IIT-B’s placement state of mind

The graduating class of IIT Bombay 2023 was a happy one With an 82 per cent placement rate in the prestigious institute which 20yearolds wouldnrsquot beThe graduating class of this yearthough is not as happy An international economic slowdown and no change in placement strategy to accommodate this has left 358 per cent of graduates out of workThis number was so surprising in the hiring grounds of prestigious firms such as McKinsey amp Company Bear Clothing Company and Amazon that it is almost a national crisis If an IITB graduate canrsquot get a job right out of school what chances do the rest of us haveSonica Aron founder of Marching Sheep and Ankit Aggarwal Unstop FounderAuthorjournalist Debashish Roy Chowdhury quoting a news report said via his X handle ldquoFor the first time not all registered students from the highly soughtafter computer science and engineering branch achieved placement a departure from the norm of 10037 placement success in this discipline Have we hit Peak Amrit Kaal already sicrdquoA day after April 3 the news took over the internet IITB put out a clarification on X saying only 61 per cent of the current graduates are looking for jobsAn accompanying pie chart showed that 16 per cent of the graduate base had opted to work in startups 43 per cent hadnrsquot settled on a future employer yet 83 per cent had chosen public service 103 per cent were looking at jobs outside of those offered on IITB campus 122 per cent were pursuing a higher degree and 571 per cent had been placed Students say the institute is pursuing Indian startups more aggressively as they seem to be the only ones with semihiring powerWe reached out to current students and alumni and while very few were willing to speak to us some agreed on the condition of anonymityMany opined that the longstanding recruitment system needs rehaul ldquoThe placement cell is mainly driven by students who coordinate with the professor in charge and recruitment heads of companiesrdquo he told us ldquoInternational companies get the prime slot of two weeks in December when they set up shop on campus Within this slot the premium slots are the first two sessions of the first day If a company is not given this slot the recruiters move on to other IITs They want first pick and strongarm placement managers to give them this slot This year these companiesmdashmostly multinationalsmdashpicked only one or two students each Meanwhile the Indian companies moved on to the next IIT Since placement managers are students themselves there is clear imbalance of negotiation powersrdquoHowever an alumnus dismisses this theory saying ldquoI have been working for nine years and donrsquot think companies have more power than an IITB student I wish I was back in IITB and bargaining a package In the real world you never have the upper hand the House always wins I was recruited by an international company in the first session of the first day They come looking for you they want the best We must understand that there is a great IT slump My friends from Harvard Business School also donrsquot have a job in hand Thatrsquos how bad it isrdquo News reports concur that only 86 per cent of Harvardrsquos 2024 graduates have found jobsA gap between life skills and rote knowledge has given rise to hiring platforms such as Unstop Based out of Delhi it helps graduates of all streams build their brands The platform takes on freshers ldquoWhile compiling the annual Unstop Talent Report 2024 we noticed that recruiters find it challenging to secure the right talent with the required skill setsrdquo says Ankit Aggarwal Founder and CEO ldquoThe curriculum doesnrsquot always align with realworld problems the students need to resolve So companies rely on casestudy competitions and hackathons to assess candidates in real timerdquo The report found that across BSchools Google tops the list of dream employers followed by Hindustan Unilever Limited HUL McKinsey and Company and AmazonSonica Aron Founder of Marching Sheep a Human Resource firm feels such gaps in recruitment have multiple reasons ldquoThere are rapid changes in technology business models and geopolitical issues leading to economic uncertainty and changing mindset of consumersrdquo she says ldquoAs organisations scramble to deal with these factors there is pressure on productivity and profitability The curriculum may be unable to cater to the kind of skills the changing industry needs Some institutes are able to catch up some are notrdquoHer suggestion is to relook at established systems and processes ldquoThis issue requires systemic attention it is not just about what to look for in students It may need upgrading of curriculum to ensure employabilityrdquoIIT Bombay sent a response to middayrsquos queries that said ldquoITsoftware hiring by regular recruiters who usually higher in substantial numbers was lower this year The placement team has been contacting several new companies who have also reciprocated our interestStudents are aware of the job market and adapt accordingly Some students do opt for higher studies if they do not get selected for jobs having profiles of their interest Companies that have been invited are offering competitive salary packages and our students are accepting these offers The students have ready access to the institute counsellors and have been meeting them as and when required Students have been made aware that quite a few companies are planning to visit the campus and we expect several more students to be placed before the season endsrdquo