AI Leading To A Lot Of Layoffs!

Artificial Intelligence came into existence to make people's lives easier. But it is ending up creating problems for mankind and its livelihoods. A lot of tech and IT companies are resorting to mass layoffs all over the country. It is not just the small companies but well-known organizations like UPS, Cisco, Snapchat and others.

The reason of all these layoffs across the companies is mainly due to Artificial Intelligence. Cisco highlighted that they are laying off 4250 employees. UPS are laying off 12000 employees. The officials claim that none of the roles are going to comeback even if the business is strong. Instead of employing people who are prone to errors, machine learning algorithms are doing these jobs.

Also, the companies are keen on investing more into AI. Google's CEO himself that it is important to refocus and reprioritise various aspects in the company. During the pandemic, a lot of companies have recruited more people than required because the interest rates for low, more money was available in the market and everybody were looking for the tech talent at that time.

As per Challender, “There are probably more jobs in the economy that are being cut because of AI already than are getting attributed to that or announced. Every time a company mentions it, they get headlines across every news outlet for like a month. They would rather go under the radar most of the time.”

There are some positive signs as well. Due to this, interest rates in Indian have stabilized and will go down by May and June. This leads to consumer expenditure increases and this leads to more business to companies. Another positive thing is that learning AI tools leads to more productivity. Though the lay off are going to happen it may come down in the coming days. There are some positives as well as negatives. So, the employees need to change themselves according to the changing scenario.