 "IIT placement woes continue, graduates getting less than Rs 10 lakh package")
The pursuit of lucrative employment opportunities is facing numerous hurdles during this placement season at the Indian Institutes of Technology (IITs). Companies are scaling back their hiring and offering lower salary packages, resulting in students receiving annual packages below Rs 10 lakh, as reported by The Times of India.
Instead of selecting the usual half-a-dozen students, organisations are now only choosing one or two, prompting colleges to expand their outreach to more companies, as stated in the report.
Many of these companies are offering annual compensations ranging from Rs 10-15 lakh. Thus, despite securing campus jobs at what they consider a lower pay scale, students are still actively seeking better prospects through job portals and attending job fairs and interviews in different cities, the report further noted.
The TOI report, citing an IIT Indore professor, mentioned that the global economic slowdown has significantly impacted campus placements for the 2024 graduating batch at IIT Indore. Reduced hiring by recruiters compared to the previous year has made this placement season challenging. To mitigate this impact, IIT Indore has turned to its alumni networks and diversified its pool of potential employers, including Public Sector Undertakings (PSUs).
A student from IIT Bombay was quoted by TOI saying that companies that had previously hired between five to eight students last year are now only hiring one or two. They mentioned that several students are still awaiting placement. Additionally, they noted that some students have recently secured positions with salary packages ranging from Rs 60,000 to Rs 80,000 in phase two.
At IIT Delhi, a significant number of students are still seeking employment through the Office of Career Services (OCS). As of April 5, out of 1,814 students registered with OCS, 1,083 have secured jobs, leaving approximately 40 per cent still in search of employment.
More From This Section
However, the situation seems more optimistic for those in undergraduate programs (BTech+dual degree), with 81 per cent of the 903 participants having received job offers. R Ayothiraman, professor-in-charge of OCS, mentioned plans to conduct separate placement drives specifically for PhD candidates, the report added.
During recent placements, students at IIT Delhi were exposed to various job roles. Bharat Petroleum Corporation Limited offered an annual package of Rs 19.5 lakh, while HCL Software proposed Rs 21.9 lakh. Tata Consultancy Services and Larsen & Toubro presented annual packages of Rs 9 lakh and Rs 7 lakh, respectively.
The placement process at IIT Delhi is rigorous, with each phase lasting about 15 days.
Earlier this month, reports emerged that at IIT Bombay, a significant 36 per cent of the 2,000 students registered for the 2024 placements—712 hopefuls—are still on the lookout for job offers. With the placement season slated to wrap up by May, this development has raised eyebrows.