IIT-B expects bigger firms, better packages this year
Students at the IIT-B have a reason to cheer this placement season. Salaries offered in the software and IT sectors are set to increase by 20% from the last year, college officials said.mumbai Updated: Nov 26, 2014 22:22 IST
Students at the Indian Institute of Technology, Bombay (IIT-B) have a reason to cheer this placement season. Salaries offered in the software and IT sectors are set to increase by 20% from the last year, college officials said.
The placement season, which will kick off from December 1, will host close to 400 firms, out of which around 30% will be software and IT companies, followed by manufacturing, e-commerce, finance and consultancy, placement officials said.
Last year, IT and software majors such as Google, Microsoft, Oracle, Facebook and Samsung remained top recruiters, with Samsung offering the highest salary of US$ 135,000 per annum (Rs84 lakh). However, this year, the numbers are set to rise.
“There is a huge demand for talent in software and limited numbers of candidates fit the bill. So, top companies tend to attract the best of them by hiking salaries,” said Mohak Mehta, placement manager of IIT-B’s placement cell.
Officials expect a hike of 15-20% from software companies, the highest in more than four years.
Sources in the institute say each year a salary hike of 5 to 10% is seen. However, this year, companies have been more enthusiastic with proposals and hence the placement season is set to be better.
This year, US-based finance giant Visa Inc will make its debut on Indian campuses and is expected to offer more than 100 jobs across five IITs.
Placement officials, however, refused to comment on the pay packages the company is likely to offer.
Visa will scout for talent in the first few days of the placement season, often considered a ‘golden period’ reserved for the best companies. Majors like Google, Visa, Samsung, McKenzie, General Electric and Morgan Stanley among others will also make offers in the first one or two days. On an average, 30 firms per day will make offers on the campus.
E-commerce companies are also getting ready for a massive recruitment drive this year with companies like Flipkart, Snapdeal, Myntra and MakeMyTrip planning on increasing their intake, said placement officials.
“While the number of companies recruiting from the institute remains similar to previous years, the mood of the economy is such that we are expecting better offers and an average salary hike of around 10% across sectors,” said Mehta.