Indian Institutes of Technology (IITs) have received record pre-placement offers (PPOs) for the class of 2022 as recruiters are seeking to snap up engineering talent amid an unprecedented surge in demand.
IITs in Chennai, Kanpur, Roorkee, Guwahati, Mandi and Jodhpur have seen a 22-55% year-on-year increase in offers, even before the final placement season kicks off for the older IITs next month, said placement officials at these institutes.
The companies that have rolled out offers include Amazon, Flipkart, Qualcomm, Microsoft, DE Shaw, Adobe, Google, American Express, Cisco, Goldman Sachs, JPMorgan Chase, Oracle and Standard Chartered, said the officials.
PPOs are given to students based on their performance in internships. Many recruiters are stepping up hiring through this route as it gives them a longer window to assess the candidates before making the job offers.
“Hiring through PPOs gives both the parties, the candidate and the company, a chance to assess each other for a long-term commitment,” said Tech Mahindra’s global chief people officer Harshvendra Soin. “We have increased our hiring from leading IITs and other engineering colleges by giving PPOs.”
IIT Roorkee has received 214 PPOs, up 39% from 154 last year. Of these, students accepted 179 PPOs this year compared to 137 last year.“The pandemic has brought some directional changes in the placement scenario wherein companies related to AI, software, network, analytics, etc., have been aggressive in hiring as compared to manufacturing, infrastructure or core sector at large,” said Vinay Sharma, professor in-charge of placement and internship at IIT Roorkee.
With acceleration in digital transformation owing to the pandemic, demand for tech talent has seen a surge, compounded further by high attrition levels. Campus hiring has assumed even higher importance as a way out of the talent crunch, as companies want to hire freshers and train them in new-age technologies.
At IIT Madras, the top pre-placement offer this year is Rs 46.5 lakh per annum, up 29% from Rs 35.98 lakh last year. Average PPO package has gone up to Rs 23 lakh from Rs 18.9 lakh last year.The institute received 227 PPOs this year, up from 186 last year, said CS Shankar Ram, advisor (training and placement).IIT Kanpur and IIT Guwahati received the highest PPO of Rs 64 lakh per annum this year.At IIT Guwahati, the number of PPOs has gone up to 171 this year from 133 last year, according to its head of centre for career development, Abhishek Kumar.IIT Kanpur saw a 37% year-on-year jump in PPOs to 207 from 151 last year.“The rush is due to an increase in hiring requirements of huge tech firms. Due to more startups going for IPOs (initial public offerings), they are also looking at expansion,” said a student representative at the placement cell of IIT Kanpur.At the younger IIT Mandi, students accepted 49 PPOs this year, 10 more than last year.“The number of recruiters participating in our internship drive has increased with the drive being conducted online due to the pandemic,” said Tushar Jain, advisor, career & placement cell, IIT Mandi.IIT Jodhpur, another relatively young institute, got 34 PPOs this year, 55% higher than 22 accepted last year, said its faculty in-charge, career development cell, Anuj Pal Kapoor.
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