Cognitive Computing, Automation, Artificial Intelligence, Neural Networks and Machine Learning Are Likely to Make Thousands of Technology Jobs Redundant.
Naveen Kumar (name changed), a 47-year-old senior project manager at one of India’s top IT services companies, leads a 1200-member team that services a global banking behemoth, writing custom application software and maintaining legacy ones. While cagey about revealing how much he earns, Kumar adds it is ‘more than ₹50 lakh per annum.’ With a three-bedroom apartment in Bangalore, annual family holidays abroad and a luxury car, one would assume he has it made. Kumar, however, says he has never been more afraid of losing his job. “In the past, if I was unhappy with my employer or the annual raise was insufficient, I would just switch jobs. As you move up the ladder, the pyramid of opportunities becomes smaller and increasingly the people deployment and delivery skills that I have excelled at are becoming redundant with automation. When I talk to several other mid to senior rung people, I realise that they also face a similar existential dilemma.”
Naveen is not alone. When news reports recently appeared about Cognizant's plans to lay off6,000 people, the company clarified that this was a part of regular performance reviews but added “this process would result in changes including some employees transitioning out of the company.” Get accustomed to more such news as other IT companies are likely to follow suit. Layoffs or ‘restructuring’ is a reality.
VANISHING JOBS
This story is from the June 18, 2017 edition of Business Today.
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This story is from the June 18, 2017 edition of Business Today.
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