U.S. firms' cost cutting phenomena hit IITians
Kolkata: The cost cutting phenomena of the companies has finally hit the IITians too. The offers made to 15 students of IIT Kharagpur are cancelled by the U.S IT firms Montolova, Magma Design Automation and Paradigm. The students were given offer letters during the placements with a package of seven lakh rupees per annum along with incentives and perks. However, joining dates were delayed. "We were not worried when the letters were delayed, because we had never imagined in our wildest dreams that we would lose the jobs. When the regret letters landed, we were shattered," said one of the students. As reported in Times of India, these B-Tech graduates were denied of recruitment by the firms on account of internal reorganizing. While Montolova and Paradigm did not issue a single joining letter to any of the nine students they had picked, Magma offered to three among another nine students it had promised jobs. So, on account of the instability of the firms many recruiters have shunned the upcoming 2008-09 campus placement of IIT including two of these three U.S. firms who failed to recruit. Moreover, the other companies would join the placement scenario by slashing the number of jobs on offer.