December 14, 2016 2:23:37 am
A WEEK after the placement season began at the Indian Institute of Technology, Bombay (IIT-B), data from the institute reveals that the highest pay packages have fallen from the offers made last year.
This year, the highest package offered so far is by Japanese firm Works App, which repeated its last year’s offer of 60 lakh Japanese Yen (JPY) per annum. Another Japanese firm, Rakuten, which had made the highest offer last year (65 lakh JPY), reduced its package to 37.2 lakh JPY this year. Worldquant, which had offered the highest domestic pay package last year at Rs 41.1 lakh per annum, has offered Rs 25.2 lakh this year.
The highest domestic package offered this year was by investment banking firm Blackstone, at Rs 35 lakh per annum. Schlum-berger, one of the world’s largest oilfield services, made an offer of Rs 28 lakh per annum.
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Among US-based firms, Uber made a debut at the IIT-B campus and offered $110,000 this year. The location of the post is not clear, but sources in the placement team indicated a domestic posting. Microsoft also rolled out offers of $106,000.
Over 100 students were picked up by the top five recruiters, with Intel Technologies alone hiring 29. This figure has gone up from last year’s 94.
While the placement team maintained that this year’s trend was similar to that of the past few years, students seemed to disagree. A fourth-year student who refused to be named said that companies from some sectors such as business analytics have not yet visited the campus. He said that from previous years, there was lesser diversity in the job profiles on offer.
The reduced salaries and fewer offers could be attributed to the excess of engineers in market, according to human resource development expert Rituparna Chakraborty, who is the co-founder and executive vice-president of Teamlease, a recruiting consultancy. However, Chakraborty said as long as the companies were still recruiting, the reduced pay package was not a concern. “Some of the packages are still very attractive,” she said.
“There are many studies on the excess engineers in the market. The supply is higher than the demand and the companies have recalibrated their offers accordingly,” said Chakraborty.
This year’s placement season has also seen a drop in offers for positions in the US and Chakraborty said this could be due to the recent polls. “The companies are cautiously awaiting new economic policies in the US. They are unsure of the future and hence have cut down their intake,” she said.
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