Salaries up 10% for this year's IIT placements [India Business] [Times of India]
(Times of India Via Acquire Media NewsEdge) MUMBAI: Placements at the Indian Institutes of Technology seem to have been insulated from the global economic slowdown. Companies like Facebook, Samsung and Google and other foreign majors began Day One of recruitments across IIT campuses, offering about 5-10% higher salaries than last year.
It is projected that by the end of slot zero, 150 students on each campus will be hired. Average domestic salaries were in the mid-Rs 20 lakh range on the first day. But Facebook continued as most aggressive suitor this year too, making its presence felt at IIT campuses from Bombay to Guwahati to Madras. It has offered $136,000 (Rs 75 lakh) per annum to a student from IIT Guwahati --besides a plum relocation bonus and one-time signing amount. Twitter is not far behind with a gross salary offered of $110,000, artificial advertising solutions provider Rocketfuel is also close. Algorithmic trading firm Jump Trading is keen to hire staff for its UK office and offered £70,000 as gross salary.
"One of our mathematics and computing students has been hired by Facebook for its office in California. Even by American standards, they are paying a good salary," said IIT-Guwahati director Gautam Barua. At other campuses, interviews were still on at the time of writing.
But the top offer so far was an annual package of $150,000 (Rs 81.6 lakh) from South Korean conglomerate Samsung, which is at IIT Bombay and IIT Madras. "The company is looking for computer science graduates for its operations in the US and in South Korea. In fact, even financial and consulting companies are looking to hire many more students this year," said Bhaskar Ramamurthi, IIT Madras director.
Sources said Google has offered $135,000 (Rs 73 lakh) in a pre-placement offer at IIT Kharagpur. IIT-Bombay has 35 companies (up from last year's 34) on slot zero with first timers like LinkedIn, Twitter and Blackstone. "Several companies offered international roles including Samsung, Microsoft and Google. Several smaller firms too are offering high compensation packages," said Avijit Chatterjee, professor-in-charge, placements, IIT Bombay. While 1,300 students have registered for placements, about 200 opted out.
Blue-chip recruiters on Day One, which closes way past midnight, include Boston Consulting Group, Deutsche Bank, Goldman Sachs, IBM, ITC, Google, Sony (Japan), Schlumberger, Morgan Stanley, Microsoft, Oracle, Credit Suisse and Taiwan Semiconductor Manufacturing Company. In the next few days, companies like Michelin, Rolls-Royce, Mercedes-Benz Research, Toshiba Corporation, MyLikes, Flipkart, Walmart Global Technology Services, iGate, Procter & Gamble Hygiene, will visit campuses. However, public sector companies stayed away, restrained from campus recruitments by a Madras high court case.
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