Hyderabad, July 29: While recession kept most foreign multinationals away from the Indian Institutes of Management (IIMs) this year, it was Indian companies that came to their rescue.
MNC recruitments fell by 50 per cent across the IIMs, from 920 last March to 497 this year. In contrast, Indian companies increased their intake from 493 to 658.
Some MNCs hired students, but gave them deferred placements — that is, asking them to join several months later.
An IIM source said,“Companies such as McKinsey and Cognizant Technology Solutions have employed our students, but asked them to join later.” In such cases, they are, at times, asked to draw lesser salary for the interim period or join a non- competitor.
“Looking at the market conditions, students are accepting the offers,” the source said.
Public sector undertakings ( PSUs) were seen on many IIM campuses after a long time.
Paul Savio, IIM-Calcutta’s By Kavita Chowdhury in New Delhi At IIM- Calcutta, 40 students were hired by PSUs.
external relations secretary, said: “About 40 of our students were recruited by PSUs. Many of these companies were here for the first time.” At IIM- C, the number of students recruited by Indian private companies this year was almost double the number last year. From 50 in 2008, the number has risen to 103 this year.
Likewise, at IIM-Bangalore, the numbers recruited by Indian firms swelled from 52 to 144.
IIM-B placement representative Vineet Sharma said, “Several of our students have been recruited by the Securities and Exchange Board of India in the past. Some of the other PSUs that recruited this year included Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and GAIL.”
A human resource development ministry official said PSU banks had majorly recruited from the IIMs this time. But in contrast to last year, the pay packets have dipped considerably.
IIM-C recorded a 23 per cent fall, with its average domestic salary declining from Rs 16.4 lakh per annum to Rs 12.7 lakh.
With the final placement offers in March this year for the graduating second year batch across the IIMs not as bright as the previous year, the preplacement offers (PPOs) that the first year students have got in July this year have been “ surprising”. Usually companies, where students have interned during the summer, end up giving PPOs to them.
IIM-B director Pankaj Chandra said, “Things are looking up. Considering that big financial companies such as Lehman Brothers, which would hire from IIM- B, are no longer around, we were surprised to see that others have turned up with PPOs.” At IIM- B, till date, consulting firms such as McKinsey, Boston Consulting Group and Bain and Company have hired four to five students each.
Said Savio, “We were quite surprised to see finance companies and investment banks coming up with PPOs. The trend has been encouraging.”
Hyderabad, July 29: While recession kept most foreign multinationals away from the Indian Institutes of Management (IIMs) this year, it was Indian companies that came to their rescue.
MNC recruitments fell by 50 per cent across the IIMs, from 920 last March to 497 this year. In contrast, Indian companies increased their intake from 493 to 658.
Some MNCs hired students, but gave them deferred placements — that is, asking them to join several months later.
An IIM source said,“Companies such as McKinsey and Cognizant Technology Solutions have employed our students, but asked them to join later.” In such cases, they are, at times, asked to draw lesser salary for the interim period or join a non- competitor.
“Looking at the market conditions, students are accepting the offers,” the source said.
Public sector undertakings ( PSUs) were seen on many IIM campuses after a long time.
Paul Savio, IIM-Calcutta’s By Kavita Chowdhury in New Delhi At IIM- Calcutta, 40 students were hired by PSUs.
external relations secretary, said: “About 40 of our students were recruited by PSUs. Many of these companies were here for the first time.” At IIM- C, the number of students recruited by Indian private companies this year was almost double the number last year. From 50 in 2008, the number has risen to 103 this year.
Likewise, at IIM-Bangalore, the numbers recruited by Indian firms swelled from 52 to 144.
IIM-B placement representative Vineet Sharma said, “Several of our students have been recruited by the Securities and Exchange Board of India in the past. Some of the other PSUs that recruited this year included Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and GAIL.”
A human resource development ministry official said PSU banks had majorly recruited from the IIMs this time. But in contrast to last year, the pay packets have dipped considerably.
IIM-C recorded a 23 per cent fall, with its average domestic salary declining from Rs 16.4 lakh per annum to Rs 12.7 lakh.
With the final placement offers in March this year for the graduating second year batch across the IIMs not as bright as the previous year, the preplacement offers (PPOs) that the first year students have got in July this year have been “ surprising”. Usually companies, where students have interned during the summer, end up giving PPOs to them.
IIM-B director Pankaj Chandra said, “Things are looking up. Considering that big financial companies such as Lehman Brothers, which would hire from IIM- B, are no longer around, we were surprised to see that others have turned up with PPOs.” At IIM- B, till date, consulting firms such as McKinsey, Boston Consulting Group and Bain and Company have hired four to five students each.
Said Savio, “We were quite surprised to see finance companies and investment banks coming up with PPOs. The trend has been encouraging.”
–Agencies