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IIT placement season sees record number of Rs. 30 lakh-Rs. 1 cr offers

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The Economic Times
03rd December, 2019 06:59 IST

NEW DELHI|KOLKATA: The current placement season at the Indian Institutes of Technology (IITs) is witnessing record salary offers from the likes of Google, JP Morgan, Goldman Sachs, Microsoft, Uber and Salesforce. Annual pay packages of Rs. 30 lakh and more--going up to Rs. 1 crore and beyond in some instances for overseas roles— are more numerous than ever before.

Rs. 30 lakh seems to be an unofficial threshold for top offers this year, up from Rs. 25 lakh last year, said placement officials.

Placement cells at the top IITs, including Delhi, Roorkee, Bombay and Kharagpur, say companies are offering higher salaries across the board for the Class of 2020.

That’s based on the first two days of the placement season and the IITs are hopeful that it will continue through the rest of the period. They attribute this to a greater number of international offers and an increase in domestic pay packets, reflecting a battle for tech talent at premier engineering schools. Google, JP Morgan, Graviton, Squarepoint Capital, Wells Fargo, SAP Labs, Qualcomm, Goldman Sachs, Dream11 and Directi among others are offering upward of Rs. 30 lakh per year for domestic roles.

Most of them have early slots at the old IITs. “This year, we are seeing a new set of recruiters offering such high packages,” said an IIT Bombay placement cell official. “They wanted to take early slots to get the cream of talent and were ready to offer higher packages.”

“At least 60% of companies have revised compensation upwards,” said a person with the IIT Kanpur placement cell. “There should be a significant jump in companies offering Rs. 30 lakh-plus.”

There’s a 20% increase in Rs. 30 lakh-plus offers from last year at Delhi and Bombay IITs. The schools had seen a similar increase last year in offers of v25 lakh per year and above by companies such as Salesforce, Sprinklr, Samsung, Cisco, Amazon and Flipkart. “The rise in salaries is a reflection of the scramble for premium talent among recruiters who are lining up on Day 1at the IITs,” said a source at IIT Delhi’s placement cell.

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