Kunal Shah, the Founder and CEO of fintech unicorn CRED, has added his voice to the growing concern over the impact of artificial intelligence (AI) on employment. Speaking at the Global Fintech Fest 2023, Shah cautioned that AI could render 90% of current jobs irrelevant within the next 10 years. This assertion has ignited discussions within the industry about the urgency of upskilling and preparing the workforce for the AI revolution.
The Looming Threat of AI:
Shah's warning highlights the accelerating pace of technological change and its potential consequences. While AI promises efficiency and innovation, it also poses a significant challenge to the job market. The automation of tasks, machine learning, and AI-driven systems can replace human roles, especially those involving routine or repetitive functions.
The Upskilling Dilemma:
The concept of upskilling, or acquiring new skills to adapt to evolving job requirements, has been advocated as a potential solution to mitigate job losses due to AI. However, Shah raises a critical point: the pace of technological advancement may outstrip the ability of individuals to upskill rapidly. Even with the best intentions and access to educational resources, keeping up with AI's rapid developments could prove exceptionally challenging for the average worker.
The Curiosity Factor:
Shah emphasizes that individuals with a natural curiosity and a propensity for continuous learning may fare better in this shifting job landscape. These "compounding" individuals, as he calls them, possess a unique ability to adapt and acquire new skills. However, he acknowledges that not everyone falls into this category, leaving the majority of the workforce potentially vulnerable.
Industry Response:
The conversation around AI-induced job displacement has been gaining momentum in India Inc. Leaders like Nithin Kamath, Founder of Zerodha, have stressed the importance of investing in upskilling to ensure employees remain relevant amidst rapid technological advancements. However, Shah's comments underscore the urgency of addressing this issue comprehensively.
Kunal Shah's stark warning about AI's potential to disrupt the job market serves as a call to action for businesses, policymakers, and individuals alike. As AI continues to advance, preparing the workforce for the future of work becomes an imperative. The debate on how to navigate this evolving landscape will likely intensify, with a growing focus on strategies to ensure that AI benefits society while minimizing its negative impact on employment.
