Directors of large companies concerned: ‘AI will replace employees’

More and more directors of large Dutch companies expect artificial intelligence to replace jobs. This emerged from ING’s annual CEO survey among 263 large Dutch companies.

Directors are concerned about the speed at which AI is developing. “This is a technology that is developing so quickly that it is difficult to keep up,” says ING division director Mark Milders. Directors fear that if they cannot keep up, they will lag behind other companies.

Last year, only 6 percent of top executives thought AI would replace jobs. Now it is 19 percent. This is especially the case in IT and customer departments, according to the expectations of managers.

“Last year you saw that people thought: where is this going? Now you increasingly see that there are examples of practical applicability in their private and business lives,” says Milders.

There are already companies that have replaced employees with AI. For example, tech company Bird from Amsterdam, which fired 90 of its 450 employees earlier this year because it needed fewer staff due to AI. It also happens at payment company Klarna. They hardly hire new people there anymore.

The ING research also shows that top executives are looking positively at next year. A large majority is optimistic about the consequences of Trump’s new presidency in the United States. However, there are concerns about inflation and a possible trade war.