Challenging Times for Engineering Students: The intersection of the pandemic, global conflicts, and economic uncertainties has cast a shadow over the prospects of engineering students seeking college placements in the current year. Among the chief concerns are the conspicuous absence of mass-recruiters, reduced hiring opportunities, and a more demanding selection process, all of which have heightened anxiety among job seekers.
Mass Recruiters MIA: In a significant departure from previous years, this year’s job market shows a stark lack of mass-recruiters, raising apprehensions among engineering students. Kalyani Joshi, Principal of PES Modern College of Engineering, noted that the number of companies hiring freshers and the compensation packages on offer now fluctuate based on economic conditions and industry demand.
IT Services Firms Trim Hiring: Reports indicate that IT service firms are hiring significantly fewer freshers compared to the previous year. Renowned companies like TCS, Wipro, Infosys, and HCL have considerably downsized their intake, with a noticeable impact on the job market.
Rigorous Selection Processes: Nilisha Itankar, Head of Placements at Symbiosis Institute of Technology, explained that although the number of companies recruiting remains stable, a drop of over 25% in placements is evident when compared to the same period last year. The trend is more pronounced in core industries due to the absence of mass-recruiters, and the selection process has become more rigorous, involving multiple written tests, interviews, and additional rounds.
Shift to Core Industries: In response to the dwindling opportunities in IT service firms, engineering students are increasingly turning to core industries aligned with their fields of study. This shift is evident, with fewer students now opting for IT service sector jobs.
AI and ML Realization: Ganesh Kakandikar, Associate Dean of External Relations at MIT World Peace University, noted that the earlier enthusiasm for Artificial Intelligence (AI) and Machine Learning (ML) in the IT sector has waned. Students are increasingly recognizing the need for industries where AI and ML can be applied as tools, making core sectors more appealing.
Salary Packages Hold Steady: Interestingly, despite a slight dip in the percentage of students placed, salary packages have not seen a corresponding decrease. For example, at COEP, the average salary package increased from 9.70 LPA in 2021-22 to 11.20 LPA in 2022-23, highlighting the resilience of compensation even in a more challenging job market. Similar trends have been observed at institutions like Symbiosis.
These dynamics reflect the evolving landscape of engineering job placements, marked by changing industry preferences and the need for adaptability in the face of economic fluctuations and global events.
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