Two years after the Indian Institute of Management Ahmedabad tinkered with its placement process to make it better, the Indian Institute of Management Calcutta has followed suit.
IIM Calcutta has decided to introduce a functional preferences system for its summer placements, shifting from spot offer system to multiple offer system.
Its summer placements begin November 5.
The new system, will allow students to appear for interviews even after they secure a job offer from other firms. This implies, students can appear for multiple job interviews on the same day and have multiple job offers too and choose the best. So, even if a student secures offer from a firm, he can appear of other interviews.
"We believe the new system will grant time to students to evaluate their options and take the right call. This helps them get the right job, and not just any job. The companies are also able to select the best candidates from the available pool," said IIM-C Placement Chairperson Professor Krishanu Rakshit.
IIM Calcutta said it becomes important when companies of a particular sector attend the process later in the day and students choose another firm out of peer pressure.The new system will be beneficial for both companies and students, as the students undergo lesser pressure during the process and make better decisions, the institute said.
Rakshit added that out of peer pressure, students tend to accept the first offer they receive, without much regard for the role offered or the sector where their interests lie. The current process is not only stressful but also leading to a herd mentality.
IIM-Calcutta has also introduced the concept of a day-long break to give students some time to evaluate the choices they have at their disposal and take informed decisions. It will be a break with only group discussions happening on that particular day. Companies with their interview process on the next few days will conduct their group discussion rounds on this day.
Placements at IIM-Calcutta have generally been a four to five day long affair with dozens of companies hiring every day. Students are allowed to accept only one offer, which usually gives them very little leeway regarding which firm they wish to join. The new process will be slightly more drawn out so that students do not have to compromise on their preferences, IIM-Calcutta said in the statement.
IIM Ahmedabad in 2010, changed its placement process from Day Zero to a cluster-based system. Day Zero (or Slot Zero) at IIMs was created when demand for IIM graduates had peaked and the institutes had to resort to creative mathematics to accommodate big recruiters without offending the existing ones. Under the slot system, there are usually three or four slot periods like slot zero (or Day zero), one and two. Each slot may comprise one or two days depending on the process followed by the institute. Day Zero is the most-coveted slot of placement which is frequented by preferred employers like investment banks and consultancies.