Do universities place sanctions on companies who rescind offers?
Curious on the topic. Universities punish students for reneging but do they "punish" companies for the same?
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not in my uni, unfair but can't do anything with it
someone asked the people at my career center this recently and they said no. at the end of the day, the career center's goal is to help students get jobs. when a student rescinds, it hurts future students chances at that bank, which is why the career center hates that and might punish the student in some way. when a company rescinds offers, it sucks for the few students that might've had offers, but chances are that place will still be hiring again the next year, so it just doesn't make sense for the school to cut off relations with the company. they said if it was a regular thing then they might not let the company do OCR, but a once in a lifetime event like COVID or the '08 recession were such anomalies that the school expects the company will go back to hiring once things return to normal so it just isn't worth placing sanctions.
How do universities "punish" students who renege on an offer? I understand how it's a bad look for the university and hurts future chances for other students but like what can they actually do?
at my school you can get banned from OCR, which means no recruiting events on campus and no handshake. if you renege for a SA and convert to FT its obviously not a big deal, but if you don't convert or want to re-recruit for whatever reason it is actually a pretty serious blow.
Wow, that's actually a legit punishment. I always thought it was more of a "slap on the wrist" but didn't know they would actually go to those lengths to ban kids from OCR and such.
Sucks man would love if we got to know the companies who did rescind. I know many companies were in a tough spot, just would be a nice heads up for future recruiting.
I don't know if things have changed, but when I was interviewing at Wharton (MBA), they fined students that reneged and there was a lock on your student account (classes/diploma/etc) until paid.
Depends on the school. If a school has extremely desirable candidates and they hold more power then maybe. If they're struggling to place kids then no way.
At our school, if you renege on a co-op job, you drop out of the co-op program and can only do the regular program (i.e. can only recruit in the summer on your own without school resources)
Only schools that could have this type of leverage would be places like HYPWS and even then they probably won’t. At the end of the day its a symbiotic relationship with probably a bit more leverage to the companies.
They would probably get a stern talking to.
Not much the schools can do really. The schools are dependent on the companies to come back and recruit, year after year, for decades. If a school blackballs a company, that hurts the school and its placement stats, but does zero to hurt the company, which will just hire from another school. I have seen companies renege, or more commonly simply fire new hires early to cut costs. The school won't say a word.
Went to M7 MBA, it did drop companies from OCR if they reneged on offers.
Not sure about for the 2020 interns/graduates, though. This is a bit of a special time.
My friend's older sister went to one of HSW for MBA, and when the company she interned for reneged on offers (this was back in 2008) the school kicked them out of OCR.
She was lucky. A PE firm forced an exploding offer on me for a summer position and then reneged when I asked for an extension. The principal at the firm was alum of my bschool (and a relatively recent one at that) so he was 100% aware and informed of recruiting guideline. The OCR team essentially said it happens all the time and there was nothing they could do to help. If they did, firms would just stop posting directly to students and just put on posting on LinkedIn / others.
Similar situation at my school. Even though we have policy against exploding and reneging offers, the school never enforces it.
name and shame
It’s different now. Top firms dont even need OCR, and a lot of them already dont use it. What are they gonna do, prevent them from posting on handshake?
Had a company renege an offer this year out of the blue for a non-COVID issue. The company does OCR, and as such I informed career center but they couldn't / wouldn't take any direct action
Sorry to hear that man, hope everything works out
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