US slowdown hits campus recruitment from Tier-II cities

The slowdown in the US has impacted campus recruitments in tier-II cities as well. According to representatives from engineering colleges, IT companies are now staying away from the campuses, which has resulted in an over 80 per cent drop in placements.

With the situation unlikely to improve in the near future, institutions are now advising students to join ITeS companies. "It is better to work somewhere instead of sitting idle," said a senior representative of a business school in Chennai. His college did not see even a single company visiting the campus for placements this year.

Meanwhile, Lakshmi Narayanan, vice-chairman, Cognizant Technology Solutions, said the current trend would be temporary.

According to a senior industry representative, the slower hiring this year was a consequence of last year's experience when many IT companies, hit by the weak dollar, had to delay absorbing students whom they had selected in advance.

K Pandia Rajan, MD of Ma Foi Management, had earlier said campus recruitments by IT companies would plummet about 38 per cent this year.

Source:
Rediff

1,59,000 jobs lost in US in a month

As many as 1,59,000 jobs were cut in the US in September, the worst ever retrenchment in a month for five years, the government has reported, heightening fears that the economic downturn was worsening and could persist well into next year.

Source:
Sify