With all the AI hype and a series of layoffs in recent times, it won’t be an exaggeration to say that this is not the best time to be in the job market.
IIT Bombay Facing Placement Challenges
If we look back, some of the top companies in the world have carried out mass lay-offs in recent months.
Not only that they have also implemented the measures of hiring freezes and other cost-cutting features.
The situation gets dense as this is the time of the year when IIT and IIM “100% placement” news grab eyeballs.
But contrary to that the latest batch of students at IIT Bombay faces a significant setback.
It is to the extent that 36% of them are failing to secure placements, which raises concerns about unemployment in India are on the rise.
Considering these figures, approximately 2,000 students have registered for the 2024 placements, out of that a staggering 36%, or 712 students, are yet to find jobs.
For the unawares, IIT Bombay holds a significance as it ranked third in 2021 and 2022, and fourth in 2023 among all institutes in India as per the NIRF Rankings released by the government.
Shying Away From High Salary Packages
They are facing difficulties in inviting companies to campus due to the global economic meltdown, with many companies hesitant to accept pre-decided salary packages, said an official from IIT Bombay’s placement cell, in a media report.
“This year marks the first time that students from the computer science and engineering branch, typically achieving a 100 percent placement rate, have failed to reach this target,” the officials added.
When it comes to this course , we all know that it remains the most sought-after at the institute.
And why not ! as the institute aims to maintain high average salary packages.
But now, there are growing concerns that this focus may not be aligned with the needs and aspirations of all students.
Hence, leading to the complexities in the placement process.
For instance, considering the initial phase of the placements in December, it was announced that 85 candidates had received offers exceeding Rs 1 crore.
Lateron, this figure was later corrected further revealing that only 22 students had actually received such offers.
The numbers can improve as this placement season is set to proceed till May 2024.
It appears that several students are now faced with dilemmas regarding job offers, despite the efforts from the institute.
Some of them are even opting for alternative paths to employment rather than accepting initial offers.
Besides this the dynamics of the job market are evolving, posing new challenges for both students and recruiters alike.
In such a situation, it becomes imperative for stakeholders to come together and devise strategies that can address the evolving needs of students and the realities of the current job market situation.
