MUMBAI/ BANGALORE: Companies are queuing up at leading domestic colleges such as Shri Ram College of Commerce (SRCC) and Lady Shri Ram College (LSR) in the Capital, St Xavier’s College in Mumbai and Christ University in Bangalore, even as international offers are drying up in a tepid economic scenario.
The top salary at SRCC has already surpassed 15 lakh, 11% more than last year’s highest of 13.5 lakh. “We’ve turned away several recruiters who were offering less than Rs 3 lakh,” says CS Sharma, placement-in-charge.
Delhi’s St Stephen’s College has reported a top salary offer of 19 lakh for a student graduating this year ( ET, February 2). The offer, made by an international bank for a job at its India operations, is about a third higher than last year’s top offer of 14.30 lakh.
At LSR, two students – one from commerce and the other from economics – have been given the highest offers of 12 lakh by McKinsey & Co, says Arvind Kumar, chair and advisor, placement cell. Close to 40% of the students have already been placed across departments and over 25 companies have visited campus so far.
The economic slowdown has taken the shine off international roles. The highs of 2011, when recruiters like Deutsche Bank doled out top packages of 36-39 lakh for international roles, are a thing of the past. Even last year’s top package of 30 lakh from Rio Tinto at SRCC looks tough to beat.
Regulars like Deloitte, PricewaterhouseCoopers, Citibank, Google, Goldman Sachs, KPMG, Ernst & Young, Wipro, Oracle, however, have continued to make their presence felt, while new ones like Crisil, Monitor Group and Takshashila Consulting have entered the fray.
Google has offered around 4.9 lakh at St Xavier’s Kolkata. The recruiter, however, has cut down on numbers. “Last year, Google hired more than 20 students. This year, the number has gone down a tad, but that is true only for a handful of companies,” says Roy Thomas, placement coordinator, St Xavier’s College, Mumbai.
At LSR – where average salary is pegged at around 6.5 lakh – Bain Capability Centre has offered around 8 lakh. Deloitte has hired graduates at salaries that have gone up compared with last year, says P Thiruvengadam, senior director, Deloitte India. “The number of jobs as well as the number of companies has not been affected by the recession,” says Arvind Kumar.
The interest shown by companies on campus was more or less the same as last year, says Frazer Mascarenhas SJ, principal, St Xavier’s College, Mumbai. “We did not witness any impact of slowdown on hiring. Just as last year, this year too we got some offers, not just for entry-level but for some high-profile roles too. As far as specific discipline is concerned, finance was much in demand as usual,” he adds. Salaries offered on the campus ranged between 4 lakh and 10 lakh.
“The market will continue to hire undergraduates because there are jobs that do not need over-qualified students but need those with sufficient confidence,” says Ganesh Shermon, KPMG India partner and country head (human capital). “It also makes sense to recruit them young and send them for higher training; when they return, there is a strong pipeline of talent,” he adds.
Companies that have conducted interviews at St Xavier’s, Kolkata are Google, Wipro, Tata Capital, Future First, Federal bank and IBM Daksh, among others. While the highest salary so far on campus is from Future First, which has offered Rs 8 lakh to BBA, Economics and B Com students, Reckitt Benckiser, which gave 12 lakh last year, will be coming in April. “This year, St Xavier’s has around 500 students, and 130 have been placed,” says Niladri Sinha, placement officer-in-charge. The college is also in talks with Goldman Sachs and E&Y.
Wipro has hired 15 students from the BSc course and will come again for MSc students.
“We are increasing our hiring from non-engineering and non-MBA colleges because there is work that does not need engineers,” says Saurabh Govil, vice-president, HR, Wipro.
Christ University has around 500 students to place, and 370 have been recruited by the likes of Goldman Sachs, Deloitte, KPMG, Ernst & Young (E&Y), Wipro, Cognizant, Google and Oracle. The top salary so far is 6 lakh.
Last year, Kuwait-based company Alshaya hired a student for around 7 lakh. The company has said it will come again this year. Average salary for last year was at 2.5-3 lakh, and this year’s average looks to be the same, says a member of the placement team. (Source ET: with inputs from Rica Bhattacharyya in Mumbai)
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