The placement process at the Indian Institutes of Management (IIMs) in Lucknow and Kozhikode confirmed the trends seen already at its sister institutes in Ahmedabad, Bangalore and Kolkata. Following the economic downturn there were fewer companies on campus, fewer offers and lower salaries, while the process itself took much longer than in previous years.
While in earlier years graduates from these prestigious business schools were all snapped within three to four days, the placement process stretched for weeks this time at both institutes. “The going was really tough,” said a faculty member at IIM (L) who was closely involved.
Fortunately, however, all the graduating students from both the institutes, barring those who preferred to turn entrepreneurs – 260 at IIM (L) and 185 at IIM (K) – were ultimately able to find jobs.
While IIM (L) refused to discuss salaries, IIM (K) revealed that there had been a 28 per cent in salaries offered this year over the past year. The highest domestic offer was Rs 24 lakh annually against last year’s top offer of Rs 29 lakh. The average offer fell from Rs 14.83 lakh last year to Rs 10.56 lakh annually this time.
A common feature at both institutes was both the increased presence of public sector undertakings on the campuses, and the renewed interest of students in joining them. Around 15 PSUs, from Steel Authority of India to Bank of Baroda, lined up at IIM(L) to recruit 65 students. Last year only two PSUs had arrived, but no student agreed to join them.
“PSUs were well received on the campus this year,” said Sushil Kumar, chairman of the placement process at IIM (L). “One of the reasons was obviously the growing uncertainty of job tenure in the private sector.”
In contrast, only 15 multinationals turned up at IIM(L) against 32 last year.
IIM(K) even saw a few media houses and NGOs, never seen before, arrive at its campus.