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As of August 2024, the global employment landscape is facing significant turbulence, with more than 130,000 employees laid off across nearly 400 companies. Tech giants like Google, IBM, Apple, Amazon, SAP, Meta, and Microsoft have contributed to these staggering figures, indicating a major recalibration within the job market.
According to industry experts, this trend is accelerating as the integration of artificial intelligence (AI) and automation prompts companies to streamline operations. Amidst this upheaval, Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, sheds light on layoffs, workforce reshaping, and the potential for recovery.
Anticipating Future Layoffs
When asked about the potential for more layoffs, Reddy noted that the integration of AI and automation is driving companies to rethink their workforce structures. “In the first half of this year alone, leading businesses have laid off nearly 100,000 employees, and this trend is likely to continue as economic challenges persist,” Reddy told News18.
He explained that while it is difficult to predict the exact number of layoffs by the end of the year, the adoption of AI technologies is reshaping traditional roles, forcing companies to adjust their operations to stay competitive. He said: “[However] The current trajectories suggest these figures are likely to swell further as global economic challenges and headwinds continue to pressure companies to streamline their operations.” This transition underscores the growing need for upskilling and reskilling to equip workers with the competencies required in a technology-driven economy.
India: The Option
The global workforce has experienced a seismic shift, particularly in tech-heavy sectors. Reddy pointed out that global economic factors such as inflation and geopolitical tensions are pressuring companies to shift operations to cost-effective locations like India.
India is rapidly emerging as a critical hub for global operations, particularly through the growth of Global Capability Centres (GCCs). According to Reddy, the country has seen a steady rise in job opportunities and is contributing to a projected 10 per cent increase in hiring within Indian companies. “India hosts approximately 1,600 GCCs, employing a workforce of nearly 1.6 million, with projections suggesting this number could leapfrog to around 2,000 GCCs employing over 2-2.2 million people by 2025,” he added.
The shift is further bolstered by India’s role in the China+1 strategy, which encourages businesses to diversify their supply chains and relocate operations from China. Reddy highlighted that India’s tech ecosystem is thriving, with sectors such as AI, machine learning, and data analytics witnessing significant demand. Meanwhile, the government’s push toward semiconductor manufacturing and R&D is also contributing to job creation, positioning India as a key player in global technology and innovation.
Signs of Recovery
However, despite the challenges posed by layoffs, Reddy expressed optimism about the future of work. “AI is not just replacing jobs but transforming them,” he explained, citing a report from the World Economic Forum (WEF) that predicts AI will disrupt 85 million jobs globally but also create 97 million new roles.
According to him, the pace of recovery varies significantly across geographic regions. For instance, he explained that software engineering roles are shifting toward AI and machine learning specialisations, while data analysts now require advanced predictive modelling skills. Customer service is also evolving, with AI-augmented roles demanding both emotional intelligence and technical know-how.
Additionally, artificial intelligence is creating new job categories, such as prompt engineering, which involves designing precise instructions for AI models and is increasingly in demand across industries.
In regions like India, this shift is gaining momentum, with a focus on upskilling initiatives that bridge the talent gap. The rise of new roles, such as prompt engineering, highlights the dynamic nature of the job market, which increasingly values adaptability and multidisciplinary skills.
As workers adjust to a rapidly evolving job market, Reddy stressed the importance of acquiring new skills and certifications. “Job seekers are leveraging digital platforms, virtual job fairs, and certifications in areas like data analysis and cybersecurity to remain competitive,” he explained.
Many are pursuing online courses and certifications in areas like data analysis, cybersecurity, and digital marketing to remain competitive. Apprenticeships and degree apprenticeships are also becoming key for companies to build strong talent pipelines in a challenging job market.
“A former retail manager, for example, might enrol in a data analysis work integrated learning programme combined with a degree, gaining practical experience with a company while simultaneously acquiring formal qualifications…Such programmes provide a financial lifeway for laid-off workers, offering a steady income stream while they acquire new skills. This financial support can be crucial for those navigating career transitions, alleviating the stress of unemployment and enabling them to focus on their professional development,” Reddy added.
AI, Automation and Human Ingenuity
The adoption of AI and automation has accelerated across industries, fundamentally changing the future of work. Reddy pointed out that while AI can optimise processes and automate routine tasks, it cannot replace human creativity and adaptability.
He said: “As AI adoption in India is projected to reach $28.8 billion by 2025, it’s catalysing a fundamental shift in operational paradigms and job roles across various industries. The government’s substantial investment in AI research and development and initiatives like the Skill India Mission underscores the commitment to cultivating a future-ready workforce.”
Furthermore, Reddy emphasised the importance of upskilling initiatives, particularly for workers in low-skill roles, to ensure they can thrive in an AI-augmented environment.
