IITs, IIMs Salary Skyrocket; Overall Hiring Slows Down
Business and technology aspirants may be surprised to learn that top IITs and IIMs bag 137% and 121% higher salary packages respectively as compared to other institutes. This was according to Mettl, a skill-measurement firm’s recent Campus Hiring Report 2018 that details some of the major salary and employment trends in the campus recruitment space. The report is the result of a survey conducted by Mettl across 194 institutes in India, comprising 114 engineering and 80 management institutions – the future business and tech leaders of India.
Ketan Kapoor, CEO and Co-founder, Mettl, commented, “In the present age, there is a rise in demand for skilled candidates across all domains. To meet this demand, employers have taken the campus route to attract quality talent. However, employers face many challenges during campus placement drives. From early attrition to their inability to retain candidates even after rolling out lucrative offer letters, companies face a major challenge that needs to be resolved in order to build loyal future leaders. This report is a one-stop solution for companies to smoothly execute their campus hiring programmes and efficiently acquire the best talent from leading engineering and management institutions of the country.”
As a part of the survey, Mettl’s research team reached out to placement cells of various institutes in May 2018 during the campus placement season. The institutes were selected from all Indian geographies to derive a cumulative picture of hiring trends in the country. The survey revealed that graduates from the top Indian Institutes of Technology (IITs) bag 137% higher entry-level packages as compared to the average salary of an engineer, with CS/IT graduates receiving the highest annual package of INR 6.9 lakh p.a. Consequently, the new IITs are catching up fast with top NITs in terms of compensation packages offered, especially for CS/IT graduates where new IITs have surpassed Top NITs. Furthermore, candidates proficient in new-age skills like Machine Learning and Data Science were found to be hired largely from the top IITs.
The survey analysis of hiring trends from the management institutes noted that top Indian Institute of Management (IIM) graduates received 121% higher salary packages than an average MBA graduate. In a region-wise analysis of management institutions, it was observed that West India held a leading position with 17% higher compensations than the average salary recorded. In addition, graduates from the technology domain received the highest average salary package of INR 14.8 lakh p.a. Post MBA, General Management roles accounted for the maximum number of hires at 31%, while roles in senior management were the highest paid jobs commanding 118% more than the average salary of MBA graduates.
According to experts however, this is not the best times to be in the IT job. Many IT companies are reportedly less enthusiastic about hiring than before. Industry body Nasscom has predicted a 7-9% growth in IT and IT-enabled services for 2018-19.
According to a TOI report, the industry is likely to generate 2.50 lakh tech jobs this year, down from nearly 3 lakh last year, with campus hiring will continue to remain the same at 1.20 lakh, but with a downward bias. This would see many IITans and IIMs spreading out their wings to join other sectors such as fintech, ecommerce and healthcare this year.