Everything is cyclical. We repeatedly streamline our jobs, which allow us to do more with less people, but new technologies also require more people as they ramp up.
Your best bet is never to become complacent and try to keep your skills current. I realize that this is a very difficult thing to do when deadlines loom on a daily basis, but it is imperative. From a management point of view, managers owe it to their employees to foster employee growth through training. Stagnant employees are unproductive employees.