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Campus hiring at top colleges decreases due to Demonetization
AdmissionNews Education

Campus hiring at top colleges decreases due to Demonetization

The campus placements of the country’s top engineering and management colleges have come to a standstill. According to the placement officials of the colleges, some colleges are yet to wrap up with the final placements which were supposed to be completed by the month of January.

The responsible factors of the cause are demonetization and intensifying practice of shielding US and UK domestic industries from foreign competitionwhich is intimidating India’s Information Technology (IT) companies. Demonetization has shattered the demands and punched the consumer-facing companies.

The scenario is expected to worsen. As per Human resources (HR) outsourcing and technology firm PeopleStrong, the placement figures may drop down by 20-25% from the current situation by the end of 2020.

Pankaj Bansal, Co-founder and CEO, PeopleStrong reported that the Campus hiring will witness a steady decline in the coming year. The reasons behind the decrease in placements take account of falling of hiring numbers of IT companies due to slowing down of worldwide economy, mechanization of transaction-heavy jobs by Artificial Intelligence and lack of job-readiness in the campus graduates.

Kaustubha Mohanty, Convener, All IITs Placement Committee, the panel responsible for campus placements across all Indian Institutes of Technology (IITs) said that despite the fact that the number of companies visiting campuses has increased but the net overall number of offers has continued to be invariable. The total offers made by a company have noticed a slump. The accurate numbers of placements in the IITs will be available only after the conclusion of ongoing placements as reported by the Convener.

Abhishek Totawar, Chairperson, Placement and External Relations, Indian Institute of Management (IIM), Tiruchirappalli believes that the Placements have slowed down this year as compared to previous years. The number of posts offered being made by reliable top recruiters has also declined. The average package will be revealed after the placements are concluded.

According to survey conducted by PeopleStrong in November, 40% of companies chose to hire candidates with a minimum of one year’s experience. Employers want improvement in the ability of the candidates before they hire them.

The packaged consumer goods companies have seized campus placements under the attack of Demonetization while some had already made Pre-Placement Offers (PPO).

IT companies like Infosys Ltd and Tata Consultancy Services Ltd which hired graduates for consulting roles the previous year in Management Development Institute (MDI), Gurgaon, stayed away from the campus this year as reported by Kanwal Kapil, Professor in charge of placements. He added that Fast Moving Consumer Goods (FMCG) and Banking firms take the road of PPO for hiring the candidates therefore their college students were secure of the despair of demonetization.

The current placement scenario reflects that the institutes need to plan their Training and Placement programmes according to the market conditions of the industries because the low-skill jobs will be progressively mechanized and diminish.

Since the developments from the government are being functional, new-age companies might emerge and create jobs said the PeopleStrong’s CEO Pankaj Bansal.

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