AI skills can boost workers’ wages by up to 40%, study says

A new study published by the Oxford Internet Institute (OII) found that AI skills and knowledge can increase an employee’s salary by up to 40%.

The study, which looked at more than 1,000 different skills and 25,000 workers, found that AI-related knowledge in topics such as machine learning and data science increased the potential wages workers earned.

However, the findings also examined the relationship between the value of a skill and the likelihood of its combination with other skill sets that a worker possesses. Skills such as data science were found to be more valuable than photo retouching, as knowledge of data science was more likely to be combined with other high-value skill sets.

Dr. Fabian Stephany, co-author of this study and research lecturer in AI at the OII, spoke to Verdict about what this study means for the future impact of artificial intelligence in the workplace.

When asked about the potential for AI to replace human workers entirely, Stephanie was adamant that AI would augment work rather than replace humans.

“This [study] is a piece of evidence that suggests AI is not replacing humans on a massive scale, but it will actually be very profitable for humans to work with AI,” he said.

While AI wouldn’t completely automate work, Stephany said it would instead lead to widespread reskilling of workers. Skills like machine learning, what Stephany described as the “backbone” expertise for artificial intelligence, are now being used in fields outside of IT or academia. Instead, legal or design workers were now increasingly required to understand artificial intelligence.

“Right now,” Stephany concluded, “we don’t see any indication that artificial intelligence will lead to the automation of half the workforce.”

However, while AI may not replace workers, businesses looking for AI talent could soon face hiring difficulties. About 15% of businesses responded that they had already implemented artificial intelligence in their work in a 2023 GlobalData survey.

FujitsuCTO Vivek Mahajan recently spoke about a future “critical talentThis could be addressed in the context of AI due to its increasing ubiquity outside of traditional IT roles, after his company faced difficulties recruiting workers with AI skills.

Citing the sudden AI and “[speedy]With growth alongside the high requirements workers need to acquire AI skills (such as higher education), Mahajan said AI could soon face a severe shortage of talented workers.

The study of Dr. Stephanie, What is the price of a skill? The value of complementarityit can be found here.

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