New Delhi: The global tech industry is going through one of its biggest job crises, as layoffs crossed one lakh employees this year. Many well-known companies are removing thousands of workers as they shift their focus towards artificial intelligence and automation.
Tech giants say the world is entering a new digital phase where AI-powered tools can do jobs faster and cheaper, prompting companies to cut jobs in traditional departments like marketing, customer support, testing, design, and even engineering in favor of hiring specialists with knowledge in AI, machine learning, data engineering, and cloud systems.
The job cuts started slowly last year but became much bigger this year, as companies realised they were spending too much on large teams. At the same time, some firms overhired during the pandemic when online demand was very high. Now, as growth in the world slows, many firms are trying to cut their expenses down.
Employees are uncertain over their future in the United States, Europe, India, and Southeast Asia. Freshers, in particular, have a difficult time because companies are now being choosy during hiring. Many of these youngsters are thinking of pursuing courses in AI and data for job safety.
