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Sunday, reports said UK-based communications solutions and services provider BT Group plc. (BT) has closed its graduate recruitment program, as it continues to cut costs during these difficult economic conditions.
The telecoms company, which witnessed a decline in earning for the first quarter of fiscal 2009, said it had no plans to reopen the scheme, but added that it remained "committed to the 2009 intake", who are due to start in September.
The announcement may prove to be a blow to university leavers finishing for the summer and starting to look for jobs. The total number of people out of work in the UK is reported to be around 2.4 million.
"In light of the current economic environment and headcount pressures, BT has taken the decision to cease graduate recruitment activity and are no longer running a graduate recruitment programme," a BT spokesperson reportedly said.
The company's graduate recruitment scheme has received a growing number of applicants in recent years. Last year BT received 4,800 applications, up from 4,100 the company received in the previous year.
For fiscal 2009, the company reported a net loss, attributable to shareholders of GBP 81 million or 1.1 pence per share on revenues of GBP 21.4 billion. While announcing the financial results the company said that expects a 4% to 5% decline in revenues for 2010.
During the challenging times, the company has been striving to reduce costs. In May, the London-based company said that it had plans to slash approximately 15 thousands jobs in 2009, mostly in the U.K.
Early July, the company proposed that employees take a year off in return for a 75% cut in their salaries. In addition, the company also offered employees a one-time payment of GBP 1,000, provided they switch to part-time from full time work.
Middle August, the company announced plans to cut call center workforce in India by 4 thousands and bring some of the work back to the U.K.
BT rose $0.59 or 2.65% and closed Friday's regular trading at $22.85.
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