More recruiters in the market, with more job offers and fatter pay packages
The job market seems to be humming, with top B-schools and recruiting agencies reporting stronger demand during the December-January period compared to last year.
IIMs and other top B-schools such as XLRI and IMT Ghaziabad reported a better placement season in terms of the number of recruiters visiting the campus, offers made and the average salary offered. Most of them completed the placement in much less time than they had last year.
Recruiting agencies confirm the trend. According to Neeti Sharma, Senior Vice-President, Learning Services, TeamLease, companies that had postponed hiring plans last year are recruiting again. Many new jobs are being created in the digital automation and marketing space.
Sources say pay packages have increased, on average, 10-12 percent over last year.
V Suresh, chief sales officer of Naukri, reports 10 percent year-on-year growth in hiring in December 2017 and 14 percent in January, with demand coming from banking, insurance, auto, oil and gas, manufacturing, engineering and digital automation sectors.
He, however, says the trend is yet to firm up. “We expect a slow and steady recovery; there could also be some correction before we start seeing a linear growth in hiring,” he told BusinessLine.
B-schools too are reporting an improvement in campus placements. IIM Calcutta completed final placements for the 2018 batch in a little over two days, with over 130 firms making 481 offers, against 460 offers last year.
“There has been an improvement in terms of the number of offers received, the profile and the average pay offer this year,” said Manju Jaiswall, Chairperson, Career Development and Placement, IIMC.
XLRI too reported a 5 percent rise in the average salary and 5-10 percent increase in median salaries.
IMT-Ghaziabad expects this to be “one of the best placement seasons” for the institute. The average pay offer so far is over ₹11.5 lakh.