IIT-Bombay placements: Salaries slightly better this year
More than 1,600 students from various undergraduate and post-graduate courses in IIT-Bombay will participate in the on-campus recruitment processUpdated: Dec 01, 2017 11:28 IST
The first day of campus placements at the Indian Institute of Technology Bombay (IIT-B) on Friday will witness some companies offering slightly bigger packages, even as the salaries offered by others are likely to remain static. A few companies that offered high salaries last year won’t revisit the campus, said a source.
Last year, the median salaries offered by the recruiters at the premier institute dropped for the first time in the past six years. The annual gross median salary reduced from Rs9.8 lakh in 2015-16 to Rs9.38 lakh in 2016-17 — a drop of 4.3%.
- The companies offering the US-based jobs have decided to place the selected candidates in their offices in India and other countries, in case of visa issues
- This is because some students who were placed in the US, last year, failed to obtain a visa
- “It will be a temporary measure, and these candidates will be shifted to the US as soon as possible," said a source.
“This year, top recruiters have either kept their offers static or increased it up to 10%, owing to the abundance of engineering talent in the market. These companies also plan to hire students from other institutes. IITs are negotiating not only for better salaries, but also better job profiles for their students,” said Kamal Karanth, founder, Xpheno, a specialist staffing firm.
So far, 250 companies have registered for the first phase of placements.
More than 1,600 students from various undergraduate and post-graduate courses will participate in the on-campus recruitment process.
Five companies are expected to offer job profiles in the United States. These include Uber — which offered an annual salary of Rs71 lakh — and Microsoft, which offered an annual salary of Rs68.40 lakh last year. They are expected to make similar offers this year, said the source.
Around 15 Japanese firms will also visit IIT-B. At 50 lakh Japanese yen a year, Sony is expected to make the biggest offer for a Japanese company. TEX E.G., Murata and Toyo Engineering will offer gross annual salaries in the range of 36 lakh and 27 lakh Japanese yen.
A few companies from Singapore and Europe will also visit the campus during the first phase.
Blackstone, which had offered the highest annual salary of Rs35 lakh last year for a domestic profile, has increased its offer, said the source.
However, other top recruiters such as Schlumberger and World Quant, which offered Rs28 lakh and Rs25.20 lakh, haven’t changed their packages.
Among those giving the premier institute a miss this year are Works Applications, which had offered 60 lakh Japanese yen per annum — the highest package for a Japanese firm — and Xerox Research, which had offered Rs 22.5 lakh per annum — one of the biggest packages for an Indian profile.
Oracle, which offered one of the highest salaries for a US profile, will only offer Indian jobs this year, and may later upgrade them to US profiles.