The correct approach to reducing or eliminating toil, as recommended by Google's SRE principles, is through automation. This strategy effectively frees up SRE team members to focus on more valuable engineering work. Other options, such as onboarding more team members or reassigning tasks, do not directly address the root cause of repetitive interruptions and thus are not as effective in reducing toil. For more details, refer to Google's SRE principles on identifying and tracking toil and eliminating toil.