The slow growth rate of India’s job market has increased the concern of job seekers in the country. However, the summer placement reports at top B schools have shown positive trends recently. According to ManpowerGroup Employment Outlook survey, India has witnessed a lower hiring rate due to the introduction of demonetisation and the global slowdown. The survey reveals data that shows a comparison of hiring that took place this year to last year. It shows a constant decline in the hiring rate from 17 per cent in Apr-Jun 2017 to 14 per cent in July-Sep 2017. However, summer placements at the top Indian Institutes of Management (IIMs)- IIM Bangalore, IIM Lucknow and IIM Calcutta have registered a 100 pct placement within four days. Even government’s top planning body- NITI Aayog picked five students from the top management institution.
Chairperson, career development services at IIM Bangalore, Prof Ganesh N Prabhu while talking about the reason behind the surge was quoted as saying, “Many of the companies that had skipped hiring in the final placements of March 2017 had returned to IIM-B to hire for summer internships to ensure that there is no break in their campus connect. Also, the new recruiters who had hired in the final placements of March 2017 had also participated in summer internships. Apart from this, a number of new companies had been added to the recruiter list and some regular ones made more offers this year.”
He added that a surge in hiring is expected to continue for final placements as “about 40 per cent of the students will get pre-placement offers from their respective internship company.” He further said, “There are many students opt out with pre-placement offers based on summer internships, so fewer students have to be placed in the final placements.” Further talking about the summer placement session, Prabhu said that these placements indicate the kind of offers that will be made during the final placements in March. He also said that the numbers hired in finals by a company are less than the number they hired in summer placements.
Indian Institute of Management, Lucknow recently saw participation from more than 150 domestic and international recruiters in its recruitment drive. Te report further states that average striped to the students at these institutes has also increased. While IIM Kozhikode saw an upward swing in the average monthly stipend by 25 per cent from last year while IIM Indore average stipend too jumped over 20 per cent. Moreover, an IIM Calcutta student was offered Rs 2.45 lakh stipend as well.