According to an ET report, based on the analysis of placement data from 22 IITs, the median CTC (Cost to Company) in FY24 stands at Rs 20 lakh, compared to Rs 22 lakh in FY23 and Rs 19 lakh in FY22.The highest overseas package offered this year was Rs 3 crore, an increase from Rs 2 crore in the previous year. This analysis focuses on salary packages offered during the first week of the current placement season.
While there has been a slowdown in hiring for IT services and consulting, there has been an increase in R&D and core sector hiring compared to the previous year, as revealed by the data.Insiders from the IIT campuses have acknowledged that despite placing 40-45% of students in the first week, there is significant anxiety regarding the second round of placements. Some insiders have mentioned that efforts are being made to make the start of placements appear positive by bringing forward the arrival of certain companies that were initially scheduled for later slots.
The data indicates an overall decrease of 10-15% in the first phase of placements. Anshuman Das, CEO of Careernet, estimates that IITs are currently at a placement rate of 45-50%, with an expected increase of 5% in the following week. This marks a 10-15% dip compared to a typical year.
Campus hiring trends
An official from one of the prominent IITs mentioned that there’s been a decline in the number of offers this year. There’s a prevailing sense of unease, prompting an internal decision not to emphasize salaries exceeding a crore and placement figures.
The IITs are now focusing on Phase 2 of placements, aiming to achieve a placement rate of 75-77%. The top 8 IITs are expected to cover approximately 30% more placements in Phase 2, in order to reach their usual target of 90-95%. However, industry experts predict that the challenge may be more significant for the next tier of IITs, which may struggle to reach their usual placement rate of 60-65%.
Among the top 8-9 IITs, the older institutes have achieved a placement rate of 70-75% after Phase 1. However, the latter part of the Phase 1 pipeline across all IITs is weaker, but is expected to catch up during Phase 2.
According to the data, this year’s batch of IITs includes approximately 17,800 students, out of which 15,100 have registered for placements. In the previous year, around 77% of the total batch of 17,300 students across IITs secured placements. The analysis by Careernet suggests that, overall, the placement rate across all IITs after Phase 2 may stand at around 70%, compared to 77% in the previous year.