IIT Placements: Recruiters up their game with fatter pay packages

This year’s IIT placements saw a package of Rs. 1.39 crore per annum up for grabs from Microsoft, in what is the fattest pay package offered by recruiters at IIT. Reports suggest that four students were offered the placements at Microsoft’s Redmond headquarters.

The $214,600 package comprises of $108,000 as base salary, $21,600 as performance bonus, $15,000 as joining bonus, and $70,000 in restricted stock units. Last year, Microsoft made a $136,000 (87.5 lakh) offer to work at Redmond. Uber came in second with a $155,000 offer (99.87 lakh), a rise from last year’s offer of Rs. 68.40 lakh.

Other top recruiters included Goldman Sachs, Boston Consultancy Group, Deutsche Bank, Morgan Stanley, Yahoo, Amazon, Proctor & Gamble and more. The first session began at 8 am and lasted till 4 pm, and brought 52 job offers from 17 companies.

This year also saw the participation of 15 Japanese firms, with Sony offering the highest pay package among them at 50 lakh Japanese Yen per annum. Companies such as TEX E.G., Murata and Toyo Engineering will also be making attractive offers. A number of companies this year have made offers for offshore placements.

According to the Indian Express, by the end of the first slot at 4 pm, 99 students were placed, up from last year’s 77. At Guwahati, 100 students were placed by 8 pm and another 40 offers were in the pipeline. By 8 pm, around 263 offers had been rolled out at IIT Roorkee. Of these only 22 were from startups.

Tech giant Apple made offers worth Rs 15 lakh per annum, and visited Madras and Guwahati campuses. A lot of companies upped their package deals this year, with Blackstone offering Rs. 44 lakh as opposed to last year’s offer of Rs. 35 lakh. Recruiters like Schlumberger retained last year’s deals.

These placements are conducted in two slots a day. Once placed, students must secure their jobs the same day.