Today, the destructive effect of coronavirus could be observed everywhere, whether it is human life or economy.
The same lousy impact can be seen at India’s leading B-Schools as well. Companies have revoked at least 60 job offers from most of the popular B-Schools, including new and old Indian Institute of Management (IIMs) and renowned institutes like Narsee Monjee Institute of Management Studies (NMIMS).
In fact, according to the placement officials, the number is too significant than usual, and it might escalate in the future due to the pandemic.
Not only big and fin-tech companies have revoked the offers, but small and startups have also withdrawn their proposals due to massive losses because of coronavirus. Moreover, many reputed companies, including big recruiters in ed-tech, hospitality, or automobile, have extended the date of joining.
Generally, the joining dates are scheduled in May and June, but for the students this year, the joining date has been shifted to October and November. Due to this, the students might have to face adverse situations like, EMI repayments will resume but there will be no income to reimburse this.
Therefore, the students are looking for an alternative job by posting on job portals and LinkedIn. Moreover, many students who have received low packages are now looking for better offers.
The placement officials at prevalent IIMs, including Ahmedabad, Calcutta, Indore, Kozhikode, Udaipur, and Kashipur, said many giant firms had revoked their offers. So, the institute is tapping into alumni networks to find the placement offers for the students who have lost their job.
What is the situation at these institutes?
At IIM Kozhikode, 6-7 startups have revoked their offers due to pandemic. In fact, in the coming week, Om Kumar, placement chair at IIM Kozhikode, expects to have more revocation of offers. So, the institute is trying its best to help these students with replacement offers, and some students are looking for jobs off-campus as well.
At IIM Kashipur, 11 job offers have been revoked, and joining date has been deferred for 28 students. As business and finance sectors have been severely affected due to Covid-19, so many companies like Raam Group have revoked the offers from these departments only while sustained other job offers.
As cinema halls are closed these days, so the cinema chains have deferred the joining dates until cinema halls would be opened. All the 11 students have been placed again, said placement coordinator Vimanyu Aggarwal.
At IIM Calcutta, ten job offers have been rescinded due to Covid-19, but six students have been placed again, said Abhishek Goel, placement committee chairperson at IIM Calcutta. He also said that it’s sporadic for big tech companies to cancel the offers from campus placement.
At IIM Ahmedabad, one company has revoked three offers, and out of these two students have been placed again, said Karna, placement coordinator at IIM, Ahmedabad.
In fact, many reputed companies including Oyo, Droom have deferred the joining date to October so that students can travel to the place of work without any hurdle.
Himanshu Rai, director of IIM Indore, said that five students had lost their jobs, and many startups have reduced the number of hires. But according to him, there is no need to worry as Covid-19 has provided some job opportunities.
At IIM Sambalpur, in a batch of 92, seven students have lost their jobs, and the joining has been delayed for two students. Placement official at IIM Sambalpur informed that few other companies have also deferred the joining dates but yet not confirmed the alternative dates.
A spokesperson from IIM Udaipur informed that few job offers had been rescinded, and this year the number is exceptional due to extraordinary circumstances created by the pandemic. He did not share the correct number of revoked offers.
Ramesh Bhat, dean at NMIMS, informed that four offers had been revoked, but the good news is that all of them have secured other job offers.
Jabir Ali, placement chair at IIM Jammu, informed that no job offers had been rescinded so far.
In this way, the young and fresh talent of reputed IIMs is losing their jobs and struggling with the adverse effects of the pandemic. Few students have got replacement offers while few are still searching for employment.
Source: The Economic Times.