At IIMs, it’s India calling now. A significant number of students at the Indian Institutes of Management have opted for domestic offers over international ones. Better career prospects in India, because of the booming economy, are the main reason.
With the global economy rebounding students across IIMs this year got international offers, unlike last year, from firms in Europe Singapore, Hong Kong , the US and Australia. Also, the international pay package offered at IIMs was on a par with market rates. For instance, in IIM- Bangalore alone, 15 students accepted international offers from companies like Nomura, Temasek, Porctor & Gamble, Enzen , Arvin Meritor and UAE Exchange. Interestingly an equal turned down global placements. There is no data on the number of students opting out of international ones. But this time may be 15 students accepted domestic offers international ones. An IIM-B student, who didn’t want to be named, was offered a consulting role in the UK. Instead, he opted for a domestic offer from a general management company which is yet to declare his position. India is a more happening place than anywhere else. There is more growth and opportunities here.
This 20 something engineer grad from Chennai believes it’s important to accept the offer based on growth prospects than on locations.
The future is India. One always gets to travel abroad and work there. The learning there can be implemented here. Others went local because the domestic profile of interest. An IIM-B student preferred the domestic profile over an international one as he was interested in finance.
An IIT Bombay student has three years experience in consulting and finance sectors.
Jobs boom at IIMs:
Be it the return of the investment banks, increase in the average salaries offered or the Indian banks taking the place of the star recruiters during campus placements at IIM-A an IIM-B, the verdict is clear. The downturn seems to have been wiped away.
As the placement process drew to a close at the IIM-A the mood off the batch 2008-10 was upbeat. I-Banks that had gone missing last year, returned in full swing. The highest salary offered to a student is a whopping Rs 1.4 crore by Deutsche Bank. The other I-banks that participated this year include Morgan Stanley, Goldman Sachs, UBS and Citigroup that extended pre-placement offers (PPOs) and JP Morgan, Merrill Lynch, HSBC and Nmura that participated in final placements.
Yes Bank and ICICI Bank made 13 offers each and were top recruiters. With 53% of the batch eligible for lateral placements more than 40 firms participated in the process and extended more than 100 offers a four fold increase over last year. For a batch of 289 students, 110 firms participated.
Similarly many firms turned up at IIM-Bangalore, which concluded its final placement. The B-school has achieved 100% placement for its 270 strong batch in just five days. This year, 120 companies came calling with traditional sectors like banking, marketing and general management bidding for talent.
Indians most open to job changes in next 6 months:
Indians are most open about shifting their jobs in the next six months, according to a survey conducted across 23 counties in five continents. India is followed by Mexico, China and Turkey says the latest Ma Foi Randstad Work Monitor, a quarterly review of mental mobility status or the readiness to change jobs. Luxembourg, Italy, and Hungary displayed the lowest mobility.
In India people live have higher propensity to move because job changes are not jut in the same industry but across industries, unlike in the West where movement is restricted within an industry… The loyalty towards an organization is now getting replaced by commitment to a profession.
Over 80% of Indians surveyed are certain about finding a different job in the short term. Contrary to popular perception most Indians did not jump jobs for a higher salary but due to organizational circumstances.
The survey said that Indians in the age group of 35 to 55 years are comparatively less open about a job change. And those in the annual salary bracket of Rs 5 lakh to Rs 10 lakh are the least mobile in India.
In India, the survey was conducted on e-mail among 600 people in Mumbai, Delhi, Bangalore and Chennai. Interestingly of the tour cities, employees in Bangalore were seen to be the most open to a job change. Mobility anywhere in the world is a function of opportunity and culture. Bangalore is the technology hub of the country employing large number of young educated professionals driven by opportunity. In this context, it is no surprising that Bangalore topped the list on mobility.
Companies too, are keener on improving gender diversity and making HR policies more women friendly. Women don’t view their jobs in isolation, but see a holistic view of the job and the demands of their personal life. So they value women friendly HR policies and this contributes strongly as a comfort factor to them.