HirePro, an AI-powered recruitment automation firm, has released its latest market study titled "Momentum '24: The New Reality in College Hiring." The comprehensive report uncovers crucial insights into the evolving dynamics between students, academia, and corporates in the Indian campus hiring ecosystem.
One of the most striking findings is the significant gap in perception regarding the industry readiness of graduates. While 70 per cent of academic institutions believe their graduates are well-equipped (at least 60 per cent ready) for the corporate world from day one, only 16 per cent of corporates share this view. This disparity highlights a persistent challenge in aligning academic curricula with industry expectations.
The report also reveals a shift in how students view their academic performance in relation to job prospects. A substantial 71 per cent of students believe that CGPA alone is insufficient for evaluating their capabilities during placements and that prioritising technical skills is required. This sentiment contrasts sharply with the practices of academia and corporates, who continue to rely heavily on academic performance as a primary criterion for candidate shortlisting.
Entrepreneurship emerges as a significant trend among Indian students, with 67 per cent of them planning to start their own businesses within ten years of graduation. However, this entrepreneurial spirit is not fully embraced by all stakeholders. While colleges are increasingly offering courses and setting up incubation centres to support this trend, 63 per cent still prefer their students to focus on securing corporate jobs after graduation. Similarly, only 5 per cent of corporates prefer to hire candidates with entrepreneurial ambitions, perhaps worried about attrition. This is despite the fact that most corporates try to promote entrepreneurship among their employees (intrapreneurs) by providing platforms, attractive incentives, and occasional funding.
The impact of AI on future jobs is another area of focus of this study. It reveals a positive consensus among students, academia, and corporates that AI will generate more job opportunities in the future. Notably, over half of the companies now expect candidates to be Gen-AI ready during placements, underscoring the growing importance of AI skills in the job market.
A majority of students still view internships as an opportunity to learn the real-world nuances of what they study in classrooms, with 68 per cent of students willing to relocate for quality opportunities. While 70 per cent of students prefer in-person experiences if given an option, corporates strictly oppose newer models like remote and off-college hours internships.
The study also sheds light on the mixed reactions to the NEP 2020 initiative allowing year-long breaks from studies. While 59 per cent of students strongly support this idea, only 30 per cent of academia and a mere 16 per cent of corporates are in favour, highlighting the need for better alignment between policy, education, and industry needs.
