"...We are writing to address regarding unplaced students from our batch. Currently 72 individuals are seeking employment opportunities...", read a screenshot shared via a post on the social media platform 'X'. Posted on Wednesday, January 31, though the authenticity of the screenshot is yet to be independently verified, it has garnered more than 1.6 million views as of today, February 1.
The students in discussion are from an institute of repute, the Indian Institute of Management (IIM), Lucknow. The WhatsApp message visible in the screenshot has been forwarded to a group titled "IIML Entrepreneurs..." and it further pleads the alumni to ensure that the institution does not miss its 100% placement mark this year.
Press release from the institute says otherwise...
While the screenshot from the now viral post indicates that the placements have left the students wanting, a press statement from the institution dated October 4, 2023, had stated that IIM Lucknow has "successfully" completed its summer placements for the 2023-2025 cycle for the 30th batch of Post Graduate Programme (PGP) and 20th batch of Post Graduate Program in Agribusiness Management (PGP-ABM) students.
It further adds, "The Institute has secured 100% placement rate, securing 576 offers and placing students across various roles in Consulting, Finance, General Management, Product Management, Sales & Marketing, Operations & Retail, and E-Commerce with top recruiters from across the globe."
Economy taking a toll?
Although the statement mentions the students having been placed with an average and median stipend of Rs 1.31 lakh per month and Rs 1.30 lakh per month, the plea of students yet to be placed questions the validity of the statements. Also, the press release mentions undulations in the economy.
Via the statement, Prof Priyanka Sharma, Student Affairs and Placement Chairperson, informed, "Despite the placement scenario this time around, our relentless teamwork from the Placement Office, Student’s Placement Committee, support teams, and preparation crew ensured that each student landed at least one offer and achieve 100% campus summer placement. As the economic situation gets better, we are determined to bring even more opportunities for our students.”
The statement hints that the placement scenario has been overcast with an economy haunted by fewer employment opportunities.
Many 'X' users commented on IIM Lucknow not being the only institution to face this crisis. A user named Sindhu Biswal (@sindhubiswal) commented, "Have received 3 IIM reach outs for hiring interns and full-timers. The call sounded like it's a tough year to get students placed."
Another user, Surbhi (@vijaysurbhi_2) said that the speculations regarding a potential recession are quite visible now as an economic downturn is being foreseen which will impact all sectors, including unemployment. "...Unemployment is prevalent, and even individuals switching jobs for better salaries haven't been able to excel in these challenging times."
What does an IIM-L student has to say?
One student, on the condition of anonymity, though did not address the screenshot posted on social media, they spoke on issues looming large at these premier B-Schools.
Regarding competition, the IIM Lucknow student says it is aggressively shooting up. "The students who were doing their summer internships last year were riding the wave. Major consulting companies like BCG (Boston Consulting Group), Bain & Company, McKinsey, Kearney, and others, recruited robustly. Bain & Company recruited around 200 people last year for a full-time job." But adds that this year, the offers have been around 50.
On the scenario of non-placement of students, the IIM Lucknow student says on a positive note, that those who are not placed right now, are expected to be placed. "In any B-School, there is a week reserved for placements, and within 7 to 10 days the entire batch of around 300 students gets placed."
He adds that every day, established companies are carrying out their recruitment drives at IIM Lucknow and students are likely to bag jobs. "It is not extremely bad, top IIMs over the last decade or so have been so efficient in giving top jobs that a slight deviation now seems like a catastrophe," he asserts.
