AI’s rapid rise intensifies fears over job security

Concerns over job security are rising as artificial intelligence rapidly reshapes workplaces across industries. “You know what you are, but you do not know what you may be,” — William Shakespeare. The quote reflects the growing uncertainty many professionals feel today. The debate gained momentum after Matt Shumer’s “Something Big is Happening” went viral, prompting employees, especially millennials in IT and services, to question the future of their job roles.

A recent case highlights how AI is influencing job conversations. An Indian industrialist hired a global tech firm to build an AI dashboard and a customised GPT model. After months of development, he asked, “Ask the system where I am losing money—where exactly is the company burning cash?” The AI identified that crores were being wasted on unused dustbins across hundreds of offices. The finding was verified as accurate. The episode underscored how AI can detect inefficiencies that humans often overlook, raising concerns about how many routine oversight-based job functions could be automated.

The issue was widely discussed at the AI Impact Summit in Delhi, where PM Modi appeared alongside Sundar Pichai and Sam Altman and a robot from Galgotia University drew attention. In the finance sector, the link between AI and job impact is becoming visible. Axis Bank’s staff count has gradually declined due to technology-led efficiency gains. Bajaj Finance is expanding AI deployment, with systems handling millions of calls and disbursing loans worth Rs 1,600 crore. UPI and digital payments have reduced footfall at public sector bank branches. In insurance, AI now manages underwriting analysis, claims processing and document verification in seconds. A senior banker remarked, “If I get a robot, it’s perfect,” reflecting how productivity gains may influence future job structures. At the same time, new job opportunities are emerging in technology, analytics and wealth management, similar to how ATMs once changed banking roles rather than eliminating them entirely.

CFOs are increasingly adopting AI-driven dashboards and cloud ERP systems to monitor costs, risks and supply chains. The focus is on efficiency and margin improvement, but concerns remain around data privacy, fraud, identity theft, costs and return on investment. Generative AI tools are expensive and job decisions ultimately depend on financial outcomes. While many benefits currently accrue to large American technology firms, countries like India remain major adopters. AI is set to redefine productivity and reshape many job categories. As Henry David Thoreau observed, “Men have become the tools of their tools.” For many workers, that reflection now feels directly linked to the future of their job.