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As per a high profile report that has caused ripples across the IT industry, it has been estimated that the top IT firms in India and globally can fire upto 30 lakh employees in the next few months.
In this time of the pandemic, people are worried about losing their jobs to the low economy and less work, but the fact that automation will be the cause of 30 lakh people losing their jobs is really a worrying thought.
As per a high profile report that has caused ripples across the IT industry, it has been estimated that the top IT firms in India and globally can fire upto 30 lakh employees in the next few months.
These IT firms include TCS, Infosys, Wipro, HCL, Cognizant and others.
Rise in automation has been attributed as the primary reason for this mass firing.
Bank of American has released a report on the job prospects in the IT industry, and the outlook is very grim, atleast for the employees.
As per the report, 30% of the low-end IT jobs can be wiped off, due to the rise in automation.
And every major IT company in India and globally will have to participate in the culling of jobs, in order to save money. It seems its inevitable.
“TCS, Infosys, Wipro, HCL, Tech Mahindra and Cognizant and others appear to be planning for a 3 million reduction in low-skilled roles by 2022 because of RPA up-skilling. Said the report.“
IT and ITeS industry employs roughly 1.6 crore employees in India. Out of this, 9 million are low-end, repetitive sort of jobs that can be automated easily. Hence, as per the findings of the report, 30% of these 9 million jobs are at risk, as early as 2022.
Top IT companies such as TCS, Infosys, Cognizant, Wipro, HCL and others can remove these 30% of the jobs from the low-end IT spectrum, and deploy the Robot Process Automation process or RPA.
The report states that the IT companies can save a direct $100 billion in salaries, in case 30 lakh jobs are removed in the next few months.
Note here, that RPA or Robot Process Automation are bots or software that mimic what an employee manually does, and processes it automatically. RPAs can work 24*7, and one bot can easily do the work of 10 employees.
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