The process, which began in Kanpur, Delhi, Mumbai, Chennai and Kharagpur on December 1, has proceeded at a somewhat subdued pace on the first two days. Fewer companies are coming in as compared to last year.
So far, the number of IITians recruited this year has been 60% lower than 2007, when there was a huge response during the first few days.
Many companies like Shell, RIL, Credit Suisse, HUL, Transocean, Dell and NetApp had initially said they would be coming to the campuses, but later backed out.
Schlumberger, which supplies technology, project management and information solutions to the oil and gas industry, recruited just one student from each of the IITs. It had hired about 50 IITians in the previous year, and had also offered the highest pay package of Rs 24 lakh per annum.
FMCG major ITC has so far hired about two people each across IITs this year, whereas in 2007, they had recruited more than 15. ET’s questionnaires to the training and placement cells of the institutions, except IIT Madras, received no response.
So far, IIT Bombay has had the best opening placements this year, with 32 students being offered jobs on the first day and around 28 on Day 2. But here too, there’s almost a 69% drop in recruitments, as over 95 students of the 2007 batch were placed on Day 1 in IIT Bombay.
IIT Kanpur saw around 55 students being placed on both days, compared to 90 last year. At least six companies attended both these campuses on each day.
The IITs in Chennai, Delhi and Kharagpur saw only around 30-35 of their students being hired on both Day 1 and Day 2, while in 2007 the recruitments were as high as 90 on both days. This amonts to almost a 67% drop in the number of offers being made.
Also, the number of companies registering for recruitments have gone down by 25% this year, compared to the previous year. IIT Madras’ deputy registrar for the training and placement cell, Jayakumar, said the minimum salary offered this year was Rs 4 lakh per annum, with the core engineering companies offering more than the others, while the maximum salary offered was Rs 22 lakh per annum.
While only a few banks like Deutsche Bank, Morgan Stanley, Citigroup, HSBC have come for placements — not hiring more than two to three people each — most others are keeping away. Another financial giant, JP Morgan, has visited only IIT Bombay so far, but changed the job profile it was offering.
Earlier, it was supposed to recruit for its structuring and equities research arm, but it finally hired two people for its statistical analysis wing. Tata Steel has been the only company so far to have hired the same number of people as last year.
“They hired 10 students this year as well last year,” said an IIT Kanpur student, who has applied for placements this year.
“The mass recruits were from Procter and Gamble which hired six — the same as last year — and Deutsche Bank, which again hired six of us. The rest of them hired only two or three people,” said an IITian from the Mumbai campus. The average salary this year is Rs 10 lakh.
Consulting firms like McKinsey, AT Kearney and Tower Research hired only one or two people each from IIT Kanpur and IIT Delhi, whereas Boston Consulting Group (BCG) hired four students from IIT Delhi.
In the previous years, they had hired six to eight people from each campus. Software companies like Microsoft, Yahoo, Amazon, Intel and IBM Research Labs too have visited campuses this year.
While Intel hired around nine students from Kanpur, Microsoft hired only three people from the same campus and two from IIT Madras. The average salary offered by these software companies is Rs 12 lakh per annum.
Source:
http://economictimes.indiatimes.com/News/News_By_Industry/Jobs/Recruiters_missin
