As per the recent reports on the Impact of the global economy on Jobs, the Market is such that there is a decrease in Campus Placements.
The COVID-19 pandemic severely disrupted the job market. While the overall economic recovery appears to be on track, the job market hasn’t fully bounced back.
Many sectors are still struggling. This creates a larger pool of job seekers competing for a limited number of openings, putting downward pressure on salaries.
The recent graduates are likely to bear the brunt of the slowdown. Fresh graduates often lack the experience employers seek in a crowded market.
Various factors have impacted the job market. These factors include the increased competition and slowing growth in some sectors, global economic slowdown impacting investment and consumer spending, and over-hiring during the pandemic the companies now need to adjust workforce size based on post-pandemic realities.
This impact can be seen in the hiring of the top institutes. The IIM and BITS Pilani placements are also affected. They are asking alumni to help out with placements. The ex-students have been asked to use their ”unique connections and networks” to find jobs for those 72 students at IIM.
The screenshot was shared on the social media platform sharing the text.
IIM Lucknow is reaching out to alumni to help them with placements.
— Ravi Handa (@ravihanda) January 31, 2024
It is “crucial to maintain the legacy of IIM Lucknow’s 100% placement record”.
It isn’t about 5-10 people but 72 candidates at IIM-L do not have a job.
Imagine the status at other B-schools. pic.twitter.com/uYaTCmY3h7
First IIM Lucknow, now BITS Pilani asking alumni to help out with placements.
— Ravi Handa (@ravihanda) February 22, 2024
This is the first time I am seeing such groveling after 2008.
"help them tide through current crisis"
"gentle request to please keep this in mind"
"Thanking you very much in advance" pic.twitter.com/TI27X7THk6
The upskilling and reskilling initiatives can equip the workforce with the skillsets demanded by the evolving job market.
Additionally, government policies that incentivize job creation and promote domestic demand can play a crucial role in mitigating the impact of global headwinds.
On the other end while the widespread layoffs of 2023 dominated headlines, the trend has continued into 2024, albeit at a slower pace.
Moreover, The industries have been hit particularly hard and as a part of cost-cutting measures, the companies are also taking steps like layoffs. So far in 2024, there have been 349 layoffs at tech companies with 67,758 people impacted (1,042 people per day).
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