Salary Packages Of IIT Grads Take A Dip This Year  

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Salary Packages Of IIT Grads Take A Dip This Year  

| Updated: April 22, 2024 10:42

Packages are as low as below Rs 10 lakh and companies are hiring fewer candidates

Fat pay packages are generally the norm for students graduating from the prestigious Indian Institutes of Technology (IITs) in the country. Not this year. This placement season companies are both hiring fewer graduates and offering lower salary packages.

Students towards the end of the line are receiving offers with annual packages below Rs 10 lakh. Companies that would select half-a-dozen students are now choosing only one or two. The colleges are reaching out to more companies.

Students who have bagged campus jobs looking for better prospects on job portals and travelling to attend job fairs and interviews.

Global slowdown

One reason for this situation is the global economic slowdown, say sources. There is also concern that AI may have reduced jobs. The reduced hiring numbers of recruiters compared to the previous year have resulted in a challenging placement season. IIT Indore is tapping into its alumni networks and has broadened its pool of potential employers, including PSUs.  

Companies that till last year picked 5 to 8 students are picking 1 or 2 this year, say students.  Several students are still not hired. Some have been picked up by coaching classes or  start-ups, offering salary packages of Rs 60,000 to Rs 80,000. 

Bare minimum

Many students are taking up jobs offering the bare minimum threshold salary of Rs 6 lakh a year but are looking for other jobs. Students and placement office staff are trying to attract more companies, negotiating packages with NGOs, and reaching out to job portals.  

At IIT Delhi, a significant number are still seeking employment through the Office of Career Services (OCS). As of April 5, out of 1,814 students registered with OCS, 1,083 have secured jobs, leaving approximately 40% yet to find employment.

This time companies have been more demanding and seeking fewer candidates with specialised skills in artificial intelligence and machine learning for annual packages ranging from Rs 10-50 lakh, say students. 

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