Bleak placement season for IIT graduates, salary packages offered below ₹10 lakh: Report
IIT graduates are being given annual packages below ₹10 lakh this year as companies continue to scale back on hiring altogether, a report claimed. Colleges have been reaching out to more and more companies as firms that usually hired at last half-a-dozen students have only picked one or two, Times of India reported citing a source who said, “The scenario now is that many students are taking up jobs offering the bare minimum threshold salary of ₹6 lakh a year but are looking for other jobs.”
Professor Suhas Joshi, director at IIT Indore, said as per the report, “The global economic slowdown has significantly impacted the campus placements for the 2024 graduating batch of IIT Indore. The reduced hiring numbers of recruiters compared to the previous year have resulted in a challenging placement season. To offset the impact, IIT Indore has taken early steps by tapping into alumni networks and has broadened its pool of potential employers, including PSUs.”
What students think about the placement season this year?
As per the outlet, a student at IIT Bombay said, “Companies that till last year picked 5 to 8 students are picking 1 or 2 this year. Several are still not yet hired. From coaching classes to start-ups, some have recently been picked for salary packages of ₹60,000 to ₹80,000 in phase 2.”
Meanwhile, a student from an IIT-Kharagpur said as per the report, “Spectrum Technologies offered ₹3.6 lakh for trainee engineers and ₹6 lakh for trainee design engineers. Startoon Labs and Gem Machinery offered ₹5.5 lakh annually. Skyroot offered ₹5 lakh. Sri Chaitanya and Next Education offer ₹4.8 to 6 lakh per annum.”
What’s happening at IIT Delhi in this placement season?
The report claimed that a major chunk of IIT Delhi graduates are still looking our for employment opportunities through the Office of Career Services (OCS). As of April 5, out of 1,814 students registered with OCS, 1,083 have secured jobs, the report claimed, implying that almost 40% yet to find employment.
Is this affecting all courses?
The report claimed that in undergraduate programs, 81% of the 903 participants at IIT Delhi have received job offers.
