IIT Bombay Sets Rs.6 Lakh Minimum Salary Standard for Placements

The institute raises the bar for placement offers amid changing market dynamics.

The Indian Institute of Technology (IIT) Bombay has introduced a minimum salary benchmark of ₹6 lakh per annum for companies participating in its upcoming placement season, scheduled to begin on December 1. This move follows last year’s placement season, which recorded a low of ₹4 lakh offered to 10 students by seven companies.

Key Updates for 2023 Placement Season

• Core Sector Focus: Increasing participation from core engineering companies reflects student preferences, while representation from IT firms continues to decline due to an uncertain hiring environment.

• International Opportunities: Japanese recruiters and international firms remain a focus, but offers must align with competitive global standards.

• Startup Recruitment: Targeting startups operational for over three years ensures stable opportunities for students.

• Hybrid Model: Combining in-person and online interviews allows greater flexibility for recruiters and candidates alike.

Market Trends and Challenges

IIT Bombay’s placement office acknowledged shifts in hiring trends influenced by market conditions. While IT hiring surged post-COVID in 2021-22, a slowdown in bulk recruitment has since reduced the number of IT companies participating in placements.

Despite these challenges, students are showing increasing interest in emerging fields such as earth sciences and environmental engineering, prompting the institute to onboard a variety of first-time recruiters and public sector undertakings (PSUs).

Student Preparedness and Support

With over 2,400 students registered for placements this year (up from 1,400 in 2015-16), IIT Bombay has taken steps to curate its recruiter list based on student feedback and industry demand.

• Last year, the institute saw 300 pre-placement offers (PPOs), with 258 accepted. Similar numbers are expected this year.

• PPO recipients will be allowed to participate in regular placements, offering them additional opportunities.

A student representative emphasized the role of market demand in shaping recruitment outcomes:

“Placements depend on market situations, and while we provide robust support, employer demand is crucial. IT hiring remains uncertain this year.”

Despite uncertainties in specific sectors, IIT Bombay’s proactive approach, ranging from engaging core sector companies and startups to attracting international recruiters, ensures a diverse pool of opportunities for its students. By setting a minimum salary benchmark, the institute aims to uphold its reputation for offering high-quality placements while addressing student expectations.