Impact on-campus Placement Offers:
Following the coronavirus epidemic in the country, students who have obtained internships on campus are being left behind as some companies have started to delay their offers, while others have withdrawn their offers. However, other companies are ready to honor all vacancies of COVID-19.
In light of growing concerns about the spread of COVID-19, many companies have suspended their placement process. Colleges in India are facing a difficult year ahead with disruptions in campus recruiting as the pandemic affects businesses around the world. Generally, most business and engineering schools do internships on campus between December and April of each year. While many students have already been placed, some are still struggling to find a good job offer.
However, due to the prolonged foreclosure to fight the COVID-19 pandemic, few companies postpone the offers made, while some have already withdrawn their offers. However, there are also companies that honor offers made to students and do not cut wages. Let’s read them below.
Companies honoring offers made to students:
Many large companies, including tech giants such as TCS, Google, Wipro, Capgemini, Tech Mahindra, Accenture, PepsiCo, PayU are honoring their hires on campus despite the poor prospects of income caused by the spread of the COVID-19 pandemic. Virtual integration across the world works well for some companies. Senior management continuously monitors the situation and uses technologies such as telepresence and videoconferencing to ensure business continuity.
In addition to technology companies, FMCG majors like Godrej, Pepsi-Co, Biocon, Hindustan Unilever (HUL), consulting companies Boston Consulting Group (BCG), Bain & Company and McKinsey, and banks like ICICI Bank, Kotak Mahindra, Citi, and Axis bank also honors its job offers.
Cognizant will bring 20,000 coolers on board this fiscal year. However, the company said integration dates would depend on a variety of factors, including the actual completion of the academic program and the business impact of the ongoing foreclosure.
Companies like Flipkart have assured their employees that they will not cut wages and honor all expanded job offers, including those for internships, even though the COVID-19 pandemic has disrupted businesses in the whole world. “A crisis is the perfect time to show your political sense, your commitment, and your character. Now is the time to help build the nation. We respect all of our commitments, our internships on campus and we are also examining innovative means of initiation and virtual integration ”, declared the CEO of Flipkart Group, Kalyan Krishnamurthy, in his quarterly public meeting conducted virtually.
A number of global companies with a strong presence in India have assured employees that there will be no layoffs or that insignificant layoffs will continue during the foreclosure. Some have made a 90-day layoff commitment while others have ended all layoffs for this year. Some of these companies are SAP, Morgan Stanley, Salesforce, Palo Alto Networks, PayPal, Citigroup, JP Morgan, Bank of America, and Booz Allen Hamilton.
Companies delay offers to students:
Sectors such as banking, financial services, and insurance (BFSI), retail trade, logistics (delivery) where many front lines hire to take place are likely to experience delays in offers to graduates. More companies will now depend on technology as an alternative channel to continue at the same rate of productivity.
“Since the COVID-19 epidemic, companies have to cancel the interviews. We expect 60-65% of the interviews to be abandoned or delayed as there is a lockout across the country and people are encouraged to stay home to limit the spread of the virus, “said Amit Vadera, sales manager for TeamLease Services, BFSI, and the government’s vertical sector.
According to a tweet from an IIM-Udaipur graduate, a UAE company that offered employment via campus internships has delayed membership indefinitely due to growing concerns from COVID-19.
Companies withdrawing offers made to students:
As countries close their borders and enter a lockout, recruiters, especially multinationals, revise their hiring plans and revoke their offers or delay their membership. Uber has revoked extended job openings for management graduates from top b schools like the Indian Institutes of Management (IIM), the Management Development Institute (MDI), and the S.P. Jain Institute of Management and Research (SPJIMR).
Oil service provider Petrofac canceled five job offers and an Andheri-based banking and financial services company withdrew an offer from IIT-Bombay. As indicated by Business Standard, Gartner, WorkIndia has canceled its final placement offers as well as those for internships at IIM Calcutta and IIM Ahmedabad. The institute tries to contact them to find a pleasant result. According to Indian Express, Schlumberger, the world’s largest petroleum services company, wrote to IITs on April 6 that it had decided to “reduce and remove some internship and graduate job opportunities” to adapt to the “sudden reduction”. “In” customers spend “.
A leading American consultant canceled his offer to 11 students from IIT-Delhi, IIT-Kanpur, and IIT-Madras and 6 from IIM-Calcutta due to an epidemic of coronavirus. This puts a question mark on the jobs guaranteed by the batch of graduates from these best engineering and business schools. The foreclosure and impending economic distress could force many other companies to rethink their investment offerings, fear IITs, and MIIs.
Amid layoffs, possible economic contraction, and diminishing job opportunities, a feeling of fear and uncertainty is palpable among the 2020 class, which will enter a world changed by the Covid-19 crisis. to look for his first jobs.
According to the All India Survey on Higher Education 2018-19, more than 23 million students are enrolled in undergraduate programs at universities and colleges. A section of these students, continuing their final year of the program, will graduate in August as directed by the University Grants Commission for central universities, while states still determine their exam schedules.
Students now fear that the job market will dry up as businesses stop recruiting to recover losses that have accumulated as the economy stopped trying to control the spread of the disease.
“We were lucky that our internships took place in February”. Said Indranil Palit, a third-year computer science student, who has offers from two leading companies. “We have signed a letter of intent, but there is no news regarding the letters of offer. We were to join the month of August. All are concerned that they will cancel the offer.”
Sneha Roy, a third-year marketing student, however, changed her plans to focus on a master’s instead. “It makes no sense to go looking for a job right now. The salary scale in the trade sector is going down anyway, “said Roy, a student at St. Xavier University in Kolkata. “Many of my friends and I will focus on a master’s program because the offers we have received do not meet our expectations.”