THE FUTURE IS HERE

4,000 Jobs Lost — Are You Next?

This morning’s news suddenly made my coffee taste bitter. It’s not as if I didn’t expect it — I’ve listened to the debates, watched the TED Talks, and read the predictions. But today, it’s no longer just a futuristic warning — it’s reality.

Singapore’s largest bank, DBS, has announced that 4,000 roles will be cut over the next three years and replaced by AI. DBS isn’t simply making vague projections; it shares how AI will transform operations.

AI: The Double-Edged Sword

For years, we’ve been told that technology opens new opportunities. But at what cost?

As Seth Godin put it, “AI will soon stop being a feature, the same way electricity is not a feature.”

This highlights something important: technology isn’t just changing how we do things; it’s shaking up whole industries. The change is big, and it’s happening everywhere.

Healthcare benefits from AI’s precision, diagnosing diseases faster than doctors (Grewal et al., 2024). Marketing evolves as AI predicts trends and automates personalised advertising (Huang and Rust, 2022). In construction, robotics make job sites safer by handling high-risk tasks (Grewal et al., 2024).

But for every job, AI creates, it eliminates many more. Call centres are vanishing, replaced by chatbots. Retail checkout lanes are increasingly self-service. Even the arts aren’t immune — AI-generated music, paintings, and novels are flooding the market. According to Bankins and Formosa (2023), AI makes some jobs more efficient while stripping others of creativity and autonomy.

What AI Can’t Replace

Yet, despite its capabilities, AI has its limits. In luxury retail, for instance, the power of a personal connection remains irreplaceable. Companies like LVMH have integrated AI into customer service and supply chain operations. However, they still depend on skilled professionals to build relationships, interpret cultural nuances, and provide tailored experiences — elements AI struggles to replicate (Grewal et al., 2024).

Similarly, industries rooted in human empathy — such as counselling, healthcare, and leadership — resist automation. AI can assist in mental health support, offering pre-programmed responses. Still, it cannot read between the lines or provide a genuine understanding. It can generate a marketing strategy but can’t understand the subtleties of human aspiration and desire.

Adapting to the Inevitable

We are in a race not against AI but alongside it. The key to surviving this transformation is adaptability. The future workforce needs skills AI cannot easily replicate: critical thinking, emotional intelligence, and creativity.

Governments and businesses must take responsibility and invest in reskilling rather than simply replacing workers with algorithms. Policies must encourage lifelong learning and adaptability, ensuring AI empowers rather than displaces us. If done right, AI can be a tool for progress, not destruction.

The Future is What We Make It

The reality is undeniable — AI is here to stay. The challenge isn’t to resist change but to harness it. The future of work isn’t about humans competing with AI; it’s about leveraging it. Those who adapt, innovate, and upskill will thrive.

References:

Grewal, D., Guha, A., and Becker, M. (2024) ‘AI is changing the world: For better or for worse?’, Journal of Macromarketing, 44(4), pp. 870–882. Available at: DOI: 10.1177/02761467241254450 (Accessed: 2024).
Kumar, V., Ashraf, A. R., and Nadeem, W. (2024) ‘AI-powered marketing: What, where, and how?’, International Journal of Information Management, 77, p. 102783. Available at: DOI: 10.1016/j.ijinfomgt.2024.102783(Accessed: 9 April 2024).
Godin, S. (2024) ‘Seth Godin’s best tactics for building remarkable products, strategies, brands and more’, Lenny’s Podcast, 8 December. Available at: https://www.lennysnewsletter.com/p/seth-godins-tactics-for-building-remarkable-products (Accessed: 25 February 2025).