IIT compensation packages hold steady amid market slowdown, but anxiety rising for second round of recruitment
Indian Institute of Technology (IIT) campuses have remained in a steady zone, when compared to offers made in 2022 and 2021, as per a Careernet analysis, The Economic Times reported. Notably, the median cost-to-company (CTC) is registered at ₹20 lakh per annum (pa), a bit lower than FY23's ₹22 lakh pa offers, but higher than ₹19 lakh pa offered for FY22. The highest offer during this round of recruitment was ₹3 crore, up from ₹2 crore in FY23.
Post Phase 2, the projected overall placement rate across all IITs stands around 70 percent, reflecting a decline from the previous year's 77 percent, according to Careernet's analysis. Among the 17,800 enrolled students this year, 15,100 have signed up for placements, a slight decrease from the previous year's 77 percent placement rate for a batch of 17,300 across IITs. While there's a visible slowdown in recruitment within IT services and consulting sectors, the data indicated an upturn in R&D and core sector hiring compared to the previous year.
It added that despite approximately 40-45 percent of student placements in the initial phase, there looms a sense of apprehension among IITs regarding the forthcoming Round 2 placements. Further, insiders told the paper that "strategic manoeuvring" tactics, like advancing the appearance of companies originally scheduled for later slots to the first week, were undertaken to project a positive start to the placement season. It added that IITs have internally decided to not publicise the "crore" bracket offers keeping in mind prevailing anxiety.
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