IIT placements dip 15% in phase 1, but pay unchanged amid slump

Mumbai: Despite a market slump and macroeconomic headwinds, compensation packages at the country’s leading Indian Institutes of Technology (IITs) remains at the same level as the previous two years, but they are anxious about fewer placements in the next round, according to an analysis by Careernet, a campus-to-boardroom talent solutions company.

The median CTC in FY24 stands at ₹20 lakh versus ₹22 lakh in FY23 and ₹19 lakh in FY22, as per an analysis of placement data from IITs by Careernet. The highest overseas package offered this year was ₹3 crore, up from ₹2 crore in the previous year. The analysis is based on the salary packages offered in the first one week of the current placement season across 22 IITs.

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While there is a slowdown in hiring in IT services and consulting, R&D and core sector hiring is up from the previous year, the data showed.

Campus insiders said though the IITs are trying to put up a brave face so far – having placed 40-45% of its students in the first week – there is a lot of anxiety about what Round 2 of placements hold.

“A lot of manoeuvring is going on in the campuses such as preponing the coming of many companies (that would earlier get a later slot) to the first week to make the start of the placements look good,” said some insiders.

There is an overall dip of 10-15% in phase 1 of placements, according to the data.

“Overall IITs are hovering around 45-50% placement and we can expect another 5% this week. Phase 1 on an overall basis should be 52-55%, which is a 10-15% dip compared to a usual year,” said Anshuman Das, CEO, Careernet.

“The number of offers has dropped this year. There is a lot of anxiety. There is a decision internally not to highlight crore-plus compensation and placements,” said an official at one of the leading IITs.

The IITs are now putting a lot of focus in Phase 2. “They will try to get to 75-77%. In this, the top 8 IITs should cover around 30% more in Phase 2 to get their usual target of 90-95%,” said Das.

“The problem could be likely more pronounced for the next rung IITs that may have difficulty in getting to their usual mark of 60-65%,” said industry experts.

Of the top 8-9 IITs, the older IITs are leading with usual 70-75% placement post Phase 1 but a lot of loading has happened in the initial one week. The later part of the Phase 1 pipeline is weak across IITs, but they are expected to catch-up in Phase 2.

The data showed this year about 17,800 students have enrolled in IITs, out of which 15,100 have signed up for placements. In the previous year, about 77% of the total batch of 17,300 students across IITs was placed. On the overall post Phase 2, all IITs may stand around 70% placement as compared to 77%, according to the analysis by Careernet.

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