IITians battling lower packages amid skill-driven limited hiring by firms; annual packages drop below Rs 10 lakh

'While AI has reduced jobs and international FANG companies did not come to the campus, we saw this as an opportunity to pick up talent. We conducted tests to hire IITians, and hundreds of them took our test. Students conducted mock online lectures, and those who had good communication skills were picked. We have offered 25 students Rs 12 lakh per annum," said Praveen Tyagi, owner of IITians' Pace, a tutorial for entrance tests.

With several IITians completing their courses across various engineering disciplines in the country, the hiring pattern of companies has changed this year, with firms being selective with new recruits, while the salary packages for an IITian has descended below Rs 10 lakh per year.

Many students who apparently secured jobs in on-campus interviews are now traveling to different Indian cities seeking better package, as the ones they have been offered are lower than expected, a report said. "Spectrum Technologies offered Rs 3.6 lakh for trainee engineers and Rs 6 lakh for trainee design engineers. Startoon Labs and Gem Machinery offered Rs 5.5 lakh annually. Skyroot offered Rs 5 lakh. Sri Chaitanya and Next Education offer Rs 4.8 to 6 lakh per annum," Times of India quoted an IIT-Kharagpur student as saying.

A student aspiring to be a software developer but admitting lacking certain skills required by companies said, "We are mentally prepared for a set pattern of questions, but this time the companies were more demanding, seeking fewer candidates with specialized skills in artificial intelligence and machine learning for annual packages ranging from Rs 10-50 lakh."

While those with jobs are unsatisfied with the packages offered, a group of job aspirants from IIT Delhi have registered on Office of Career Services (OCS) to find a better job with a suitable package. Over 1,800 students have registered with the OCS as of April 5, 2024, of which 1,083 are employed, while at least 40 per cent students are yet to find a job.

The condition is such that final year students along with placement personnel in colleges, are reaching out to companies to negotiate packages with NGOs through job portals.

Praveen Tyagi, owner of IITians' Pace, a tutorial for entrance tests, was quoted by TOI as saying, "While AI has reduced jobs and international FANG companies did not come to the campus, we saw this as an opportunity to pick up talent. We conducted tests to hire IITians, and hundreds of them took our test. Students conducted mock online lectures, and those who had good communication skills were picked. We have offered 25 students Rs 12 lakh per annum."

Professor Suhas Joshi, Director, IIT Indore observed, "The global economic slowdown has significantly impacted the campus placements for the 2024 graduating batch of IIT Indore. The reduced hiring numbers of recruiters compared to the previous year have resulted in a challenging placement season. To offset the impact, IIT Indore has taken early steps by tapping into alumni networks and has broadened its pool of potential employers, including PSUs."

Another IITian expressed, "Companies that till last year picked 5 to 8 students are picking 1 or 2 this year. Several are still not yet hired. From coaching classes to start-ups, some have recently been picked for salary packages of Rs 60,000 to Rs 80,000 in phase 2."