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Job market downturn: After IIM Lucknow, BITS Pilani reaches out to alumni requesting to help place students
“The global economy has not experienced this kind of slump since decades,” said the institution.
Additionally, this global uncertainty has a cascading effect with a funding winter settling in, resulting in cost-cutting in small and large businesses alike, with hiring being affected at all levels including campus level. (Image sourced via LinkedIn)
IIM Lucknow, a premier institution that boasts of its reputation for being able to consistently place 100 percent of their students in jobs, put out a message on their alumni groups not too long ago asking them to provide recruitment opportunities through their connections for their unplaced students. A total of 72 students were unplaced, the institution revealed.
Now, BITS Pilani, another one of India’s premier educational hubs, sent out a message requesting its alumni to help place their student amid this industry downturn.
BIT Pilani in its message said, that the technology sector has been globally impacted. Around 4 lakh employees have been laid off globally since January 2022. Additionally, this global uncertainty has a cascading effect with a funding winter settling in, resulting in cost-cutting in small and large businesses alike, with hiring being affected at all levels including campus level.
“The global economy has not experienced this kind of slump since decades,” said the institution.
First IIM Lucknow, now BITS Pilani asking alumni to help out with placements.
— Ravi Handa (@ravihanda) February 22, 2024
This is the first time I am seeing such groveling after 2008.
"help them tide through current crisis"
"gentle request to please keep this in mind"
"Thanking you very much in advance" pic.twitter.com/TI27X7THk6
Dean of BITS Pilani's Alumni Relations appeals to Alums to help out with plummeting number of placements, jobs offered on campus.
— Shobhit Bakliwal 🦇🔊 (@shobhitic) February 22, 2024
😥😥😥 pic.twitter.com/19RvV5XV4f
Ravi Handa, a user on X said, “First IIM Lucknow, now BITS Pilani asking alumni to help out with placements. This is the first time I am seeing such groveling after 2008.”
Reaching out to alumni is a great effort being taken by educational institutions to try and place their students. However, it is a key indicator of the situation of the job market not just in India but globally as well.
If this is the situation at Tier 1 colleges, Tier 2 and 3 colleges must have it brutal.
Layoffs are only increasing. With news of MNC’s and other big players letting go of large numbers of their workforce in the name of efficiency and cost-cutting. What is the solution?
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