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City Press reports that software robots might see Nedbank possibly do away with 3,000 employees, which would happen through natural attrition and would be offset through the bank’s expected growth rather than through retrenchments.
Nedbank’s chief information officer Fred Swanepoel indicated on Friday: “When we look at the expected implementations and the natural attrition we are going to suffer, we think that there is more than adequate room for us not to have any mass retrenchments on account of robotics. We are looking to have some of that displacement offset in the growth we will receive.” Swanepoel went on to elaborate: “With about 32,000 staff, our natural attrition rate is about 3,000 per year. When we look at a three-year period, we don’t think that robotics will take up more than one year of that natural attrition.” Nedbank has installed 59 software robots and plans to have 200 in place by the end of the year. Swanepoel indicated that Nedbank was spending about R2 billion on technology investments. Nedbank on Friday showcased its first humanoid robot, which it calls Pepper.
- Read this report by Justin Brown in full at Fin24
- Read too, Three truths for gearing up to the fourth industrial revolution, at Fin24
Get other news reports at the SA Labour News home page