Graduates across Indian Institute of technology campuses pull out their smartest tux when Goldman Sachs visits them. This year, however; the investment giant seems to have decided to give the tech colleges a miss in its annual campus recruitment.
IIT Bombay, for instance, has received a polite note from this banking and securities firm; it states there will be no opening this year. The biggest finance firm is not going to visit the campus. IIT were shocked when we received a note, which asked that it be excluded from this year’s placement process. The investment major recruits about five students from the IIT Powai college each year and offers them an average annual salary of Rs 40 lakh.
At IIT-Madras too, six students joined Goldman Sachs and Credit Suisse Securities in 2007-08. Neither has confirmed its participation this year. IIT-M academic affairs secretary pointed out that registration of firms wanting to recruit had already started but students were not expecting finance companies to pick up too many candidates this year.
Ditto with IIT-Roorkee Placement head who said: Finance companies till last year were usually the ones to register their participation first and they preferred to come early for placements to pick up the best and the brightest. This year so far, not a single finance company has confirmed its visit. But IIT-Kharagpur faculty member in charge of placement said that some finance companies had evinced interest in participating in the campus recruitment process but there was no clarity on the number of jobs or the minimum salary they would offer.
For some years now, B-Techs have made it abundantly clear that they prefer finance consultancy over software firms. The Finance sector accounted for the second largest category of jobs (after engineering) Software jobs predominated a decade back.
An IIT-Delhi faculty member observed that getting into a finance firm, a management consulting company meant talking the elevator to corporate success. That dream, for many, seems to be getting bleak.
They never thought that the cross over from college campus to office cubicle would take so long. But for dozens of bright young men and women all over the country the wait before they join their first job is proving to be extremely frustrating.
A Twenty three years old MCA student was recruited by Satyam Computers Services Ltd, Hyderabad, as a software engineer a few months back. He was given a tentative joining date of June 23 when he received the offer letter. But when the time came for joining, he was in for a rude shock; he was told that his joining had been postponed by a couple of months. He is still awaiting a call from the company. He tried several times to contact the organization but, initially nobody answered his calls. It was after a lot of trying that he got a senior official to tell him that the company had slowed down its intake and those waiting to join would be able to do so by December.
His is not a stray incident, MM recruited by Wipro in Hyderabad, is also facing a similar problem. He, too, was given a tentative date of June but the company got in touch with him saying it would soon update him about his new joining date.
Students blame the prolonged wait to step into office on the global economy slowing down and affecting IT companies in India.
Satyam Computer Services Ltd global Head said: The usual trend is that the bulk of campus recruits join in the third and fourth quarters. Our projected growth rates still put us on the trajectory of meeting our guideline of recruiting 14,000-15,000 employees this year.
A TCS spokesperson fro Kolkata said the company this year had hired almost double the number of people it generally does. The slight delay in joining is mainly because of the number of hiked recruits. So it is taking a bit longer to complete the process.