With the current global gloom in world economies, would be graduates in India are worried about job placements. Inputs from various industries point towards positive hiring outlook with core industries on a higher gradient as compared to the previous year.
The recent trend of economic slowdown is just an excuse with recruiting companies taking advantage of it. This year, a good number of companies have come to campus with pay packages ranging between Rupees 4 and 5 lakh per annum. There is no cut in the salaries offered compared to last year.
There is good news around for engineering students too. It seems to be an average to a good year for placements as a good number of recruiters have come to campus with decent pay packets.
IT is still in the ‘wanted’ list, but students now prefer to join the core companies. The pay packages have also shown an increase. The maximum that an Engineering college saw this year was Rupees 16 lakh, a hike from last year’s package of Rupees 11 lakh.
Another college of Engineering has as many as 96 companies on campus and is just half way through its placement process. Even the job profiles are better when compared to the previous years.
For top B-schools of the country, the picture is positive. The global economy has been slowing down and the sovereign debt in the euro zone economies have made investors as well as consumers turn pessimistic about short run prospects. This is likely to get translated into lower hiring rates by big companies. However, when one looks at the absolute size of the top B-schools in India there is no reason to feel extra anxiety about the job market. In other words, the numbers are small and obviously companies will hire people . However, what could be of concern are the pay packages on offer.
IIM points out that there has been a drop in pre-placement offers from 95 to 75 this year, which is not as drastic as it was anticipated. The initial feelers for upcoming final placements are mixed – there are no wholesale cancellations but a probable drop in per company offers. There are jobs in consulting but manufacturing jobs have also been affected. There has been no substantial drop or hike in placements or pay packages as compared to last year.
Over the last years, regional HR head of a leading MNC, points out, the core consulting industry has been cautious towards induction of freshers – both technical as well as B-schools. The indicators have been clear at the campus hiring for 2011-12 where there has been a decline in the number of offers and the compensation packages have not grown much over the last two years.
Even the number of pre-placement offers has not been encouraging. And the trend is expected to continue over the next campus season for 2012-13.
With very few high end players in the market servicing the non-technical domains such as human capital or media & communications as their core competency these streams are more likely to attract few of the glossy packages they would be either relying on the medium or small size employers or on off campus placements. Among all the sectors that the market holds, the banking sector (public and private) seems most positive in terms of growth
Banks were keen on hiring freshers while all other sectors took a step back. On the whole, the number of jobs offered has reduced. Companies that initially hired over five students now confirm two vacancies and keep the rest on hold. The packages offered to students depend on their job profile, their work location (in cases where they are asked to work), and the company.
The booming placements in MCA have also resulted in the increasing demand for the course says experts. There used to be a tendency to choose MBA over MCA as the latter is a three year course. However, people do not hesitate anymore, thanks to placement drives in the past few years. There are lot of opportunities and the packages are good.
Declaring no signs of slump in the economy, a placement officer concludes, there are no signs of recession. In fact, they started off the placement process much earlier than last year as companies had lined up early. The minimum and maximum offered are 4.5 lakh and 9 lakh respectively so far.