Nithin Kamath, the CEO of Zerodha, has long been known for his insightful thoughts and distinctive perspectives on technology, business, and society. In a series of recent tweets, he discussed a pressing issue that resonates across industries and countries – the impact of Artificial Intelligence (AI) on jobs and society.
In his latest tweet, Kamath elucidated the profound potential of AI in transforming job roles and industries. He shared that a mere 30-minute integration of the commoditised ChatGPT yielded tangible benefits and made it evident that more than 20% of jobs could be automated. The ease and speed of this integration raise questions about the future of work in an increasingly AI-dominated era.
Kamath’s sentiments echo a prevailing concern in our society: What would more intelligent tools lead to? While the integration of AI promises efficiency and innovation, it also poses a threat to job security, igniting anxieties about job loss and social disruption.
In 2021, Kamath had expressed skepticism about the practical use cases of AI, highlighting that many companies were making AI-related claims without any real AI involvement. However, his recent tweets indicate a shift in perspective. With recent breakthroughs in AI, he acknowledges the potential of AI to take away jobs and cause societal disruption.
An internal AI policy has been implemented at Zerodha, aimed at alleviating the AI/job loss anxiety within the team. In a firm stance, Kamath assured, “We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant.”
This policy reflects a compassionate approach to the integration of AI. Despite the efficiencies and cost savings that AI brings, Zerodha commits to prioritising its employees over pure profit. Kamath is critical of the capitalist system, where businesses often prioritise shareholder value over stakeholders such as employees, customers, vendors, and the environment.
Kamath notes the danger of businesses using AI as an excuse to let go of employees, thereby exacerbating wealth inequality. He calls on businesses that can afford to do so to give their employees time to adapt to new technologies.
His critique extends to the global stage, expressing concern that governments worldwide might not implement necessary guardrails due to deglobalisation rhetoric. He questions whether any country would willingly sit idle while another gains power on the back of AI.
The Zerodha CEO’s reflections highlight the complex interplay between AI, capitalism, and the workforce. His approach is an example of thoughtful leadership in the age of AI – recognising its disruptive potential while striving to mitigate its adverse effects on human livelihoods.
As Kamath states, “It’ll take a few years for us to see the real impact of AI on humanity.” The full extent of AI’s influence remains uncertain. Yet, it is clear that CEOs and companies must navigate this era of automation with care, balancing innovation with the imperative to protect and value their human workforce.
