The rising number of engineering institutes every year and an even larger number of graduates passing out annually have ensured frequent disheartening news at random intervals of time. The rising number of opportunities that previously lay waiting for the passing technical graduates is no more a reality due to global and regional complexities.
A currently recessive market and global economic meltdown in many nations is triggering a massive decline in job demand. Companies are recruiting even lesser than before while the number of graduates is rising by each passing day. Newer ventures that may absorb some numbers are far too little to be taken into account.
Nasscom president Som Mittal recently said, “The number of IT jobs for fresh engineering graduates is going to decline by almost 22% which will bring the number to around 1.8 lakh students nationwide. Ten years ago the scene was something different but the currently bleak global economic situation won’t be of any help for the students. Jobs will not turn out to be a real possibility for most of the graduates”
Statistically speaking, as many as a fifth to a third of the entire number of graduates will eventually stay jobless or bear total risk of staying unemployed. Moreover, the economic condition across the globe will also force many graduates to take up jobs that are well below their technical qualifications or substandard compared to their deserving value.
The current scenario in the placement spheres around nationwide engineering colleges isn’t too bright either. Colleges are going helter-skelter searching for newer companies who can provide a minimum number of assured placements for the students. The salaries at which students are settling for jobs are much below the viable professional benchmarks but futuristic compulsions are forcing them to take the jump.
This situation is predominantly restricted to the lower rung colleges while the top notch institutes like the IITs remain insulated from the global economic affairs affecting the job scenario. IITs have registered growth in average pay packages offered to their graduates in spite of the current global happenings. Another reason behind the relative isolation is the low percentage of IIT graduates joining the IT bandwagon.IIT graduates joining IT companies is as low as only 15%.
Even proclaimed lower rung colleges who previously used to boast of commendable placement records are having a dearth of companies approaching them for recruiting fresh engineering graduates. They even used to shun companies who aren’t proclaimed enough, offer poor salary packages or were relatively new to gain credibility. Such colleges are now welcoming every single possibility of recruitment for their students. The colleges are now open to all recruiters whoever or whatever they may be most cases.
The situation has worsened primarily owing to the IT companies which used to be the single largest sector to recruit engineering graduates. Thus the poor economic prowess of the IT companies in the current global turmoil is doing no good to the prospects of the graduates.
The colleges have taken to alternative avenues owing to such crisis in the market. They are now actively advocating entrepreneurship among the students to generate induced prospects for them. Many colleges have even been pretty successful in this regard and even contemplating on the expansion of their visionary idea to help the graduates.