Mohandas Pai, the former chief financial officer of Infosys, created a flutter last week when he said the Indian information technology industry could be staring at 30,000-40,000 mid-level job losses. In fact, this will become a regular phenomenon in line with the maturing of the industry. Pai, who is currently chairman of Manipal Global Education Services, is bang on, as it’s inevitable that people who are not adding value to the salary they get will have to look elsewhere as companies will have no option but to periodically reset their pyramids, and shed people.
Technological unemployment is a term one has to be ready for at a time when technological progress will increasingly have deep consequences for skills, wages and jobs. So repetitive coding jobs, for example, would be increasingly irrelevant in many IT companies. Unfortunately, humans and organisations aren’t keeping up with the pace of technology. For example, the computer processor doubles in power every 18 months, 10 times greater every five years. Faster, cheaper computers and more “intelligent” software are giving machines capabilities that were once thought to be distinctively human-like — understanding speech, translating from one language to another and recognising patterns.
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Mohandas Pai, the former chief financial officer of Infosys, created a flutter last week when he said the Indian information technology industry could be staring at 30,000-40,000 mid-level job losses. In fact, this will become a regular phenomenon in line with the maturing of the industry. Pai, who is currently chairman of Manipal Global Education Services, is bang on, as it’s inevitable that people who are not adding value to the salary they get will have to look elsewhere as companies will have no option but to periodically reset their pyramids, and shed people. Technological unemployment is a term one has to be ready for at a time when technological progress will increasingly have deep consequences for skills, wages and jobs. So repetitive coding jobs, for example, would be increasingly irrelevant in many IT companies. Unfortunately, humans and organisations aren’t keeping up with the pace of technology. For example, the computer processor doubles in power every 18 months, 10 times greater every five years. Faster, cheaper computers and more “intelligent” software are giving machines capabilities that were once thought to be distinctively human-like — understanding speech, translating from one language to another and recognising patterns.