What the IIT placements tell us about the campus hiring market
Mint tells you why: India Inc benchmarks itself on how many IIT and IIM graduates it can recruit, which also adds to a company’s branding. Thousands of grads across specializations are available across the 23 IITs including PhD courses. That’s a large talent pool to recruit from.
But in times of global economic sluggishness—like now—firms offer salaries that are non-competitive, or skip campus recruitments altogether. IITs, this year, are therefore targeting recruiters who don’t usually hire from their campuses. This puts pressure on tier-2 engineering colleges who may now need to seek out smaller companies.
It’s been modest for the batch of 2024. According to placement teams, the number of offers rolled out by consulting, core sector and trading companies has dipped since the previous year. Recruiters say they had over-hired and do not have many profiles to justify visiting campuses in large numbers.
The struggle is palpable even among the different IITs. The newer IITs started their placements in August-September but many companies are preferring to head to the older ones. In fact, some of the newer IITs have reduced their compensation threshold to attract more firms.
IT services firms like Infosys and Wipro. These exporters are facing headwinds and have slowed down hiring plans. Infosys and Wipro together hired 208,000 engineering graduates in the last three years.
Although TCS and HCL Technologies said that will hire from engineering colleges, the numbers may not be sufficient to make up for the gap. Last year the highest offer was from trading company Jane Street at ₹3.7-4 crore per annum; this year so far, the peak is about ₹2 crore per annum. Core sector firms have not upped their offers from the range at ₹8-15
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