When a dedicated Cupid is forced to swap jobs with a despondent Genie, he must complete both assignments on his own to save their jobs and their immortality.

I think you must specify the jobs of the characters rather than the character. Stating Genie and Cupid swapping jobs does not make clear what their job is. You just need to add 'assignment of ..... (E.g, granting a set of 7 dragon balls and making Vegeta love Bulma. Haha) Specifying the jobs will make your dramatic premise and inciting incident clear.

The premise is confusing and it lacks conflict.

What's stopping the cupid from doing his job or the Genie's?

As for the despondent Genie, so what if the Genie isn't working as hard? Why is the Cupid motivated to do both jobs? If they've been forced into a job swap by management and the Genie ain't pulling his weight, then it won't impact the Cupid. It's the Genie that will cop the flack from the boss, or the Cupid can just complain.

Otherwise, the job of a Genie (according to legend) is to stay trapped in a lamp and once freed grant wishes.
How is he going to do both jobs if he's trapped in a lamp? Unless this is a different kind of Genie, or in other words, not a Genie.

I just don't see a story here.

When upper management force a dedicated cupid and a despondent genie to swap jobs for training purposes...

Maybe update the inciting incident to include something about the corporation forcing them. This not only answers the question of who but immediately provides a lot of information about the world in which the film is set.