So times are not good for those waiting to enter the job market, adds T Sreedhar, MD, of talent management and talent acquisition company TMI group.
MUMBAI: Lines of worry are etched on 21-year-old Rohan Acharya’s face (name changed). The final-year engineering student of a Mumbai college is no longer sure he will get a job in an IT firm, given the developments on Wall Street.
With the Lehman Brothers-Merrill Lynch fiasco threatening to hurt the businesses of IT players — investment banks make a large chunk of IT clientele — Acharya’s plans of working for two years in an IT firm and then applying for a management course are in a tizzy. “I think only the toppers of my class will get a job in a good IT firm. My chances of getting admission in a good B-school will also suffer as they prefer applicants with work experience,” he says.
A H Chachadi, director of the Kousali Institute of Management in Dharwad, Karnataka, is expecting a decline of over 25% in the offers that come to the institute’s students from BPOs, KPOs and IT firms. Though foreign I-banks have not been major recruiters here, Chachadi expects the ripple effect on other companies and his students.
The job prospects of as many as 5.5 lakh engineering students, over 80,000 B-school students, and over 18 lakh BSc and BCom students in their final year are bleak.
Madan Padaki, co-founder and CEO of Bangalore-based skills assessment company MeritTrac, feels the fallout of the Lehman-Merill episode will affect hiring sentiment and shake the confidence of other companies. “In the current scenario, profit projections will not be quite high and this will lower hiring of freshers,” he says.
Besides B-schools, I-banks have been recruiting students from top colleges for their KPO units. “Lehman was supposed to come to our campus this week, but that doesn’t seem likely now,” says a third-year student from a commerce college in New Delhi. Last year, Lehman had offered several jobs in analyst and management trainee roles in this college. One offer was as high as Rs 14 lakh a year.
Surabhi Mathur Gandhi, general manager (permanent staffing) at staffing firm TeamLease Services, says, “There will be a 25-30% drop in hiring of freshers by IT, banking and financial services firms.”
So times are not good for those waiting to enter the job market, adds T Sreedhar, MD, of talent management and talent acquisition company TMI group.
g_priyanka@dnaindia.net
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