It is no secret that the world is witnessing a major economic crisis. Each day events of inflation, bankruptcy, nose diving stock markets, and an increasing number of layoffs have had a huge impact on the lives of some people, while there are others who remain unfazed by this, saying It can’t be over. We are not done yet.
One of the sectors gravely affected by the recession is the IT industry. Not only are fresh IT graduates finding it difficult to get absorbed into reputed firms, but it is also a known fact that many IT companies are now laying off employees. In fact engineers who were delighted at being recruited on campus have now heard nothing from companies. As Mr.SJ a BE from a college in New Bombay reveals, he was recruited by a reputed global business solutions company in February 2007 through on-campus recruitments. They were to be absorbed into the company sometime in late 2008. However after the sub prime bubble burst they lost all contacts with their recruiters.
Several freshers face the same woes today. Another graduate, who does not wish to be named laments. He was recruited by a well known software company in 2007. It’s been over five months since he completed his final year in computer engineering but still has not received his joining date. If he does not receive his joining date next month he will start looking for job opportunities elsewhere or perhaps study further.
There was a time when engineering and IT were two of the most sought after courses purely for the job security that they ensured. However, today it is these very sectors that are proving to be precarious. The finance sector is perhaps the worst hit in the economic meltdown. Mr.Z quit his job as an ERP Consultant at CMS Systems in order to pursue an MBA in Finance. It is very tough time for the global financial market especially for emerging countries like India. He is a first year student at NMIMS.
Due to recession students are now left with restricted options. However, there is a note of optimism. Though the above feel as let down as most other students they have not entirely given up. Some of them have decided to keep all the options open, including the prospect of joining the firm that had offered the job previously.
Graduates who have not heard from their recruiters are certainly not sitting idle. Many students believe it is the ideal time to carefully plan their further studies. A telecom student is undeterred by the changes in his sector and plans on studying further. The recession hasn’t stopped him from pursuing studies abroad. He has been placed with L&T Infotech but looking at the number of lay offs in the sector he fears that he may lose the offer even before joining the company. Some think this is the perfect time to plan master’s degree and so on. Students who can afford are applying to universities in the US, as well as Europe with the hope that in the next two years, the economic conditions will improve.
In fact, for many students this seems to be a time for introspection rather than complaints. The current economic phase can give the opportunity to evaluate what one wants to accomplish. Some have taken the GRE and TOEFL, and in the process of applying for an MS at foreign universities. This is the right time to equip yourself with more skills and knowledge in the form of higher education.
In about two years outsourcing to India will increase and the scenario will become more positive.
Though the situation appears to be bleak at the moment most agree that it isn’t here to stay. Many students have decided to wait and watch. While some are planning further studies, others are looking for temporary jobs elsewhere. It’s just a matter of time they believe until things start to fall into place again.