Recent effects of Economic Recession – layoffs and slowdown of economy, cost cutting measures adopted by Corporate Companies – all these developments left the fresh college graduates with a notion of uncertainty and confusion as far as their hiring activities are concerned. Many of the fresh college graduates have not held their future in a realm of hope. Though the companies will not stop hiring, they will just be more choosy about whom they hire. As a matter of fact, many companies prefer to hire interns because it is cost-effective. In these circumstances, there is an every need for the fresh graduates to groom themselves to become Industry-ready.

Fewer Opportunities in Exports:

Consequent upon the Global Economic Recession, the export sector has been severely affected resulting in fewer opportunities to work in other countries and/or work on projects of foreign customer here in India.

Future looks Chaotic:

As per the facts and figures, about 80,000 jobs were lost in MNCs based in US and Indian software engineers are best known for their dedicated service to US Technological Companies. Another interesting development is that companies like IBM and Microsoft are deputing their US employees to Indian offices to take up jobs over here, on the local salary and terms and conditions etc.  This very development is causing serious anxiety among fresh graduates as the move has severely hampered their job prospects.

Current hiring Scenario:

Though two-tier companies are resorting to hiring, they are very meticulously selecting the ‘right candidates’ for their workplace. With this, fresh graduates are brought to note the fact that gone are the days that big companies would go after the students for getting them in their offices.
Today the hiring trends are quite contrary to the trends that prevailed two years ago, wherein the major companies were in a rat race to visit the campuses of Academia and offered letters to candidates who were not Industry-ready.

Skill-gaps among Fresh Graduates:

A complacent view is required to estimate the perspectives of the IT Corporate Companies and the Academia before analyzing the realities behind the supply and demand aspects of IT Job Scenario.  In the sense that as of now there is a gulf between what IT companies are expecting and their requirements with regard to Entry  Candidates and what the technical colleges imparting Engineering, MCA and MBA courses are producing year after year. 

Corporate Perspective:

IT companies have certain genuine issues. Some of them are that Entry Level Candidates who need to be trained on Technical Skills, Soft Skills & Communication Skills etc. and they do lack certain work ethics and attitude. Yet another factor which is haunting them is that only limited technical institutions are graded by them for ensuing Campus Placement Sessions. The Hiring and Training Costs are going high year after year, which will be at stake owing to attrition problem. Though the companies hire the entry level candidates through campus placement sessions, about 30% candidates may not join due to their preoccupied thoughts about their indecisive future plans resulting in the fact that though the IT companies are approaching the academia for procuring entry level candidates, they are not totally happy with the present state of conditions.

Students Perspective:

Other side of the coin is student community, which has certain issues to be discussed.  Though the IT companies are approaching the doorsteps of the academia, why are the students not found suitable for hiring?
 This is a million dollar question. The reasons are many and a few are: 
There are certain cultural barriers which do not fill their hearts with sufficient confidence to take up the task with full of letter and spirit. 
The majority of student community is deficient with knowledge because of lack of infrastructure in the colleges where they study. Lack of awareness is also another reason. Yet another hindrance the majority of students face is that their normal communication is exchanged in their regional language alone and no occasion either to begin their communication in English or even if the student starts to converse in English, the listener ridicules the speakers and thus the communication skills are at the rock bottom. Lack of motivational factors due to inferiority
complex and lack of exposure to corporate culture are some other facts. Another important issue is that students are acquiring knowledge from examination point of view and not from knowledge point of view or not even from practicality point of view.

Need of the Hour – Corporate Perspective:

To match the unexpected sudden slowdown trends, IT companies need to hire ‘right’ entry level candidates and it has become imminent for them to overcome the talent crunch. The companies are seriously thinking to cut short the expenses spent on hiring and nothing is spent on training. The companies need to look for a via-media way to bridge skill gaps by a third party agency/institute for procuring  talented manpower at low cost.

The companies should constantly interact with Academia to enhance awareness among the student community/entry level aspirants about what exactly the IT companies are looking for from them.  The Companies have to ensure that the students hired by them should join so as to adhere to the percentage of intake against each campus placement session.

Need of the Hour – Student Perspective:

Need of the hour for students is that they  should get acquainted with the real corporate culture. They should develop good communication and presentation skills along with good written skills.
They should be trained on the needful workplace skills on technical areas like C, C++. .Net, Java, SAP etc. They should have good Time Management Skills and they should also wisely practice to transform their theoretical knowledge into practical experience. They should adopt latest technologies and develop leadership skills. They should get exposed to Project Management Skills and involve themselves into SDLC of a Project. They should adopt change and develop work ethics and accountability at their workplaces.

Lack of Project Work Skills:

Universities ask the Final Year Engineering, MCA and MBA students to pursue the project work activity and submit the detailed Project Report at the end of the final semester of the course. This activity is meant for making the students undergo the practical means of attempting on project tasks, while they are in final semester of the course. Unfortunately, the students are not finding its importance and they are simply buying the CD and the books related to Final Semester Project Work.

By the way, the students are not only removed from the practical exposure on the project work activity but also lose the opportunity to become ‘right’ candidate  at the time of hiring by companies. The ‘Advantage’ the students find at the time of buying the Project Work assignment - without involving and completing the task, becomes a curse at the time of their Campus Placement Sessions or Job Interviews.

Steps to Overcome Current Scenario:

The gap between Industry requirements and Institutional output still get widened day after day. To overcome the present problem of talent crunch, industry was previously evolving the policy of “hiring and training” and that was one of the ways out found, but no longer has it continued. Industry can no longer heavily invest on the fresh graduates for  their overall training and development.

Hence, an amicable solution has to be reached between the training agencies/ academia and industry. A meaningful partnership between these two ends will only bridge the gap between growing requirement and ground reality.

In view of changing demands, Industry requires an immediate solution by supplying the talented workforce for delivery of the task in the new technologies. Unless the Industry addresses these future shortfalls, there will be a greater disadvantage to itself when it fails to either procure or to retain or train or utilize the workforce for multitask delivery process. Many initiatives and remedial measures were initiated to solve the problem.  But as of now one can hardly see any substantial growth in employability of the  B.Tech,  MCA and MBA candidates. 

Some Solutions:

·  Industry should continuously interact with Academia for providing inputs to the final/pre-final students of the course to enhance application of thought among them.
·  Practical exposure is necessary for students on Project Tasks and they should transform their theoretical knowledge into practical experience.
· The students should have exposure on Project Work Assignments – Final Year    projects should be scrupulously done by them to gain practical knowledge.
· They have to become ‘productive’ to attempt on the project task from day 1 of they entry into Corporate Companies.
· Corporate Perspective and Student Perspective should synchronize with one another – for identifying ‘Right Candidates’ for building future Workforce.
·  Educational Initiatives taken by NASSCOM should reach all the stakeholders( Companies, Academia, Students and Professors) to make the initiatives practically adoptive and scrupulously followed to promote talented students to transform them as prospective  IT Professionals.