Two of Australia’s most recognisable companies have announced massive job losses, as big businesses embrace technology and slash costs at the expense of human workers.
Announcing a staggering $6.6 billion full-year profit, National Australia Bank (NAB) revealed that around 6,000 jobs would go as the bank continues to take on new technologies.
“What we’re doing is we’re simplifying the bank. And 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 6,000 less people needed in three years’ time,” NAB CEO Andrew Thorburn told a media conference.
“Having said that, we’re hiring 2,000 people with different capabilities: data scientists, AI, robotics, automation, technology people, digital people, so the net will be 4,000 and that’s just a reshaping that’s going to happen.”
It came as Seven West Media’s CEO and managing director Tim Worner said in the company’s AGM that the media company will continue a war on costs, with jobs at the forefront of those cuts.
“We will now deliver a further $25 million of annualised recurring cost savings from headcount reductions, which will commence in the 2018 financial year,” he said.
Taking the latest Bureau of Statistics figures on average weekly earnings of $1,608.40, that could account for some 300 or more job losses this financial year.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.