The workforce versus the machine age

STANDARD Chartered group chief executive officer Bill Winters’ recent remark that the lender would replace “lower- value human capital” with artificial intelligence (AI) may not have landed well from a public relations standpoint, but it does reflect the reality the world is facing today.

While Winters has softened the blow and offered reassurance to staff, the bank reportedly still plans to cut some 7,000 to 8,000 jobs out of its 80,000-strong global workforce by 2030.

Notwithstanding Winters’ choice of words, the lender will certainly not be the first to replace certain roles with AI in a big way.

Globally, AI is not only threatening junior or administrative roles – executive positions across higher-income professions in finance, law, consulting, and software engineering are also increasingly exposed to automation.

Outside banking, Meta Platforms Inc this week says it has told thousands of employees that they’re being laid off, following an earlier restructuring plan aimed at bringing down costs while investing more heavily in AI.

All of this reflects the reality and practicality of AI – it is no longer theoretical and is already drastically reshaping how companies allocate capital, structure teams, and yes, how they define employee value, however subjective it may be.

And its impact is only set to grow in the years ahead.

That said, while many routine jobs are often labelled “lower value” in terms of knowledge and skills, some still require what only humans can provide – at least for now – things like empathy, institutional memory, and adaptability.

Additionally, while AI may outperform humans in processing large volumes of information and data, at the moment, it still cannot wholly provide emotional intelligence, leadership, and nuanced decision- making.

Whatever the framing, categorising workers as “low-value” or “high-value” is increasingly unhelpful, given how blurred that line is becoming.

The point is AI is here, and it’s here to stay.

As a result, some roles – routine or otherwise – will have to evolve, while some will just eventually become redundant.

Winters’ comments may have sounded harsh, but they capture a reality many people are already grappling with.

One thing’s for sure: The workforce of the future will not only compete with other humans, but also with machines and systems that are rapidly becoming cheaper – and increasingly capable.