Rise in AI Jobs and related 25% wage increases, exposes need for more AI training

Diegem, Belgium May 21, 2024 - More than half of Belgium's white-collar workers (53%) say they are not at all on board with AI and its applications. Yet PwC's Global AI Jobs Barometer 2024 shows that AI could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards. Jobs that require AI skills carry up to a 25% wage premium in some markets. However, according to the complementary iVox Survey commissioned by PwC Belgium , it appears that Belgian employers are still offering training on a limited basis. Only 1 in 6 (16%) employers offer training on working with AI. 2 in 5 Belgian white-collar workers say they expect more from their company when it comes to AI training. "AI is already reshaping our labor market today, and growth lies in adaptation and the fundamental ability to acquire new skills, which will be crucial for thriving in tomorrow's job market." says Serafine Vandebuerie, Workforce Partner PwC Belgium.

The economic opportunities for workers are clear: white-collar workers who can work with AI earn between 6% and 25% more than those who cannot. To learn this, PwC analyzed more than half a billion job ads from 15 countries in their first PwC AI Jobs Barometer. The wage premium was determined in the five major labor markets for which wage data are available (US, UK, Canada, Australia and Singapore). 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.

The report finds that for every job posting requiring AI specialist skills (like machine learning) in 2012, there are now seven job postings. 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.

In addition, the AI Jobs Barometer shows that sectors most exposed to AI - financial services, information technology and professional services - have nearly five times (4.8x) higher growth in labour productivity than sectors less exposed to AI. 

AI penetration is accelerating, particularly in knowledge work sectors 

Demand for AI related jobs in Belgium has increased slightly across all sectors.The study finds that knowledge work sectors are seeing the most rapid growth in the share of roles requiring AI skills. Globally, 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). In general, the study shows that sectors most exposed to AI have nearly five times (4.8x) higher growth in labor productivity than sectors less exposed to AI.

Increased need for new skills but lack of AI training

The AI revolution is changing what employers need. Employers are demanding new skills for the AI age. In jobs exposed to AI, old skills disappear and new skills appear at a 25% higher rate than in occupations not affected by AI. To remain relevant in these occupations, workers will need to demonstrate or acquire new skills. 

According to the iVox survey conducted by PwC in Belgium, it appears that employers are still offering training only to a limited extent. Currently, a quarter of Belgian employees are encouraged by their employers to work with AI. However, only 1 in 6 (16%) employers actually offer training on working with AI. Nearly 3 in 5 Belgian employees (57%) have no idea where they can learn to work with AI, and another 1 in 5 (19%) believe they are not capable of learning to work with AI.

Additionally, 2 in 5 Belgian employees indicate that they expect more from their company regarding AI training. The main reasons currently preventing employees from investing their own time in AI training are: they do not see it as relevant to their job, they do not have the time, or they do not know where or how to pursue further education in this field. Companies, employees, and policymakers share the responsibility to help employees develop the skills they need to succeed in a rapidly changing job market.

Serafine Vandebuerie, People Related Services Partner PwC Belgium , 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. AI will fundamentally change the way companies operate and how they are organized. 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.”

Xavier Verhaeghe, Technology Lead PwC Belgium, 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.”

-ENDS-

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. Link to full report : here. 

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* Online survey conducted by research firm iVOX on behalf of PwC between May 7 and 15, 2024 among 1,000 Belgian white-collar workers, representative by gender, language, age and degree. The maximum margin of error among 1,000 Belgians is 3.02%.

** ‘AI exposed’ means AI can readily be used for some tasks.