New research busts 6 AI myths: Artificial | Australian Markets

Despite widespread fears that artificial intelligence might automate jobs and cut staff’ wages, AI truly makes people “more valuable, not less”, new research by skilled companies firm PwC has discovered.

(*6*) PwC international chief AI officer Joe Atkinson stated.

“The reality is that the tech innovation is moving really, really fast. It’s moving at a pace that we’ve never seen in a tech innovation before.

“What the report suggests, actually, is AI is creating jobs.”

In reality, each jobs and wages are growing in “virtually every” AI-exposed occupation — or jobs which have duties the place the technology can be utilized — together with these which are probably the most automatable, similar to customer support employees or software program coders, in keeping with the 2025 AI Jobs Barometer report.

“We know that every time we have an industrial revolution, there are more jobs created than lost. The challenge is that the skills workers need for the new jobs can be quite different,” stated Carol Stubbings, PwC UK’s international chief business officer, within the report.

“So the challenge, we believe, is not that there won’t be jobs. It’s that workers need to be prepared to take them.”

The report, which analysed more than 800 million job advertisements and hundreds of company financial stories throughout six continents, challenged six common myths about AI’s influence:

1. Productivity

Myth: AI has not but had a important influence on productiveness.

However, the report discovered that since 2022, productiveness growth in industries “best positioned to adopt AI” has almost quadrupled, whereas falling barely in industries “least exposed” to AI, similar to bodily remedy.

Notably, the industries which are probably the most uncovered to AI, similar to software program publishing, confirmed 3 times increased growth in income per worker, in keeping with PwC’s information.

2. Wages

Myth: AI can have a unfavorable influence on employees’ wages and bargaining energy.

PwC’s information confirmed that the wages of employees with AI abilities are on average 56 per cent increased in comparison with employees with out these abilities in the identical occupation, up from 25 per cent final yr. In addition, wages are rising twice as fast in industries which are probably the most uncovered to AI in comparison with the industries least uncovered.

3. Job numbers

Myth: AI could result in a lower in job numbers.

The report discovered that whereas occupations with decrease publicity to AI noticed robust job growth at 65 per cent between 2019 and 2024, growth remained strong — albeit slower — even in occupations more uncovered to the technology (38 per cent).

4. Inequality

Myth: AI could exacerbate inequalities in alternatives and wages for employees.

Contrary to fears that AI will worsen inequality, the report findings show that wages and employment are rising for jobs which are augmentable and automatable by the technology.

The report famous that employer demand for formal levels is declining quicker in AI-exposed jobs, creating broader alternatives “for millions”.

5. Skills

Myth: AI could “deskill” jobs that it automates.

The report discovered that as a substitute, AI can enrich automatable jobs by liberating up staff from tedious duties to apply more complicated abilities and decision-making. For instance, information entry clerks can evolve into a “higher value” position similar to information analysts, in keeping with PwC.

6. Automation

Myth: AI could devalue jobs that it extremely automates.

The information reveals that not solely are wages rising for jobs which are extremely automatable, however the technology can be reshaping these jobs to develop into more “complex and creative”, and in the end, make people more helpful.

Could ‘gentler’ job growth be useful?

The examine gives one other perspective: In a world the place many international locations have declining working-age populations, softening job growth in AI-exposed occupations might even “be helpful” and benefit such international locations.

The productiveness enhance by AI can truly create a “multiplier effect” on the obtainable workforce and fulfill the gaps that firms won’t have been capable of be fill in any other case, in addition to growth for companies, Mr Atkinson stated.

“It’s a prediction supported already by the productivity data we’re seeing,” he added. “I think it could absolutely and will be a good thing.”

Ultimately, the examine takes the stance that AI needs to be handled “as a growth strategy, not just an efficiency strategy”. Rather than utilizing the technology to cut prices on headcount, firms ought to help their staff adapt and work collectively to create new alternatives, declare new markets and income streams.

“It is critical to avoid the trap of low ambition. Instead of limiting our focus to automating yesterday’s jobs, let’s create the new jobs and industries of the future,” the report stated.

“AI, if used with imagination, could spark a flowering of new jobs and new business models. For example, two-thirds of jobs in the US today did not exist in 1940, and many of these new jobs were enabled by advances in technology,” the report added.

CNBC