As advancements in Artificial Intelligence continue to disrupt various industries, there is growing anxiety among employees about job security. Many fear that their jobs will become redundant and that AI will replace them. To address this issue, Nithin Kamath, CEO of online brokerage firm Zerodha, has tweeted a series of messages outlining the company's stance on AI and job loss.
Kamath began by announcing that Zerodha has created an internal AI policy to provide clarity to its employees. He assured his team that the company will not fire anyone simply because a new technology has made their job redundant. This policy is a step towards building trust and transparency within the organization, and it shows that Zerodha values its employees and their contributions.
Kamath also expressed his views on the impact of AI on society. He acknowledged that AI has the potential to disrupt jobs and exacerbate wealth inequality. He cited the current capitalistic and economic systems as the primary drivers of this inequality. Business leaders prioritize profits over stakeholders, and companies will likely let go of employees and blame it on AI to earn more profits and make shareholders wealthier.
“In today's capitalism, businesses prioritize shareholder value creation above stakeholders like employees, customers, vendors, the country, & the planet. Markets incentivize business leaders to prioritize profits over everything else; if not, shareholders vote them out,” the billionaire tweeted.
He added: “Many companies will likely let go of employees and blame it on AI. In the process, companies will earn more and make their shareholders wealthier, worsening wealth inequality. This isn't a good outcome for humanity.”
Kamath recognized that it will take a few years to see the real impact of AI on humanity. He also noted that it is unlikely that humans will be able to compete with intelligent machines in many walks of life. As a result, businesses that have financial freedom should give their teams that helped build the business time to adapt.
Read: Nithin Kamath reveals how he built Zerodha from scratch
He also shared a portrait of famous painter Leonardo da Vinci that he created in just seconds using AI: “It is unlikely that humans will be able to compete with intelligent machines in many walks of life. I have never done digital art, but it took me a few seconds to create this image of a CEO being replaced by an intelligent machine in the style of Da Vinci.”
Finally, Kamath acknowledged that his message may “sound weird” coming from the CEO of a broking firm. However, his views reflect a growing concern about the impact of AI on society, and they underscore the need for companies to be more transparent about their AI policies and how they plan to manage the impact on their employees.
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