Nitin Kamath, the Founder & CEO of Indian broking firm Zerodha, has announced the company's new AI policy on his official Twitter handle. The policy aims to alleviate job loss anxiety among the team and prevent the disruption of society caused by the rapid adoption of AI.
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:
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." 1/8Under the new policy, Zerodha will not fire any team members just because a new piece of technology has made their earlier job redundant. This decision was made in light of recent breakthroughs in AI and the recognition that AI has the potential to take away jobs and accelerate inequality.
Dr K, a member of the Zerodha team, has warned that while AI may not wake up and kill us all, the current capitalist and economic systems will rapidly adopt AI, accelerating inequality and loss of human agency. This is the immediate risk, and Zerodha's new policy seeks to address this concern by prioritizing the welfare of its team members over profits.
Nitin Kamath has expressed concern that many companies will blame job losses on AI to earn more profits and make their shareholders wealthier, worsening wealth inequality. This outcome is not beneficial for humanity, and he hopes that other businesses will follow Zerodha's lead in providing their teams with time to adapt to new technologies.
Kamath acknowledges that it may take a few years for the real impact of AI on humanity to be seen. However, businesses with financial freedom should prioritize their teams' welfare and give them time to adapt.
Overall, Zerodha's new AI policy is a welcome development that puts the welfare of its team members ahead of profits. As AI continues to advance, it is essential that other businesses follow suit to prevent the disruption of society and the acceleration of wealth inequality.
You can read the series of eight tweets made by Nithin Kamath below
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:
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." 1/8Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
