Paytm Fires 1000 As Part Of Cost-Cutting, Resort Automation

Automation of jobs and AI onslaught have been obviously killing off jobs despite many claims that the human workforce will not be replaced. The recent instances companies both giants and startups have been found firing employees following the company’s enhanced automation drive. In another job cut drive, the Paytm has undertaken a job reduction drive, laying off 1000 employees. The layoff marks one of the biggest in the company”s history. The reason for the latest layoff from the company is said to have been the result of the company’s decision to resort to artificial intelligence-led automation for cost cuts and efficiency.

According to reports from the Economic Times, Paytm is looking for ways to reduce the workforce to cut the expenditure. The firm hence possibly cut more jobs in future too. A total of 10 % of the workforce is expected to be affected by the latest big job cut by the Indian tech firm. The lending business section of the company is said to have been mostly affected by the latest job cut.

In response to a query from the Economic Times, the Paytm spokesperson said that the company wants to save 10 to 15 % of staff budgets in the current fiscal year. His comments about replacing the human workforce with artificial intelligence-led automation further heightened the worries of AI taking over jobs across industries. The spokesperson also said that the company is changing its operation with AI automation to avoid repetitive tasks and to enhance efficiency.

Business Today reported citing a source that by the end of the current fiscal year, the company might have achieved a 10/15 percentage cut in employee cost.

However, many companies in recent times have taken on job cut drive by adopting AI-powered automation. The report suggested the potential firing of 30,0000 employees by the tech giant Google. Paytm’s decision follows the same trend