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HIRING FREEZE - Hoax or real?

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New post 27 Mar 2020, 19:22
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Business schools, apparently have maintained a list for companies with hiring freezes and latest updates for ongoing employment. I doubt this data and Ross just sent us an email saying that this information is dated and inaccurate - but for the sake of the community - I think it is fair for us to look at it and see what we think.

Tagging some current student moderators to chime in - TryingToMakeIt kmwantstogoschool FuturePM91 MBASomeTime abhimahna

In my personal opinion, this is scary and while I think tech should be safer but this is the start of a pretty glaring summer and beyond for most MBA students graduating this spring. I personally know many working folks losing their jobs (even in high paying senior level roles) and the uncertainty is not helping. Last time this happened in 2008, lots of MBA graduates ended up losing their offers and had to start all over again.


Update 1: Michigan Ross told us that they have heard of 10 students (undergrad and MBA in Ross) who have had their offers rescinded and that Ross is working closely to help them.

Attachment:
HIRING.png
HIRING.png [ 265.76 KiB | Viewed 1704 times ]


Check the link here for the full list - https://candor.co/hiring-freezes/
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Re: HIRING FREEZE - Hoax or real?  [#permalink]

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New post 27 Mar 2020, 19:24
Thanks for posting/tagging. I have so much anxiety about this. ?

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New post 27 Mar 2020, 19:26
Thanks for posting! It seems some folks may have confused internships and jobs and spreading rumors without realizing it?

This is for hiring for a job, correct?

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Re: HIRING FREEZE - Hoax or real?  [#permalink]

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New post 27 Mar 2020, 19:26
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Re: HIRING FREEZE - Hoax or real?  [#permalink]

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New post 27 Mar 2020, 19:27
bb wrote:
Thanks for posting! It seems some folks may have confused internships and jobs and spreading rumors without realizing it?

This is for hiring for a job, correct?

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Yes hiring for a jobs and internships, yet! The table has some notes mentioning a few details.
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New post 27 Mar 2020, 19:29
Yeah they sent an email awhile back which essentially said that they hadn’t heard of hiring freezes or rescinding offers. Mostly just health related precautions. But I talked to a friend today who has had their start date postponed to last fall instead of summer.
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Re: HIRING FREEZE - Hoax or real?  [#permalink]

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New post 27 Mar 2020, 19:34
In part I feel it may be early to call most businesses except travel. All the major players have suspended their hiring decisions and likely will let go of people. I doubt most others have a clue which way it is going at the moment so they would not be close for table commenting. I think this is accurate for the next 2 weeks but depending on how quarantine and stimulus play out, businesses may adjust. Just saying... if things get tough, it will be tough. However amazon, Microsoft and Apple are likely resilient to anything. Consulting companies... not sure. They can’t travel and that’s a big value they provide.

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New post 27 Mar 2020, 19:37
bb wrote:
In part I feel it may be early to call most businesses except travel. All the major players have suspended their hiring decisions and likely will let go of people. I doubt most others have a clue which way it is going at the moment so they would not be close for table commenting. I think this is accurate for the next 2 weeks but depending on how quarantine and stimulus play out, businesses may adjust. Just saying... if things get tough, it will be tough. However amazon, Microsoft and Apple are likely resilient to anything. Consulting companies... not sure. They can’t travel and that’s a big value they provide.

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The aforementioned delayed start was a consulting FT offer. Keeping my fingers crossed that I’m safe in food.
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New post 27 Mar 2020, 19:46
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New post 27 Mar 2020, 19:47
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souvik101990 wrote:
Back in 2008, consulting companies rescinded their internship offers and gave "incoming" interns confirmed full-time employment upon successful graduation.


Yikes. Same ft who told me about the delayed start ALSO told me that they aren’t hiring interns and instead gave all who had intern offers FT offers for next year.

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Re: HIRING FREEZE - Hoax or real?  [#permalink]

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New post 27 Mar 2020, 20:40
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Thanks for tagging in. We had a call with our career center this afternoon and they mentioned that they have been working very closely with employers. There is no negative news as of now. However, my LinkedIn is full of stories of people mentioning that their offers have been taken back and they are looking for jobs now (more internship offers than full time). I am not sure what's going on but fingers crossed!
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New post 27 Mar 2020, 20:43
I do think that one thing business schools should do is forget about how this makes them ‘look’ and be as transparent as possibly can.

Update - I just got a survey from amazon asking what my travel plans are from now until my start date. Not sure what they will do with that data though.

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New post 27 Mar 2020, 20:49
souvik101990 wrote:
I do think that one thing business schools should do is forget about how this makes them ‘look’ and be as transparent as possibly can.

Update - I just got a survey from amazon asking what my travel plans are from now until my start date. Not sure what they will do with that data though.

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Yes, I agree. We have had multiple webinars this week with some industry experts (McKinsey guy who has worked for 30 years there, a couple of finance guys from GoldMan/JP Morgan) and they mentioned about being ready for anything that could happen. They also discussed alot about 2000 and 2008 crisis and it was very evident from the conversation that it's extremely a bad situation right now.

I am sure Amazon is making sure you will be at a safe place for yourself and for them over the next couple of months. I am assuming ADP will do the same soon though they are still recruiting interns for the summer (a few folks had interviews today).
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Re: HIRING FREEZE - Hoax or real?  [#permalink]

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New post 27 Mar 2020, 21:00
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abhimahna wrote:
However, my LinkedIn is full of stories of people mentioning that their offers have been taken back and they are looking for jobs now


Full - is that 3 or 30? :-) Are you able to qualify which MBA program these folks from (all Emory?)
Are you seeing a pattern in terms of what kind of companies are canceling their summer internship programs?

Just helps to have specifics during the times when stock market goes up and down by 10% in a day :dazed
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New post 27 Mar 2020, 21:04
bb wrote:
abhimahna wrote:
However, my LinkedIn is full of stories of people mentioning that their offers have been taken back and they are looking for jobs now


Full - is that 3 or 30? :-) Are you able to qualify which MBA program these folks from (all Emory?)
Are you seeing a pattern in terms of what kind of companies are canceling their summer internship programs?

Just helps to have specifics during the times when stock market goes up and down by 10% in a day :dazed


Lol, I think I might have exaggerated but I saw a couple (may 5-10 in the past 2 weeks) of people from different business schools (no case in Emory as of now). Someone posted about Jetblue, then someone else about Google, I think I saw Yelp also. I am not sure which profile or school they are from but I am sure there have been a couple of cases now. (Will keep an eye on Data going forward) :)
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New post 27 Mar 2020, 21:17
Lots of airlines have cancelled their internships and the same for a few startups as well. I guess the bigger hit as been for people who were still looking for an internship or a full time job.

Having said that; someone I have been doing prep work with just moved to Facebook for round 2!

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New post 27 Mar 2020, 21:25
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I've heard of atleast one confirmed cancelled internship (edtech), three rumored cancelled internships (tech) and confirmed "oh s&$#... wait" response to a nearly confirmed FT offer (consulting).

We *have* heard from our career mgmt office that it may be getting tough, but they aren't yet worried. I'm worried for the FT folks - I feel like first years get a pass with this situation, but those looking for FT jobs (and with the OPT timeline) are starting to worry.

Another piece is that if Covid-19 doesn't quieten up soon, even if companies do have remote internships or work - they will struggle haaaaaaard with remote onboarding and ramping up. Doesn't sound fun at all.

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New post 27 Mar 2020, 21:31
Pretty good initiative - although no mention of MBB in that sheet at the time of writing this! lol..
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New post 28 Mar 2020, 02:45
Here is the P&Q article that relates to the topic being discussed - https://poetsandquants.com/2020/03/27/c ... ob-offers/

It also mentions the hiring status of a list of companies.

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New post 28 Mar 2020, 09:30
Hey at Booth only one non MBB consulting firm that does mostly DD work (and has a travel light model) has cancelled its summer program and extended FT offers to all those candidates who received summer internship offers. No other developments yet. My future employer (one of the MBBs) has stated at the moment that they will honour all offers, but start dates might be impacted for those who have chosen earlier start dates. Investment Management FT recruiting at Booth for internationals is in some hot water right now, because most IM shops don’t want to sponsor internationals anyway and are now cancelling interviews etc because positions are going on hold. This has not affected those IM candidates however, who already have US work authorisation, probably because their recruiting got done before this madness started.

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Re: HIRING FREEZE - Hoax or real?   [#permalink] 28 Mar 2020, 09:30

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