Job blues

I get a query a day like this one from jittery engineering grads:

I am XXX completed B.tech Biotechnology(2008 pass out) at SRM University.I got placed in YYY (top 10 IT company) in July,2007 through campus interview. The company has informed us through mail that we will be called in batches any time between Aug(2008) to June (2009).

As seen in media that IT is down will this delay my date of joining. Should I try for some other job? or wait for their response?

So I asked a friend who worked with one such company till recently and he says:

Times are clearly tougher, particularly for some orgs that are significantly exposed to the west and specifically to the financial services industry.

That said, media tends to go extreme (effusive praise/deep despair). These companies are very well run, and historical antecedent shows that recessions accelerate outsourcing (2002/03) so I would not lose hope.

What would be a good idea though is to take this time and perhaps enhance skills (communications, soft skills, Eetc ) whilst waiting for that joining date letter to reach your door.

Anyone else with advice is welcome to add their two bits here!

My own take is: 90% of commitments will be honoured but with a 2-3 month lag. Grads from lesser known colleges are likely to get the short end of the stick.

It's also particularly distressing for those who know they took up engineering only because of the IT job dangling at the end of it... But that's life. There really is no 100% 'safe' option.