However, the 43-year-old CEO cautioned against the harm AI could pose to society
Zerodha founder and CEO Nithin Kamath assured its employees that the company would not lay off a single staff because of AI (artificial intelligence).
In a long thread of tweets, the Zerodha person clarified the company created an internal AI policy to provide clarity to its workers. The policy has endorsed that the company will not replace human labour with the latest technology.
The assurance came at a time when employees around the world are living under the threat of losing jobs because of the rise of AI.
"We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant," he wrote.
We’ve just created an internal AI policy @zerodhaonline to give clarity to the team, given the AI/job loss anxiety. This is our stance:— Nithin Kamath (@Nithin0dha) May 12, 2023
"We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant." 1/8
However, the 43-year-old CEO cautioned against the harm AI could pose to society. Quoting someone called DR K, he wrote that AI would not wake up and kill everyone by itself. The capitalistic and economic system would adopt the technology to accelerate inequality and loss of human agencies. He termed it a threat.
“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,” he wrote.
“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,” he further added.
The tweets came at a time when multiple industry experts raised their concerns over job loss by AI. Prior to Kamath, Sridhar Vembu, the founder and CEO of Zoho Corp raised his concerns. Addressing the press at one of its events at Tenkasi, the founder stated that AI could pose a threat to programmers' jobs. He cited one report by Goldman Sachs, stating that nearly 300 million jobs are on the verge of risk