Placements at IIT Mumbai have been hit because of the recession and holy lord.. can you believe this, IIT Mumbai is looking at the PSUs to bail out it’s placements this year. One may think, I am joking but Economic Times carried a story on this topic on February 9. This is what ET has reported:
» Placements on the IIT campuses across the country, which began in January, have suffered due to the economic slowdown, with even IIT Bombay, a much sought-after institute among most companies, seeing lukewarm response from the private corporate world so far. The trend is evident with placement dates being extended till April. Earlier, the placement process at the IIT Bombay used to get over within two to three days.
» Seeing the poor response by traditional recruiters in the first month of placement, public sector units such as IOC, ONGC, GAIL, BPCL, HPCL, BHEL, MTNL, NTPC and SAIL are being contacted by the student placement cell of IIT Bombay, inviting them to visit their campus for recruitments.
Now this quite a let down by IIT standards that they are looking for PSUs to bail out the placements this year. A comment by a reader mentions that the story is about the Management department. I doubt the engineers can be in a better position this year considering the overall economic doom worldwide.
Similar story will be repeated at other premier business schools in the country namely the IIMs etc. The boom time is gone as previously it was the IT and Financial sector which was paying the top dollars. Other segments like FMCG and manufacturing were a big no no with the students. Surely this year the students will be lining with these companies for a job since both the IT and Financial companies have taken the hardest hit during the recession, financial sector doing some serious screw ups resulting in recession.
In fact, it was amazing to see the kind of money being thrown up by these two sectors at the pass outs. This had led to an (artificial) boom in the overall salaries across all segments. Hopefully, the recession will now take care of this boom(?) and the salaries will become realistic now.
Recession has finally made public sector jobs more attractive with financial and job security, retirement benefits and above all the impending 6th pay commission recommendations. In fact the govt should initiate pay revisions for the PSU every 4-5 years instead of 10-12 years. This will help the PSUs in competing with the private sector and make the career lucrative.
Recession and financial crisis have finally helped the salaries reach realistic levels and there will no more stupid money throwing. Also PSU can also attract some serious talents here. Present and future IIT & IIM batches will have to slog out for sometime for the desi companies.