IIT placements end on a high note with average salaries rising by 40 to 45 Percent
The pandemic has pushed several sectors towards digitization at a faster pace and the hiring of experts has touted this as one of the main reasons for the increase in the hiring of new talent, especially in the technology industry.
The first phase of placements at the Indian Institutes of Technology (IITs) ended last week and most of the IITs have registered a 40-45% increase in the number of job openings received this year compared to last year.
In most cases, the total job openings received are also higher than the years before the pandemic. At IIT Bombay, the first phase of placements ended on December 15 with 1,723 jobs offered to the batch. This is almost 42% higher than the 1,128 vacancies posted last year and almost 26.5% higher than the vacancies received in 2019.
“This is an all-time record number of offers in Phase I placements at IIT Bombay. We expect more offers in the coming days. Of the 1,723 offers received, 1,382 jobs were taken,” said a spokesman for the institute’s placement cell. The highest salary for an international position offered to a student of IIT Bombay is USD 2.87 lakh (approximately ₹2.05 crores) while the highest package for a household role was ₹1.68 crores per year.
Of the 1,500 students who applied for placements at IIT Madras this year, 1,316 students have received job offers (including pre-placement offers) in the first phase that ended on December 10. in the first phase.
“This also includes 45 international offers received in phase one of placements, which is a record in itself. The quality of academic training and the overall development of students during the program is reflected in the initial stage of internships,” said Prof. CS Shankar Ram, Adviser (Placement), IIT Madras.
At IIT Delhi, the graduating group has received 1,250 job openings this year, the highest ever. “The average compensation offered on campus this year has increased by more than 20%. About 80% of the students who showed an interest in using internship facilities in this phase have been recruited so far. While the number of offers and therefore the number of unique selections is at an all-time high, the number of offers received by the campus during this period increased by more than 45% last year,” according to a statement recently released by the institute.
Similarly, IIT Roorkee received 1,243 job openings this year, the highest ever, with 1,000 in the first 84 hours itself. “We had received 1,000 offers in 84 hours and 1,200 offers in 12 days, which was previously achieved in two and a half months. A total of 32 international vacancies were received this year, of which 31 were received in the first three days itself,” said a spokesperson for the institute’s placement team.
Experts point to an accelerated demand dynamics driven by the digitization of companies as the main reason for this upward trend.
“The current demand for tech talent is huge and we’ve never seen such momentum in demand – it’s at an all-time high with customers rapidly accelerating their adoption of the digital business model. This situation has led to a booming market with multiple opportunities for new talent,” said Girish Nandimath, Head of HR, Talent Acquisition, Tata Consultancy Services, adding that TCS alone has hired more than 40,000 recent graduates in FY 2021 and plans to hire another 35,000 by March. 2022.
Again, high vacancies emerged from key campus tech sectors, followed by the information technology, analytics and consulting sectors. The average salary also remained above ₹25-28 lakh this year, especially in the IT, Finance and R&D sectors.
“We welcomed recruiters hiring in new-age domains such as artificial intelligence, big data and cloud solutions, design development for high volume manufacturing, machine learning, robotics etc. in core sectors in addition to the traditional profiles and this has pushed the overall job openings received this year ”, said Anishya Madan, Head (Office of Career Services), IIT Delhi