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Dozens of students in the batch graduating this year from one of India’s top B-schools, Indian Institute of Management Lucknow (IIM-L), are yet to be find a job, according to an appeal sent to the institute’s alumni seeking help, suggesting an industry downturn could hit prospects of jobseekers.
The institution said there “is nothing to worry about” and placements are underway, at least two professors from other IIMs said that they too have seen a marked drop in how companies are hiring from these premier institutes, where students are known to be swooped up with many holding multiple offers.
“Dear Batch of 2011. We are writing to address the current situation regarding unplaced students from our batch. Currently, 72 talented individuals are seeking employment opportunities,” said the appeal, which added that: “Your support is crucial in maintaining the legacy of IIM Lucknow’s 100% placement record.”
“If you are aware of any job opportunities or have connections within your professional network that align with the skill sets of our 2024 batchmates, please consider referring them or informing us about potential openings,” it said.
Responding to the situation, IIM Lucknow placement chairperson professor Priyanka Sharma said: “The process of placement is underway. There is nothing to worry about. Even today a few companies had come to the campus. Once placements are over, IIM L will issue an official press release.”
Another official, who asked not to be named, said reaching out to former pupils was a regular practice.
IIM-L, across its three 2-year MBA programmes, has nearly 600 students graduating this year.
The situation is said to be similar at IIM Kozhikode and IIM Indore where it is taking longer to complete the placement process.
IIM Kozhikode director, professor Debashis Chatterjee, said: “There is an economic downturn. Placement work is taking longer than usual. I’ve heard that IIM Lucknow is looking to getting its 70-odd pupils placed. I’m sure that it will.”
IIM Indore director professor Himansu Rai remarked: “It is taking more time than usual (to complete placements) in all IIMs. 100% placement will happen, of course. Compared to last year, the number of offers that companies are making is low. For example, if a company took 10 students last time, it is taking only two or three this time. Also, some companies have a hiring freeze this year.”
The institute did not share the details of the timeframe for this year’s placements, but in the past the placement process has been completed by the end of January. For instance, in 2023, the final placement press release was issued on January 27.
Last year, IIM-L secured 100% placements for its 37th batch of its Postgraduate Programme (PGP) and 18th batch of PGP- Agribusiness Management (AGM) students. It was the largest batch in its 37-year history.
The institute secured 632 offers for 556 students and placed them across multitude of roles in consulting, finance, general management, IT and analytics, sales and marketing, and operations & retail e-commerce with top recruiters from across the globe.
In 2023, the institute had achieved the highest ever average and median salary package of ₹32.23 lakh per annum and ₹30 lacs per annum, respectively, with the highest domestic and international CTC (cost-to-company) reaching ₹55 lakh per annum and ₹65 lakh per annum, respectively.
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