The aim is to reduce pressure and conduct placements in a relaxed manner.
Taking a cue from the Indian Institute of Management, Ahmedabad (IIM-A), which changed its placement process from Day Zero to a cluster-based system last year, IIM Bangalore (IIM-B) and IIM Calcutta (IIM-C) are planning to follow suit.
IIM-B, for instance, has decided to stretch its placement duration by a few days. “We are exploring various options. We want to reduce the pressure on students. We are thinking of how to conduct placements in a more relaxed manner,” says PD Jose, chairperson of placement at IIM-B.
At the recently-concluded final placements season, IIM-B placed nearly 270 students in a span of five days. The institute is planning to extend this period to 8-10 days to ensure that the process is not too hectic for both companies and students. The move is being explored at a time when the batch size is expected to increase. IIM-B has a batch size of 350 students which will go up to 375 for the incoming batch and expected to rise to over 400 for the following batch.
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.
On an average, 10-15 companies are accommodated on the campus on a single day of placement. However this number is dependent on which slot it is scheduled. The poor job market in 2009, however, forced B-schools to review the strategy, including effecting a placement fee revision. With an extended period of placement (such as a cluster-based approach), the institutes could have the option of limiting the number of companies per day on campus. This is expected to give students more time to mull over their offers.
IIM-B, however, might not follow the cluster-based placement process that IIM-A has initiated. “Discussions are currently undergoing in the institute over the placement process. Decisions over changes in the placement process, if any, are expected to be decided by the faculty advisory committee in a few month’s time. They would come into effect for the upcoming summer placement process in November this year and final placement process in March next year,” adds Jose.
IIM-C, meanwhile, will decided on a change in its placement process next month. The institute has a new placement chairperson in place who will soon assume charge. “We have to take in to account a lot of aspects like change of the entire process, logistics, among others. We would decide on the same when we convene a meeting in June,” says a professor from IIM-C. The institute will hold discussions with IIM-A and B on the same, the professor noted.
IIM-C concluded placements for 278 participants of the batch of 2010 on March 10. The process took five days, at the end of which 37 per cent students opted for jobs in the finance sector, followed by 27 per cent in consulting and strategy and 18 per cent in marketing and marketing research.
IIM-A, incidentally, was the first IIM to make changes in its placement process last year by bringing in the cohort-based system. Under the system, each weekend saw firms from a particular sector visiting the campus as a cluster. International investment banks and consulting firms formed the first cluster. The process carried on for well over a month. The new system will ensure more interaction time between the students and firms. Cohorts would be formed on the basis of role similarities HR experts say firms flock to IIMs to recruit students as the cost of recruiting them off campus would be much higher. Besides, regular recruiters have become employers of choice at IIMs and enjoy mindshare among graduating students.
