A growing number of leaders at large Dutch companies predict that artificial intelligence (AI) will take away their jobs. A survey of 261 executives by ING found that 25% are now confident that will happen, up from 19% and 6% in the past two years.
On average, executives expect 25% of existing roles to change, the bank reported. The IT sector is expected to be the most affected, followed by research and development and sales.
Management does not expect AI to reduce its workforce by 25%. “Recruitment remains a key focus for executives as new roles are created,” explains Mark Milders, Director of Wholesale Banking at ING Netherlands. “AI takes over repetitive tasks so employees can spend more time creating value for the company.”
Milders is hoping for a similar effect at ING. “By removing many of the day-to-day administrative tasks, employees have more time to focus on creating value for business customers.”
In October, ING revealed plans to cut up to 950 positions in the Netherlands by the end of next year, with some roles being replaced by AI. This figure is based on projections submitted to the Dutch Employment Insurance Agency (UWV).
Milders predicts that by 2026, the rapid pace of AI development will have an increasing impact on the way Dutch companies operate and invest. “It will bring about a lot of changes, it will have a huge impact on business processes and it will change the distribution of roles across the labor market.”
Almost 75% of managers expect to recoup their AI investment within the next two years.
