For all those who believed that graduates from elite institutes like the Indian Institutes of Management (IIMs) would prefer job security and high salaries to career growth, a survey states that 77 per cent of top business school graduates value opportunities for career growth over job security or a fat pay, even amid the global meltdown.
According to respondents to the survey, salary is important but not as much as the opportunity to acquire the right skills and grow in their careers. The survey was conducted between March 1-25, 2009, with over 1,500 MBAs with varied work experiences participating in the survey. Median age of the respondents was around 27 years.
As part of a study to identify factors that lead to higher employee retention, engagement and satisfaction by iimjobs.com — an exclusive job portal for MBA students from IIMs and other premier business schools in India —salary and a company’s financial performance can take a backseat when it comes to better career growth and learning at the work place.
The study further states that 59 per cent of top business school graduates look for learning and development opportunities compared to a high salary. iimjobs.com, compiled results of this survey from over 1500 participants. About 35 per cent of them were IIM graduates, while the rest came from other premier business schools like Indian School of Business (ISB), Faculty of Management Studies (FMS), Xavier Labour Relations Instiute (XLRI)and Management Development Instiute (MDI), to name a few. Work experience of the respondents ranged from zero to 20 years.
“From the data that we have collected, MBA graduates value opportunities for career growth and learning more than job security, even in these turbulent times. Work-life balance seems to be as important as salary and perks. This seemed to be truer for women respondents and those specialising in HR function” says Tarun Matta, founder of iimjobs.com, who graduated from IIM-I in 2003 and quit his job for iimjobs.com, a portal for job seekers.
“Concrete say in the decision-making apparatus of the company is important to me,” mentioned a 2001 IIM-A graduate. For a finance graduate from Mumbai, “In the current recession mode, it is very important to gather key skills to further your career. Salary, company performance only come later.”
An alumni from Mudra Institute of Communications, Ahmedabad (MICA)'s 2008 batch, says, "There is a huge gap in the expectation one has when at a b-school and the reality that the individual faces once he/she starts working. This gap leads to de-motivation and makes them disoriented."
According to Matta, even though the placements at IIMs have wrapped up, students are posting their resumes on the portal. “Hundreds of IIM and ISB graduates submitted resumes on iimjobs.com while the placements were going on. Some of them are continuing to do so, even after the placements have been declared over.
Some of them are availing resume booster service to reach to top recruiters and accelerate their job search. Most of them would manage to get a decent job. This is unprecedented and shows that some of them are not satisfied with the offers they have received.
Even those who have pursued MBA from US/UK universities are looking for jobs in India, as the financial sector in the West has been worse affected. We get 15-20 per cent traffic from outside India even though most advertised jobs are based out of India.”
