Recruitment through Campus Placements is slowing down
Campus Placements – Indian education system has an added advantage of on-campus placement, where a maximum number of students get their job. This system came into place to facilitate the hiring for software Organizations during the boom in the software industry. While the trend has continued and was well adapted across industries especially in the software, banking and outsourcing sector, the trend has been falling down. This decline has lead to major unrest in the student community who rely solely on these jobs to pay off their loans.
In a budding economy like India, this decline may be catastrophic for many students and may be due to many factors like as follows-
- Lack of Quality Students– Only 23% of the undergraduate students is deemed to be fit for employment. Indian undergraduate education lacks both in curriculum and exposure in comparison to world standards. These fall in standards are a major reason why the trend has been shifting to another low-quality market like China and the Philippines
- Larger Demand than Supply– The number of colleges has grown exponentially and has led to the production of many professionals which is beyond the market demand
- Poor Infrastructure and Faculty– The boom in Outsourcing had made Indian Education Industry less aware and had allowed them to sloth down on the quality of faculty and infrastructure. These factors have in turn led to the production of poor professionals
- Lack of Soft skills– While Indian colleges attribute huge importance to technical skills Indian students are found to be bad in soft skills which account for more than 75% of their working skills. This factor has made the companies look for experienced professionals who are good at soft skills
- The emergence of Cheaper Technical Labor markets– One of the major reason for outsourcing boom in India is the presence of cheap technical labour but stiff competition from China, South Africa, and the Philippines have led to the loss of some jobs to those nations.
While it might create a lot of hue and cry, it is not all that bad or a job crisis and apocalypse situation as it is the sign that Indian workforce is slowly transitioning into a market famous for cost leadership to quality leadership. This is a situation where Indian professionals are moving to the forefront of managerial and technical innovations and driving them.
This is a great situation as most of the developed economy has sustained in this situation after initial boom where students need not worry about lack of jobs and go in with full confidence and find a job at the earliest as they move out. Though it might seem a bad scenario, in the beginning, it’s a culture change in place and will be completed over the next few years.