Asmit Kumar secured admission in a second-tier management institution in Pune and was confident he would be able to bag a good offer through the institution’s placement cell. But he is no longer confident now, since the global slowdown is taking its toll with companies slashing salaries, showing the exit doors to non-performers and freezing recruitment.
Vaidehi Thakker, another B-school student (does not wish to disclose the name), often jokes about how her batch is having to suffer because of the recession, but is quite tense. “We are an educated lot, we are armed with a degree and have specialised skills but due to the present economic conditions, we are helpless,” she said. Vaidehi echoes the sentiments of many such students who are waiting to be picked up by companies while on campus.
While achieving 100 per cent placement is getting difficult even for Tier-I colleges, the scenario is all the more grim for the second- and third-rung B-schools in the city.
Prachee Javadekar, director, Indira Institute of Management said,“We, too, are helpless in the current situation.” She added: “Companies have not stopped hiring but the number has reduced. The screening process is more stringent now and there is a shift in the selection parameters. Students are being selected for short-term projects based on their performances, and absorbed later. Our job is to make them employable and we do that.”
Professor K S Subramanian, director, Symbiosis Centre for Management and Human Resource Development, concurs: “Finance students may face some difficulty in getting placed, otherwise students are getting offers. But, one thing is true that the competency levels for placements are higher now.”
The chances of a student getting placed in isolation vis-a-vis through an institute are quite bleak. Since the market requirement is lower now, companies have a more rigorous process this year and this has shrunk the hiring volume.
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Prerana Jain, consultant, Greenfields Management and Placement Consultants Pvt Ltd, Pune reasons it out. “The slowdown demands cautious expenditure and training is one area where costs can be saved. Hence, hiring freshers is not a viable option for companies at present. There are companies who initially gave out offer letters to students but later either rusticated them or kept them on hold. Right now premium and medium level recruitment are on, thanks to the value add factor.”
So, what is the turn around time for this situation? “Even in good times, a student would take anywhere between 15 days to one month to get placed once the season begun. Now it is just that the placement season will linger on longer. I think the placement rate now is hardly 50 - 60 per cent. So it is wait and watch time,” opined Professor DS Kadam, principal director, Munchen International Business School, Pune.