The unheard has just happened! India’s premier institute, The Indian Institute of Technology, popularly known by its abbreviation IIT, has found itself a new acronym -Institute of Insufficient Training. Thus far, the most apt question to a new IIT pass out was – How high was your first payment package? These days, they are actually asked Have you found yourself a job?
A recent report published by India Today reveals that 36 % of the IIT Bombay pass-outs failed to find employment. Imagine a place that does not want to hire an IITian!! This is at a time when the IIT is being pushed to open global branches to leverage its vast brand.
This corroborates the constant warnings being issued through the editorials of Team Edumate.
The question is, whose job is it to ensure that alums of India’s premier Tech institute find jobs?
Here are a few voices on the issue:
Needless to say, we all must have come across headlines that often highlight the success stories of “100% placement” at institutions like IIT and IIM. However, the recent experience of graduating from the class at IIT Bombay sheds light on a different reality. As mentioned above, nearly 36% of students face challenges securing placements, which underscores the broader concerns surrounding unemployment in India. As reported, out of 712 students who registered for the 2024 placements, out of the approximate 2000 total candidates, a staggering 36% are yet to find jobs.
However, one can also not ignore that IIT Bombay has consistently ranked among the top institutes in India, securing third place in 2021 and 2022 and fourth place in 2023, according to the government’s NIRF Rankings.
Are High Salary Packages Becoming a Thing of the Past?
In an interview, IIT Bombay’s placement cell officials reported difficulties in inviting companies to campus due to the global economic meltdown, with many companies hesitant to accept pre-decided salary packages- which again is a matter of great concern among the ITTIANS.
This year marks the first time students from the computer science and engineering branch have yet to reach the 100% placement rate, which is typically achieved. The institute aims to maintain a high average salary package. Still, concerns have grown that this focus may not align with the needs and aspirations of all students, leading to complexities in the placement process. The placement season is set to continue until May 2024, and many students face dilemmas regarding job offers, with some opting for alternative employment paths, officials added.
What Does the Employment Report Say?
The India Employment Report 2024, jointly released by the Institute for Human Development and the International Labour Organisation (ILO) on March 26, highlights the formidable challenge of job scarcity, particularly affecting educated youth in India. As per an ILO study, the unemployment rate among Indian graduates stands at 29.1%, contrasting sharply with the 3.4% rate among illiterate individuals. This indicates a significant ninefold increase in unemployment likelihood upon attaining a graduate degree. In 2022, 83% of India’s unemployed belonged to the 15-29 age group, emphasizing the disproportionate impact on educated youth. Consequently, the youth labor force participation rate has dwindled from 54% in 2000 to 42% in 2022.
Is IIT Bombay an Exception?
IIT Bombay is not alone in grappling with placement challenges amid the current job climate. In February, a viral letter from Arya Kumar, Dean of Alumni Relations at BITS Pilani, underscored the industry downturn’s impact on placements for the 2024 batch. The technology sector, in particular, has seen significant upheaval, with global layoffs exceeding 400,000 since January 2022. Despite BITS Pilani’s respectable 89.2% placement rate in 2022-23, Kumar noted a deepening hiring slowdown.
Similarly, in January 2024, IIM Lucknow faced similar struggles, prompting outreach to alums for support in securing placements for 72 students. Such instances from leading institutes paint a stark picture of the challenges facing highly qualified candidates in today’s job market, raising concerns about the broader implications for India’s burgeoning youth population amidst its demographic dividend.
Is the Job Placement Rate Truly Declining?
Amid reports of a placement crisis at the Indian Institute of Technology (IIT) Bombay, the institute, on Thursday, took to social media platform X (formerly Twitter) to clarify the situation.
The institution stated that only 6.1 percent of students were still looking for jobs, per an exit survey among graduating students in 2022-23.
According to the institute’s findings shared in the image posted on X, 57.1 percent of graduating students were placed through the IIT Bombay process in 2022-23. Of the remaining candidates, the highest percentage, 12.2, went for higher education, 8.3 percent went for public services, and 4.3 percent remained undecided. While 1.6 percent proceeded with start-up plans, 10.3 percent got jobs outside the IIT Bombay process.
The placement credentials at the institute came under the scanner after data compiled by the Global IIT Alumni Support Group revealed that close to 36 percent of students at IIT Bombay still need to secure jobs this year, which was close to 33 percent of students last year.
According to the institute, the respondents included 1837 males and 477 females. The percentage of those still looking for a job was higher among females, at 8.1 percent, whereas it was lower among males, at 5.6 percent. In actual numbers, more boys (105) were still looking for jobs than girls (39).
In conclusion, amidst the challenging job market landscape, premier institutes like IIT Bombay are facing placement hurdles. Factors such as global economic downturns and shifts in industry preferences contribute to these challenges. While there are concerns regarding pre-decided salary packages and the alignment of placement strategies with students’ aspirations, efforts to address these issues are ongoing. Additionally, the context of India’s employment scenario, highlighted by the India Employment Report 2024, underscores the gravity of the situation for educated youth nationwide. However, recent clarification from IIT Bombay regarding placement statistics offers some reassurance, indicating a lower percentage of students still seeking jobs compared to earlier reports. Despite these reassurances, the overall job market challenges persist, warranting continued attention and collaboration among stakeholders to navigate through these uncertainties.
What are your thoughts on this issue? Whose responsibility is it to ensure that young individuals, particularly those from IITs, do not encounter such challenges? Do you believe we are moving towards a future with higher unemployment rates?
