People with artificial intelligence (AI) skills can significantly increase their salaries with a potential increase as high as 40%, according to a recent study by researchers from the Oxford Internet Institute and the Centre for Social Data Science at the University of Copenhagen.
The study examined 962 skills and surveyed 25,000 workers to uncover that the economic value of a skill is determined by how well it can be integrated with other competencies, a concept termed “complementarity.”
The proliferation of AI and other novel technologies plays a pivotal role in shaping the value of skills. Programming languages and data science were identified as among the most valuable.
TOP FIVE AI SKILLS THAT CONTRIBUTED THE MOST TO A WORKER’S ECONOMIC VALUE
Machine Learning (+40%)
Tensor Flow (+38%)
Deep Learning (+27%)
Natural Language Processing (+19%)
Data Science (+17%)
Dr. Fabian Stephany from the Oxford Internet Institute commented on the findings, emphasizing the interconnected nature of skills in the workforce. He stated, “Our findings have profound implications for individuals, businesses, and policymakers. By recognizing the value of complementarity, we can better guide workers on their individual reskilling journeys in times of technological change.”
The study underscores that the higher a skill’s potential to combine with others, the greater its intrinsic value. Skills like data analytics are highly prized because they can be seamlessly integrated with other high-value competencies. Conversely, skills with limited compatibility, such as photo retouching, were found to have a lower value in the job market.
The research, published in the journal Research Policy, was based on data collected from nearly 50,000 freelance projects posted on online labour platforms in the United States between 2014 and 2022. The study created a network of skills, mapping their value in terms of US dollars and their interrelatedness to one another.
