IILM Welcomes Summer Internships go Virtual in Lockdown

“Put your heart, mind, and soul into even your smallest acts. This is the secret of success.”
Ralph Waldo Emerson

Come Summer… and it’s that time of the year when students of B-Schools undertake internships. However, in 2020, the times are uncertain and unusual. No one has experienced such a situation before. The Covid-19 lockdown has forced companies to explore virtual internships or Work from Home (WFH) options. Summer internship for students is mandatory as per government rule and all parameters remain the same, except that it is now has to be done digitally keeping in mind the need of social distancing due to the pandemic.

IILM-Welcomes-Summer-Internships-go-Virtual-in-Lockdown_1IILM, an institute of great eminence, located in the heart of the city with campuses in Delhi NCR, the course structure not only reinforces the inherent qualities of curiosity and creativity but also help in creating and developing the sector-specific skill sets. As we understand, the desire and intention of young ambitious graduates, IILM under the strong mentorship helps students with various internships to choose from as part of the progression.
As most of you are aware, various internship portals have registered their summer internship need with WFH ranging for a period of 2 months to 6 months. Some companies offering stipend and some without stipend. Some private and public sector undertaking has also postponed their internship due to the lockdown. Even in this situation IILM students across campuses took up the virtual internship and we proudly saw an increase in students taking up the projects.

With strong placement team that IILM have, we share ample opportunity to IILM students to enrol in online trainings and WFH which will be considered as summer internship for them. This arrangement seeks to engage students pursuing Under Graduate or Post Graduate students to enrol with companies of any sector within India or abroad, as “Interns”. These “Interns” work on to various Verticals/Divisions/Units; the main being Sales, Marketing, Content Writing, Research, Finance, B2B, CSR projects, and many more. To name few companies are UNGCI, Bajaj Allianz, Feedback Infra, ICICI., etc.

IILM-Welcomes-Summer-Internships-go-Virtual-in-Lockdown_2At IILM, students are also encouraged to intern in their “Family Business” too. As family businesses move from one generation to the next, a key challenge is ensuring that younger family members—future owners and possibly future leaders of the company—feel a connection with the business. The benefits of family internship program can be great, for young family members as well as for the business. The students gain work experience that will prove valuable even if they don’t ultimately work for the family firm. The company benefits from family members’ deeper understanding of the business. In some cases, internships spark the interest of talented young family members who develop into key employees.

The various internships shared by industry expert, allow students to bring new perspectives, innovative ideas and latest research experience into the classroom, work and improve their skills while working in a diverse environment. IILM student’s internship is an opportunity to learn while gaining practical experience. Interns generally find the experience to be rewarding and interesting. In addition, it is a way to enhance their CVs with practical work experience.

Every student at IILM always wonders what an internship during B- School stint would be like. Will it entail any substantial work at all? Companies would not want to invest so much into them. But setting up a successful internship program requires careful planning in order to realize these benefits—and to avoid pitfalls. We, make our students feel comfortable giving ample training of the sector, bringing in guest speaker, alumni sharing experiential knowledge, the skill set required

There are also several benefits from the intern’s point of view in virtual internship:-

– all development occurs online,
– there is no requirement to travel as part of the internship program,
– students can work from anywhere,
– for the most part, a virtual internship works around the students schedule,
– Orientation, meetings and other discussion are held online… Webex, Teams, Zoom, etc.

Good internship is a challenge for all students of B-school and at IILM students’ performance helps them to get Pre-Placement Offers, and join the team successfully. Students carry some great memories and close friends, grow in social networking and we have successful stories where we teachers/ mentors feel cherished about.
Stay Safe! Stay Home!

Mini B. Daniel
Associate Professor of Communication

Guide to Professional Networking and Job Search

Only a handful of us, hold jobs that are directly linked to our past work experience or academics. And in the era of opportunity in disguise where talent hunt and job seekers are at parallel lines. “To Bridge this gap” I wanted to pen down a few mantras, through which Job seekers could make themselves visible and how talent seekers could findtheir potential candidates.

In today’s scenario, seeking employment is mentally and emotionally draining. It even begins to affect your self-worth. Efficiency is what is required in job hunting, with holistic views and of course knowledge and use of technology. All institutions are helping students to make use of the technologies for future growth. As, in the present scenario, technology is utilized to improve teaching and learning and help our students be corporate ready.

Guide-to-Professional-Networking-and-Job-Search_1On a daily bases we get to see Job openings with profile descriptions on various Portals – Linkedin being one of the best social professional platform. Bases your interest- Whenever you see such posts, make sure that you share or drop a “like”or “comment.” You spend only a few seconds but could be a life-changer for someone who is looking out for an opportunity. It will increase their visibility and even help you find desired key words for your resume, which would indeed attract the recruiters. By sharing the post – You may not be able to get them a job, but someone who might be able to, may see it. This is what “Linkedin” and true networking is all about. Let’s join together and help each other out.

Incredible potential were missed out during the earlier system of hiring. With the use of new methods and technology, the advances in robotics and machine learning are transforming the way we work. We should be open to multi task at this juncture and should be willing to do jobs we’ve never done before in our careers. So what are the tools and strategies we need to identify tomorrow’s high performers? In search for answers, I’ve consulted with many of my colleagues, across many sectors, read number of reports and conducted some of my own talent try-outs. My hunt is far from over, but here are few ideas the can lead you to the desired profile.

1. Explore to the maximum

If we only look for talent in the same place/s, as we always do – top notch universities / institutions, reputed schools, prestigious organizations — the results are the same. There’s a lot of talk about the importance of clarity and vision with each step of the search. Your computer, tablet, or Smartphone holds a wealth of information. If you know what to look for, you have access to an unlimited number of learning resources, job search portals and we can make the best use of it.

For example, say you’ve been searching for a job role of “Manager of Marketing” for a while without any luck. Depending on the company, a “Chief Marketing Officer” position might demand the same skills as a Manager-level position. Instead of relying on the job title to determine the scope and function of the role, read the whole listing to discover what’s actually being asked for.

Be especially cautious of the term “manager,” it’s one of the most confused terms in the career world. One organization’s “Marketing Director” might, in fact, be an individual contributor, whereas a “Marketing Manager” with a different company could lead a team of ten members. The point to be noted is, this again depend upon the size, hierarchy of the company.

No issues, it’s about opening up your search by navigating the shortcomings of job! As long the search should be right, keep initial words, read Job Description thoroughly, understand what the company is asking and see if or as a role fits with the bulk of your non-negotiable (like pay, company type, or location), it’s worth exploring further.

2. Performance should speak

Inspired by my own job experience, as a hiring platform called “Linkedin,” which gives candidates an opportunity to polish the various capabilities like the Data Tool, Basic Excel, STRATA, Programming, Tableau Public, Python, SAS; etc. If you’re hiring a data analyst, give them a spread sheet of historical data and ask them for their key understandings. If you’re hiring a marketing manager, have them plan a launch campaign for a new product. And if you’re a candidate, don’t wait for an employer to ask. Seek out ways to showcase your unique skills and abilities outside of just the standard resume and cover letter.

However, employee selection is the process of putting right men on right job. It is a procedure of matching organizational requirements with the skills and qualifications of people.

3. Don’t wait – Explore all job portals

Applying online is instantly gratifying / rewarding. You can apply to 20 places in one sitting and feel incredibly productive. Also most jobs aren’t publicly advertised?? So why to wait…?.

How to access this secret underground job market?

Guide-to-Professional-Networking-and-Job-Search_2Start by making a list of your dream companies you want to work for. Organize your list based on whether or not you have the right skill sets. If you already know someone there, put that organization on one side of the list, and send an email and fix for an appointment and then take it forward. For everywhere else, you’ll need to make a new connection, which increases your contact and add to your network.

4. The Big Picture

I’ve heard about recruiters who are quick to tag a candidate based on a single short stint on their resume. Try to get a rounded view of the person; otherwise our judgment of them will always be imperfect. For that, let’s stop associating experience with ability, credentials with competence. The employers should leave back the out-dated hiring practices and embrace new ways of identifying and cultivating talent, and candidates can help by learning to tell their story in powerful and convincing ways. We could live in a world where people are seen for what they’re truly capable of and have the opportunity to realize their full potential. So let’s start to construct it.

5. Top Essential Employability Skills and most Transferable in-demand Skills

Various skills in enterprise are role defined, while others can be utilised in all job roles (multi takers). The Manageable skills develop through learning during our career – know what they are and set targets for improving them to maximise the job evolution.

Few of them are:

(a) Positive Attitude

Having positive attitude helps you cope more easily with the daily affairs of life. It brings confidence, and avoids unnecessary problems. If the change is adopted in one’s life, it would bring constructive changes, keeps everyone happier, cheerful and more prosperous.

(b) Self-Management

Success starts with self-management. It is an acquired art. Setting goals and managing time comes out of self-management. It develops the attentiveness skills which will help to overcome the temptation of delay.

(c) Willingness to Learn

Be always open to new learning and cooperative. Be willing to learn from others and share knowledge

(d) Thinking Skills

Thinking skills are the mental state of mind that we apply when in need. It enables us to assimilate each new experience into the diagram that we are constructing or imagining of “how things are”

(e) Flexibility

Flexibility in workplace allows employers and employees to make arrangements about working conditions that suit them. This helps employees maintain a work / life balance and can help employers improve the productivity and efficiency of their business.

In today’s world, employees will be expected to specialize in your role to some extent, although understanding the functions of your colleagues’ positions and departments will allow you to work with them better. Being flexible means making time for others and not expecting them to respond to your requests instantly. Look for examples of how your flexible approach to work will benefit the company.

(f) Motivation and Enthusiasm

Whoever hires you, the employer is investing in you, so they need to see that you are passionate about working and interested in your career. If you are lacking in motivation this may have a negative impact on your work.

(g) Initiative

Highly valued in job – is your own initiative. An employer needs to know that you can think for yourself. Approach this with thoughtfulness and start small, you have got your whole career to develop your skills. Kindly note, for any activity please do not act smart or outside of your authority.

(h) Organization and Planning

Prioritization of tasks and time management are the key factor for any job role. You need prove your administration skills to your next interviewer that you will be able to perform to your full ability and excel in your role.

(i) Communication

Effective communication is essential for any job role. Employers need to know that you are capable to express and explain your thoughts to anybody in the organization and also able to realize the viewpoints of others.

(j) Teamwork

Teamwork is often a crucial part of any job role, as it is often necessary for colleagues to work well together. Teamwork means that people will have to cooperate, using their individual skills and providing constructive feedback, despite any personal conflict. Employees get opportunity to work in groups and communicate with people from every department of the company in order to prove and deliver results.

(k) Leadership skills

Leaders take responsibility and delegate tasks effectively. Most roles involve at least some aspect of leadership, especially beyond the initial stages of your career. Look for opportunities to manage projects and other people as early as possible to begin developing this key transferable skill.

(l) Problem solving

Workshops / Training can only take you so far, sometimes you will find yourself in a situation where you need to figure out a new solution. Make a note when you really have to dig deep and figure something out. Try to use examples in your interviews to convince the interviewer.

(m) Self-Awareness

Try to recognize your areas of weakness and improve it. It is almost as important as developing and using your strengths. Your potential employer needs to know that you realise, you aren’t perfect. If appropriate, mention areas you are keen to develop in your new position, (eg. go for trainings, attend conferences, etc.) as well as presenting the skills you bring to the role.

Finally the ability for search in jobs lies in the capability and adaptability of the job seeker keeping in mind the competitive scenario today. There is “No ‘Job Shortage” – but using the right platform and skills will enhance the job seekers to accomplish his/ her goal. The job seeker should however, be well equipped with his or her strong and weak capabilities to channelize his / her root of career.

Mini B. Daniel
Associate Professor of Communication

Impact of Market Sentiments and Indian Indices

Indian Market is experiencing its worst nightmare since financial crisis of 2008. There has been a series of events which has led to the Downfall of Indian Economy since 2019. India was already facing challenges with the banking sector having huge Non Performing Assets (NPA) with Scams of IL&SF Infrastructure Leasing & Financial Services (IL&FS), whose defaults on its payment obligations led to a liquidity crisis in the shadow banking sector, had posted a staggering net loss of Rs 22,527 crore in 2018-19 (FY19) on a standalone basis, as against a net profit of Rs 333 crore in the previous year, according to the company and DHFL Bankruptcy scam putting deposit holders with overall exposure of Rs 6,000 crore and at risk of losing their savings.

These events impacted the banking system as a whole -after which two major banks came in the limelight.

Punjab-and-Maharashtra-Co-operative-Bank-LimitedFirst being the fraud of Punjab & Maharashtra Co-operative Bank Limited (PMC) that the PMC bank allegedly favored to the promoters of Housing Development and Infrastructure Ltd (HDIL) and allowed them to operate password protected ‘masked accounts’. It is found that around 21,049 bank accounts were opened by bogus names to conceal 44 loan accounts. The bank’s software was also tampered to conceal these loan accounts.

This bank fraud case was busted by a bunch of women employees of the credit department of the PMC bank. These employees told to the RBI that they were aware of the ghost accounts. When this case came in the light; then customers of the PMC bank rushed to the PMC bank to withdraw their hard earned money but they were refused to give their deposited money and withdrawal limit is set by the bank. Further the Enforcement Directorate (ED) had sealed the assets of Rs 3,500 cr of the HDIL group.

Yes-Bank-1Followed by the fall of the 5th largest private sector lender… “Yes Bank” had loaned more than its net worth to companies that were unlikely to pay back the type of firms and sectors to which Yes Bank was lending resulted in the start of the crisis. According to one estimate, as much as 25% of all Yes Bank loans were extended to Non-Banking Financial Companies, real estate firms, and the construction sector. These were the three sectors of the Indian economy that have struggled the most over the past few years. And Yes bank got exposed to the toxic Assets.

The investors were already alarmed of the grey patch Indian banks were going through, but these events made them loose confidence. Had the Government and RBI start seeking for resolutions amid many concerns heading into 2020, the event that no one expected was the outbreak of COVID-19—

A Coronavirus that first emerged in the populous city of Wuhan, China, and which is now proving to be both more infectious and virulent than the common flu. Impact of this on global economic growth has been huge. The Organization for Economic Co-operation and Development (OECD) has halved the global gross domestic product (GDP) growth projection for 2020 due to Coronavirus. “The current restrictions have impacted most economic activities like travelling, consumption, etc. Manufacturing Industries impacted due to supply chain disruptions and this in turn will delay capacity additions and Capex spending. This event caused a massive crash in the global markets with drying up of liquidity and a complete halt of economic activity in various parts of the globe. The pandemic event has caused a dent in the real GDP growth of various developed and developing markets.

Making things worse is the crude oil war between Saudi Arabia and Russia, which has injected volatility into other assets. “Earlier, only the equity and debt markets were impacted by the Covid-19 scare; now the commodities and currency market are in turmoil due to the crude oil war. After a crash of this magnitude, market confidence usually does not come back soon.

Fall of Market Indian Indices:-

Fall of market covid 19If the Benchmark indices fall more than 20% from their peak, it is defined as a bear market. With the Sensex and Nifty down by more than 30% and we are deep in bear territory now. However, very few Indians have the courage to invest right now. An online survey by ET Wealth reveals that only one out of six investors is planning to buy aggressively at this stage .it is heartening to note that a large number of investors have not lost heart. They may have lost a big chunk of their investments in 2020, but they are not planning to go away. While the spread of Covid-19 is the main worry right now; investors are more worried about the economic impact of the lockdown. Experts say these fears are not unfounded, because it is not a financial market problem that can be addressed by monetary policies like rate cuts, quantitative easing or a fiscal stimulus. The real issue is the worldwide lockdown. “The economic pains triggered by Covid-19 and lockdowns are expected to last longer than the previous financial market crisis.

In the current phase, foreign investors are exiting the market, the net amount of Rs 59,377 crore was pulled out from equities and Rs 52,811 crore was withdrawn from the debt segment by the FPIs in the month of March 2020, which translate the total net outflow of Rs 1,12,188 crore, which comes after six consecutive months of investment by FPIs since September 2019. At the same time, domestic institutions have poured in Rs 55,595 crore. But if the markets continue to fall, even domestic investors may start exiting.

RBI & Govt. announced to few measures:-

To calm the nerves of a stock market gripped by bears and to help liquidity conditions in the economy, the Reserve Bank of India (RBI) governor, Shaktikanta Das cut key policy rates on Friday 27-03-2020. This rate cut intervention by RBI has come after central banks across the world announced rate cuts to stave off a corona virus-related recession. the repo rate and reserve repo rate cut by 75 basis points and 90 bps, respectively (100 basis points/bps = 1 per cent). The repo rate now stands at 4.4 per cent and reserve repo rate at 4 per cent. The Reserve Bank will conduct auctions of targeted term repos of up to three years’ tenor of appropriate sizes for a total amount of up to Rs 1,00,000 crore at a floating rate linked to the policy repo rate . CRR reduced by 100 basis points to 3.0 per cent This would release liquidity of Rs 1,37,000 crore in banking system and many other policies to infused and boost the market confidence .

Impact on Industries and man power:-

The nationwide lock-down to battle corona virus pandemic is likely to result in huge job losses, pay cuts and freeze on hiring over the next few quarters, thereby giving blues to India’s already distressed employment in India.

Based on the best available estimates currently, there could be an estimated job loss of 10-12 million, across travel, tourism and hospitality sectors. The manufacturing sector is directly dependent on how soon the government lifts the lock-down, thus enabling people to go back to work.

Other worst-hit sectors are automobile & auto-components, MSMEs, consumer durables and capital goods sectors. These sectors will face the greater burden of the slowdown. India’s economy is expected to slow down to 2% from the current around 5% levels, while many other major economies of the world are going to be in the negative zone. The revenue loss in tourism, travel and hospitality sectors is pegged at $21 billion. With fear, uncertainty and doubt looming large on the future of the businesses across various sectors, one of the worst-hit sectors like hospitality sector has already terminated services of contract workers. Out of an estimated 20 million workers estimated 20 million workers engaged in the tourism, travel and hospitality sectors; an estimated 50% jobs will be affected.

As the number of COVID-19 cases worldwide topped one million with half of humanity now under lock-down and over 10 million jobs lost in two weeks in the USA and an estimated 11 million European workers have lost their jobs -this is clear that it has impacted Global Job losses as a whole. This particular black swan event has made the countries take a call on either safeguarding the economy which is at a complete standstill facing humongous economic loss or safeguarding the human capital.

Mini B. Daniel
Associate Professor of Communication