According to Kunal Shah, founder and CEO of financial unicorn CRED, around 90% of employees would lose their jobs as a result of artificial intelligence over the course of the next ten years. Such comments from industry leaders have sparked discussion across the industry regarding the potential impact of AI on employment.
In an interview with CNBC-TV18 at the Global Fintech Fest 2023, Shah said, “We are not aware of the risk posed by AI. I can say with confidence that 90% of people who have jobs right now may not have their jobs relevant in 10 years.”
While others contend that upskilling can keep jobs, according to Shah, individuals cannot upskill at such a rapid pace. He said, “The time to upskill is going to be a real challenge. Unless you are a very curious compounding person, everyone’s job is at risk.”
The conversations around AI replacing jobs were sparked after the release of OpenAI’s AI chatbot ChatGPT, which is based on its LLMs GPT-3.5 and GPT-4. According to a recent report from IBM, almost 40% of workers or 1.4 billion of the 3.4 billion people in the global labor force will need to reskill over the next three years as a result of automation and artificial intelligence.
Recently, the CEO of an Indian startup called Dukaan received criticism after replacing almost all of its staff with AI. According to a tweet from Co-founder and CEO Sumit Shah, the enterprise ecommerce startup has replaced 90% of its support workers with an AI chatbot.