Cover Story: Most business leaders are in the dark about the impact of automation on staff - Which-50

Last week NAB kicked off its latest wave of job cuts billed as part of a restructure to "simplify" the bank. It's part of a three-year plan announced in 2017 to axe 6000 jobs while adding 2000 new technology roles. "As we simplify, we automate processes and things move to digital channels, we will need less people and as that happens we estimate that there will be 6000 less people needed in three years' time," NAB CEO Andrew Thorburn explained when announcing the cuts late last year. "Having said that, we're hiring 2000 people with different capabilities: data scientists, AI, robotics, automation, technology people, digital people, so the net [job loss] will be 4000 and that's just a reshaping that's going to happen." As machines learn how to perform tasks that would otherwise be done by humans, businesses will find themselves needing fewer staff to complete the same amount of work.