Clear link emerging between AI and productivity
Based on analysis of close to a billion job advertisements from six continents, the report finds that since the proliferation of Generative AI (GenAI) began in 2022, productivity growth has nearly quadrupled in industries most exposed to AI (financial services, software publishing), rising from 7% from 2018-22 to 27% from 2018-24.
In contrast, productivity growth in industries least exposed to AI (mining, hospitality) declined from 10% to 9% over the same period.
Data for 2024 shows that the most AI-exposed industries are now seeing three-times higher growth in revenue per employee than their least exposed counterparts.
"This research shows that the power of AI to deliver for businesses is already being realised. And we are only at the start of the transition," said Carol Stubbings, global chief commercial officer of PwC.
"As we roll out agentic AI at enterprise scale, we are seeing that the right combination of technology and culture can create dramatic new opportunities to reimagine how organisations work and create value."
Contrary to some expectations, the data from the report does not show job or wage destruction from AI.
While occupations with lower exposure to AI saw strong job growth (65%) in recent years (2019-24), growth remained robust even in more exposed occupations (38%). Within more exposed occupations, jobs can be further divided into "automated" (the job contains some tasks that AI can carry out) and "augmented" (where AI helps a human do their job better). Across both classifications between 2019 and 2024, job numbers are growing in every industry analysed, although augmented jobs are generally growing faster.
Wages are growing twice as fast in industries more exposed to AI versus less exposed, with wages rising in both automatable and augmentable jobs.
Jobs which require AI skills also offer a wage premium (over similar roles that don't require AI skills) in every industry analysed, with the average premium hitting 56%, up from 25% last year. Jobs that require such AI skills also continue to grow faster than all jobs -- rising 7.5% from last year, even as total job postings fell 11.3%.
"In contrast to worries that AI could cause sharp reductions in the number of jobs available -- this year's findings show jobs are growing in virtually every type of AI-exposed occupation, including highly automatable ones," said Joe Atkinson, global chief AI officer of PwC
"AI is amplifying and democratising expertise, enabling employees to multiply their impact and focus on higher-level responsibilities. With the right foundations, both companies and workers can redefine their roles and industries and emerge leaders in their field, particularly as the full gamut of applications becomes clearer."
SKILLS PRESSURE
While the picture on productivity, wages and jobs is broadly positive, the research does highlight the need for workers and businesses to adapt to a much faster pace of change. The skills sought by employers are changing 66% faster in occupations most exposed to AI, up from 25% last year.
What it takes to succeed in AI-exposed jobs is changing in other ways. Employer demand for formal degrees is declining for all jobs, but especially quickly for AI-exposed jobs.
The percentage of jobs AI augments that require a degree fell 7 percentage points between 2019 and 2024 from 66% to 59%, and 9 percentage points (53% to 44%) for jobs AI automates.
The findings show that AI's impact on women and men may be unequal -- in every country analysed, more women than men are in AI-exposed roles, suggesting the skills pressure facing women will be higher.
"AI's rapid advance is not just reshaping industries, but fundamentally altering the workforce and the skills required," said Pete Brown, global workforce leader of PwC.
"This is not a situation that employers can easily buy their way out of. Even if they can pay the premium required to attract talent with AI skills, those skills can quickly become out of date without investment in the systems to help the workforce learn."
AI BUSINESS IMPERATIVE
If businesses are to turbocharge their growth and take advantage of the opportunity afforded by AI, they must put AI front-and-centre, now. The report recommends five key actions:
1. Use AI for enterprise-wide transformation.
2. Treat AI as a growth strategy, not just an efficiency strategy.
3. Prioritise Agentic AI.
4. Enable your workforce to have the skills to make the most of AI's power.
5. Unlock AI's transformative potential by building trust.
"AI is boosting productivity and transforming the skills employers are looking for in Thailand, especially in sectors like financial services and technology," said Dr Pirata Phakdeesattayaphong, consulting partner of PwC Thailand
"Those equipped with these skills will find more chances to move up and earn more. However, companies should perceive AI not as a replacement for humans but as a powerful tool to enhance job performance.
"The best way to start is by showing real examples of how AI can be used in business and giving employees training, so they feel confident in integrating AI into their daily tasks. It's also important to set clear rules about how AI is used, focusing on things like data security, ethics and transparency.
"At the same time, employees should keep an open mind, be willing to learn new things and adapt to changes in the workplace, so they're ready for all the opportunities that the AI era brings."
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