A bunch of companies that will be in the thick of the IIM campus placement season — kicking off in two weeks — are already on the prowl, hiring healthy numbers from non-IIM B-schools across the country. Goldman Sachs is offering Rs 30 -Rs 34 lakh in some non-IIM colleges, while Flipkart, one of the regulars now is rolling out Rs 16-Rs 18 lakh packages.
Others like Microsoft, Asian Paints, ITC, GE, ICICI Bank, JP Morgan, Capgemini, Idea, Vodafone, Kellogg, Cognizant Business Consulting, CRISIL, Mahindra & Mahindra, Barclays, Wipro, IBM and Marico are all hiring briskly at the non-IIM B-schools. Beverage company Pernod Ricard is on the lookout for its international management trainee programme in Asia. All this suggests that IIM placements will be hotly contested this year, too, despite the bleak economic environment.
Placement at non-IIM B-schools has been underway since December and IIM placements will start rolling in February, with older institutes from Ahmedabad, Bangalore and Kolkata leading the way. Sources from placement teams at such non-IIM B-schools say they are relieved as early hiring has been much better than their expectations. Goldman Sachs is one such example.
“Our overall recruitment from management schools has increased this year,” says V Bunty Bohra, chief executive officer Goldman Sachs Bangalore. E-commerce company Flipkart, which was one of the top recruiters at IITs with 118 hires, has taken an aggressive stance. It has already hired 20 MBAs from non IIM Bschools. Flipkart intends to hire in good numbers from the older IIMs, too, a company spokesperson said.
Pre-placement offers in large numbers have also been a saving grace in these uncertain times. Early evidence also suggests a slight uptick in salaries. “There will be at least a 15-20% increase in the average salary of 336 students this year,” says Kanwal Kapil, chairperson, placements, for MDI Gurgaon. Their average offer was Rs 12.9 lakh last year and the highest domestic salary was Rs 20.8 lakh by Amazon. WhileAmazon has recruited this year, too, an FMCG firm made the best domestic offer of Rs 23.5 lakh..
Even though early hiring is better than expected, companies are still careful to pick the right candidates. “A majority have redesigned their recruitment strategies by including additional stageslike psychometric tests, team tasks, essay writing, co-ordination and leadership qualities,” says Debashis Sanyal, dean, NMIMS School of Business Management.
The Mumbai-based institute has 450 students to place this year compared to 474 last year. More than one fourth of the companies coming this year are first-timers on campus.IMS Health, which provides information, services and technology for the global healthcare industry recruited a student from WE School (previously Welingkar Institute of Management Development and Research) for Rs 20 lakh. This is Rs 7 lakh morethan what Accenture, the highest paying recruiter on the domestic front, offered last year. The batch of 2014 has 314 offers and 80% of the class isalready placed. “There are still several companies that are conducting the process and we should soon be be closing our hiring season with 100% placement,” says Uday Salunkhe, group director, WE School.
Down south, students of Manipalbased TA Pai Management School (TAPMI) have received over four international offers of Rs 47 lakh and highest domestic packages of Rs 12.5 lakh so far. “Engagement with prime industries such as business consulting, FMCG, investment banking, manufacturing, pharmaceuticals, IT consulting, and airlines has increased substantially this season,” says RC Natarajan, , director, TAPMI.
Source: The Economic Times
Date: 24th January 2014