There is a gloomy scenario over IITs, as many of its students began to lose job offers from big players.
In the light of economic slowdown caused by the COVID-19 pandemic, many established employers, including foreign players, are withdrawing their offers given to the students of premier institutes.
This has been the situation since March 2020, where such incidents majorly happened in IITs and top management institutes.
At this juncture, homegrown start-ups are coming to the rescue of such students, filling the gap.
Startup companies are planning to tap this opportunity and get the best talents from premier institutes.
In the process, they are willing to offer big pay that matches the big players’ offerings. Some start-ups are ready to offer Rs. 12-20 Lakh annual packages to fresh candidates from such top institutes.
According to IIT-Madras officials, the institute has seen 16 offer job offer withdrawals due to the COVID-19 crisis.
IIT-Delhi also felt the heat of the crisis, as its officials say, “We cannot share the exact numbers of withdrawals, but the numbers are only in single digits.”
These institutes are exploring different ways like approaching alumni, startup companies, among others, to fill these gaps.
“The institute has been taking help from the alumni network to get placement for students whose job offers were withdrawn and also for those who could not be placed in the academic session 2019-20,” says Prof. C.S. Shankar Ram, training and placement advisor at IIT-Madras.
He confirms the fact that startup companies are approaching them.
Another official Anishya Madan from IIT-Delhi also says the same about startups.
“I get at least four-five requests from startups daily. We are trying to see how we can help all students get placed,” says Madan.
IIT-Roorkee also confirms the same, saying that startups have been approaching them in the past too.
“Startups have always been approaching us, looking to hire the brightest minds in the country… Likewise, this year as well, there are startups who would want to hire from the best of the talent pool. These offers are applicable to all eligible students and not restricted to any category,” says Vinay Sharma, a placement in-charge at IIT-Roorkee.