The placements at IIT-B are seeing a low in pay packages in comparison to last year. Read further to know more.
The placement season is in full swing at the Indian Institute of Technology, Bombay (IIT-B), and as per reports, the highest pay packages have fallen from last year.
The highest pay package offered this year is by a Japanese firm called Works App, offering 60 lakh Japanese Yen (JPY) per annum, which is same as last year. Rakuten, another Japanese firm, has made an offer of 37.2 lakh JPY (65 lakh JPY last year). Worldquant offered the highest domestic pay package last year of INR 41.1 lakh per annum last year but dropped to INR 25.2 lakh this year.
The highest domestic package offered this time was by the investment banking firm Blackstone, at INR 35 lakh per annum. Schlumberger, which is one of the world’s largest oilfield services, made an offer of INR 28 lakh per annum.
Uber, which is a US-based firm, debuted at the IIT-B campus with an offer of $110,000. As per sources, the job posting is said to be domestic. Microsoft also offered a pay package of $106,000.
More than 100 students were picked up by the top five recruiters, compared to last year's 94. Intel Technologies alone hired 29 students.
While the placement team said that this year’s placement trend was similar to that of the past few years, some students seemed to disagree. A fourth-year student who refused to be named mentioned that companies from some sectors have not yet visited the campus. He added that there was lesser diversity in the job profiles on offer as compared to previous years.
As per HR development expert Rituparna Chakraborty, who is the co-founder and executive vice-president of Teamlease, a recruiting consultancy, the reduction in salaries and fewer offers could be attributed to the excess of engineers in the market. However, Chakraborty said as long as the companies were still recruiting, the reduction in pay package was not a major concern.