Companies Like TCS, Infosys, Wipro May Cut 30 Lakh IT Jobs By 2022 Due To Automation
Pune, 17th June 2021: As automation in the industries is increasing, so is the risk of losing jobs for the employees working in the field of information technology (IT). A recent Bank of America report claims that domestic software companies, which currently employ 16 million people, are ready to lay off three million employees by 2022. This will help them save 100 billion dollars annually.
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According to Nasscom, about 16 million people work in the domestic IT sector, of which about nine million work in low-skilled and BPOs. Of these 9 million low-skilled services and BPOs, by 2022, 30 per cent or about 3 million will lose their jobs, mainly due to robotic process automation or RPA.
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According to the report, companies like TCS, Infosys, Wipro, HCL, Tech Mahindra and Cognizant, and many others are also planning to show the way out to 3 million low-skilled people by 2022 due to RPA up-skilling. The report states that India-based resources cost 25,000 dollars a year and the US resources 50,000 dollars a year. The layoffs will save companies about 100 billion on salary and corporate expenses.
The biggest impact of Skill Disruption will be on India and China. While ASEAN, the Persian Gulf and Japan are at least at risk, Perhaps the most worrying trend is that jobs in emerging markets have the highest risk of automation because of the low / mid-skilled nature of areas such as manufacturing, which Exposes the dangers of premature deindustrialization.
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It must be noted that India saw its manufacturing peak in 2002, while it occurred in Germany in 1970 and in Mexico in 1990.
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