Paytm layoffs: Over 1000 employees fired; company cites AI benefits as the big reason
[ad_1]
Paytm layoffs: Just a day after reports suggested Google may fire as many as 30000 employees due to AI rendering those jobs useless, Paytm's parent company One97 Communication has given the pink slip to more than 1000 employees across different departments as a cost-cutting measure. As per reports, the Paytm layoffs took place over the last few months. One of the major reasons that enabled the company to restructure its workforce was the advancement in artificial intelligence (AI), which led to some positions being regarded as surplus to the needs of the company.According to a report by the Economic Times, which was the first to highlight the development, the move will reduce the overall workforce of Paytm by 10 percent. The cost-cutting strategy was taken after the company left ...