesses and governments around the world will 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 labour market being transformed by AI. Equally, there is tremendous opportunity for people, organisations, and economies with expertise in new and emerging technologies such as AI. Ensuring a skills-first approach to recruitment as well as continued investment in workforce upskilling is imperative as no industry or market will remain immune to the impact of AI’s technological and economic transformation.”

Scott Likens, Global AI and Innovation Technology Leader, PwC US, concluded:

“AI provides much more than efficiency gains. AI offers fundamentally new ways of creating value. In our work with clients, we see companies using AI to amplify the value their people can deliver. We don’t have enough software developers, doctors, or scientists to create all the code, healthcare, and scientific breakthroughs the world needs. There is a nearly limitless demand for many things if we can improve our ability to deliver them – and limitless opportunity for organisations and individuals that invest in learning and applying the technology.”

Notes to Editors:

About the PwC 2024 Global AI Jobs Barometer

PwC’s new Global AI Jobs Barometer uses half a billion job ads from 15 countries to examine AI’s impact on jobs, skills, wages, and productivity. Analysing data from the past decade and across a large number of sectors, the report provides insight on AI job penetration, salary premiums, vacancy rates and more. The report will be presented at the VivaTech Summit in Paris by PwC global leaders.

About PwC

© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see http://www.pwc.com/structure for further details. 

^[1] Refers to six of the fifteen countries analysed: US, UK, Singapore, Australia, Canada and New Zealand.
^[2] Due to the availability of OECD data, PwC analysis focused on just these six sectors profiled for the period 2018-2022 (2023 data has not yet been released).
^[3] Other sectors include: Agriculture, Mining, Power, Water, Retail Trade, Transportation, Accomodation, Real Estate, Administrative, Arts and Entertainment, Household Activities, Construction, Manufacturing, Education and Social Activities and ExtraCurricular Activities.

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SINGAPORE, May 20, 2024 /PRNewswire/ — Singapore is set to become the epicentre of financial technology innovation and collaboration as it hosts the inaugural Asia FinTech Conference and the prestigious Asia FinTech Awards, produced by Fintech Intel.

Taking place on 22 and 23 August 2024, these events promise to bring together the brightest minds and leading companies from the fintech sector across the continent.

The Asia FinTech Conference, a one-day event, will offer an unparalleled platform for professionals, entrepreneurs, and investors to explore the latest trends, challenges, and opportunities within the fintech industry. Among the confirmed speakers are Chia Hock Lai, founding president of the Singapore Fintech Association, and Stacey-Ann Pearson, Head of Web3 Business Development at Amazon Web Services, who will share their insights on the conference’s theme: ‘The Future of Fintech in Asia‘. Registration is now open, with discounted conference passes available to Asia FinTech Awards entrants.

The Asia FinTech Awards return for its second year. The Awards recognise and celebrate excellence in the fintech sector; with categories spanning from Startup of the Year to Best Employer of the Year to the Web3 Award, the awards will spotlight the achievements of companies and individuals who are driving the industry forward. Previous winners include Tookitaki, IDEMIA, and Tenpay Global. There’s still time to enter: the Awards close for entries on 31 May 2024.

Robert Welbourn, content editor at FinTech Intel, expressed his excitement: “After the success of the Asia FinTech Awards in 2023, we’re delighted to be returning for another year. Following feedback from attendees that they wanted a chance to network as well as celebrate, we’re delighted to be launching the conference alongside the awards.

“We’re thrilled to be able to bring together a diverse group of industry experts who are passionate about promoting excellence and transforming the financial landscape.

“The Asia FinTech Conference will not only highlight the incredible work being done in the fintech sector but hopefully also inspire new ideas and collaborations that will shape the future of finance in Asia.”

Tickets are limited: the Asia FinTech Awards and Conference are expected to attract around 200 decision-makers and senior leaders from around the fintech ecosystem, including startups, established financial institutions, regulators, and technology providers. With its comprehensive agenda and focus on fostering innovation and collaboration, this event is set to become a cornerstone of the fintech calendar in Asia.

 For more information and to secure your place at the Asia FinTech Conference and Awards, visit [https://fintechawardsasia.com/].

About the Asia FinTech Conference and Awards

The Asia FinTech Conference and Awards, brought to you by FinTech Intel, aim to bring together fintech professionals from across Asia to share insights, celebrate achievements, and foster innovation. The event is dedicated to driving the growth of the fintech industry by providing a platform for networking, knowledge sharing, and collaboration.

The Asia FinTech Conference will take place on 22 August at Guoco Midtown Network Hub, Singapore. The Asia FinTech Awards will take place on 23 August at The Glasshouse, Andaz Singapore.

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JEDDAH, Saudi Arabia, May 20, 2024 /PRNewswire/ — Saudi Arabia has been elected to chair the Executive Council of the Arab League Educational, Cultural and Scientific Organization (ALECSO) by selecting its representative and Executive Council member, Mr. Hani bin Moqbel Al-Moqbel, as Chairman for the 2024-2026 term. This decision came after a majority vote, with 18 countries supporting Saudi Arabia, two countries voting for the Moroccan candidate, and one country abstaining. Consequently, Saudi Arabia will lead the Executive Council of ALECSO for the third consecutive term. Qatar was elected Vice-President, and the Hashemite Kingdom of Jordan was chosen as Rapporteur.

This election followed the Executive Council meeting that took place after the 27th session of the General Conference, which concluded on Friday (17th May) in Jeddah, hosted by the Saudi National Committee for Education, Culture, and Science. Council members expressed their gratitude for the positive outcomes and the collaborative work achieved during Saudi Arabia’s previous two terms, spanning two years and ten months.

The General Conference of ALECSO also welcomed Saudi Arabia’s initiative for the “Arab Week at UNESCO” event, praised the initiative, and called on Arab countries to support and participate in the event.  Additionally, the conference condemned the escalating of the Israel conflict.

The General Conference appreciated Saudi Arabia’s proposal to form a special committee to develop the General Conference’s mechanisms and approved the formation of such a committee, chaired by Saudi Arabia and including any interested Arab countries. It also approved the inclusion of a permanent agenda item on the educational, cultural, and scientific conditions of countries experiencing conflicts, crises, disasters, and emergencies for the Executive Council and the General Conference.

The conference called on ALECSO to develop a response plan for educational, cultural, and scientific conditions based on requests from concerned member states in situations of conflicts, crises, disasters, and emergencies to assess their needs and the resulting damages. Additionally, it approved the establishment of a unit for partnerships and self-financing within ALECSO’s organizational structure, as proposed by the Executive Council of the organization.

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