Businesses are willing to pay more to hire people with the right AI skills

New data has revealed that four in five (83%) UK businesses are prepared to pay a higher wage to those with AI skills amid ongoing hiring challenges as the world continues to battle with a post-pandemic skills shortage.

Fiverr’s UK Future Workforce Index 2024 report found businesses are willing to pay on average a 45% higher wage for candidates with the right AI skills, citing these as the most desirable.

The report also reveals a move away from full-time employment, with the majority (93%) looking for freelancers and self-employed workers.

AI skills are in hot demand

The report, which surveyed 2,200 workers, decision-makers, and freelancers, shows that traditional full-time workers now make up just 55% of the workforce of the average UK company, marking a steady 5% decrease compared with the same study last year.

While AI content creation (35%) and ChatGPT (32%) continue to be desirable skills, companies are beginning to look for more detailed knowledge, such as the ability to build AI chatbots (29%).

The need for more savvy workers is clear, but nearly half (48%) of UK decision-makers cited low-skilled talent as their main hiring barrier, highlighting the need for financial incentives to attract skilled workforce. Prospective employees are also increasingly hard to please, seeking greater flexibility (45%) and shorter working weeks (39%) after having a taste of pandemic-induced remote work.

Fiverr International Expansion Leader Bukki Adedapo commented: “We are seeing more and more businesses turning to highly skilled ‘solopreneurs’ who are upskilling at a faster rate.”

The findings tie in with a seperate report by BCS which highlights funding challenges as a barrier to hiring efforts. Two-thirds of businesses find digital apprenticeships effective in addressing the skills gap, however they need better financial incentives to make them work.

In light of the upcoming general election, MD of Learning and Development at BCS, The Chartered Institute for IT, Lucy Ireland, added: “The next government has a generational opportunity to prevent significant digital skills shortages and drive forward technological innovation.”