Technology jobs are facing a hit due to mass layoffs and automation, due to which hiring has slowed down. What can companies do to cope with this?

We are not seeing any mass layoffs but reduced hiring. In India they still have 12/15% attrition, a sign that plenty of jobs are available. Companies in tech have increased utilisation by over 10% over the last three years. This has slowed down new hiring. Companies need to relook at their portfolio and reorient their sales and delivery.