Just about a week ago, we have been writing on ‘Was the world really VUCA before this ?’ and shared some decent placements and SIPs happening. It did not look that grim as the reports reflected positivity. The placement committees were happy that job offers were healthy despite a slowdown-like scenario.
Within a week things seems bit gloomy as many fear corporates may not honor the offers which were rolled out earlier. Incidentally, some companies have deferred the joining but many companies especially in the IT / ITeS, E- commerce and market places have confirmed completing the interviews and onboarding process as offices are being run virtually.
Prof. V Ramgopal Rao, Director of IIT Delhi in a LinkedIn post requested the recruiters to be considerate and keep their promises. He added that a few months of delay could also be fine.
This can be a major blow to students sitting with an offer but is uncertain at one hand and on the other unable to attend future placement sessions as per placement norms.
Unemployment rate rises to 23%
Meanwhile, according to CMIE report India’s urban unemployment rate soars to 30.9% even as overall rate rises to 23.4%, indicating covid-19’s impact on the economy. As per reports the coronavirus effect may have an impact on the economy, sending urban unemployment and Overall unemployment rates higher.
According to Prof. Himanshu, Associate Professor of Economics at the Jawaharlal Nehru University, Delhi, the unemployment number is somewhat expected.
We still believe industry will bounce back and as we have mentioned earlier it is a global phenomenon which makes it a level playing field for all and opportunities shall be up for grabs for the deserving.