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The | New Delhi |
Posted: Apr 22, 2020 4:45:15 AM
“We will personally communicate our decision to each student affected by this decision,” stated the letter from Gautam Reddy, Managing Director, India and Bangladesh, Schlumberger.
Driven by the global drop in oil demand as a result of Covid closures and a fight for the value of oil, a premium recruiter working for oil companies has retired his job to graduate university students at the Indian Institutes of Technology (IIT).
Schlumberger, the world’s largest oil field services company, wrote to the IIT on April 6 that it had determined “to reduce and withdraw some internship and graduate job opportunities” in an attempt to regulate the “sudden reduction” in the customer spending. “
“We will personally communicate our decision to each student affected by this decision,” stated the letter from Gautam Reddy, Managing Director, India and Bangladesh, Schlumberger.
Schlumberger is the second multinational company to revoke its IIT work. As reported by The Indian Express on April 4, Gartner Inc, a US-based analytics and consulting agency. In the USA, it was the lead in terminating its supply to 11 university students at IIT-Delhi, IIT-Kanpur and IIT-Madras.
Gartner’s withdrawal, reported on March 30, was seen as an early warning signal on all campuses, and IITs fear that many additional corporations will reconsider their placement offers. Human resources minister Ramesh Pokhriyal and IIT-Delhi director Ramgopal Rao even made a public appeal to companies in the first week of April not to withdraw the offers.
Schlumberger’s resolution has affected a minimum of one scholar at IIT-Delhi, who was provided with a role as a junior discipline engineer, and one at IIT-Bombay. The IIT-Kanpur fellow, who had secured a job at the Schlumberger Pune Technology Center (PUTC), was provided the same profile at the Schlumberger Pune India Technology Center (PITC) in a decrease payment. It is discovered that the same provision was made to a scholar at IIT-Madras.
Parag Deshpande, Vice President of the Professional Development Center at IIT-Kharagpur, stated: “Schlumberger made us some offers. As on the date, none of the offers were revoked. “When asked if IIT-Kharagpur had obtained the April 6 letter, he added:” That was a generic email. We have not heard from them. “
Speaking to The Indian Express on Tuesday, Reddy confirmed that deliveries made to college students at IIT are canceled. “Last Friday, our global CEO (in announcing the results for the first quarter of 2020) had clearly stated in North America that we expect our clients’ spending to drop by 40% and globally by 15%. It is unprecedented. “
“We have a long-standing relationship with IITs. I am from IIT-Bombay. IIT recruitment is an ongoing process for us. Right now, when we are doing business restructuring, it is not fair that our current employees (hire more people). We have to take care of them first. It is as simple as this. All those who start from the top management have taken a salary cut within the company, ”he added.
When asked what this means for the jobs provided to IIT college students this year, he said: “So far we have withdrawn them. If the business climate changes, we will be the first to communicate with (students) who have been filtered through the entire (recruiting) process. “
Schlumberger cut its shareholder dividend by 75 percent and is restructuring companies to cope with the biggest drop in demand within the vitality sector in many years.
The Covid pandemic has resulted in a defeat of historical vitality. On Monday, US oil costs became destructive for the first time, falling from $ 18 a barrel to – $ 38. Government-mandated pandemic closures have slashed demand for crude oil and oil producers are working off from the area to sell the oversupply.
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