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Downturn effect: small cos can now afford IIMs managers

Downturn effect: small cos can now afford IIMs managers
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First Published: Wed, Apr 08 2009. 01 51 PM IST
Updated: Wed, Apr 08 2009. 01 51 PM IST
New Delhi: Global recession might have brought a number of top level corporates to their knees but it seems to be a “good opportunity” for numerous small and medium companies, which can now afford to hire hot-shot executives from top business schools at much “affordable” prices.
The pass-outs of the country’s premier business schools like IIMs can now be hired at much lower packages than they used to get when the world economies were booming.
Analysts say, the placement scene at most of the IIMs this year is not much encouraging as compared to previous years. This year, number of big companies as well as number of international companies coming for campus placements has decreased.
“There is more than 30% dip in the average salary offered to fresh IIM graduates. In IIM-A, this year’s average domestic salary offer has come down to Rs12.17 lakhs from previous year’s Rs18.75 lakhs,” IIM-A placement cell chairman, Dr Saral Mukherjee said.
He said the number of offers per students has also gone down as the recruitment process in most of the companies has come to an halt in view of economic slowdown.
Similarly, the domestic average salary offered this year at IIM Calcutta has been Rs12.70 lakhs with the highest offer at Rs60 lakhs per annum. While the average figure for last year was Rs16.40 lakhs.
The change has made it possible for the medium and small-scale companies to reap benefit of talents available at their disposal, that were almost “beyond their budget” till the last year.
Sandeep Manudhane, chairman PT Universe, which runs a national chain of professional coaching institutes said, “We have given entrepreneurial opportunity to number of pass-outs from top B-schools including IIMs. We are in process of hiring more people and are visiting many campuses.”
Yashish Dahiya, CEO of Policy, said, “Usually IIMs charge a recruitment fee, which is quite high for early stage companies. This year that was waived, so it allowed us to participate.”
Sapna Gupta, director AHA Air Hostess Academy, said “The current global economic scenario has given us an opportunity to choose from a pool of brightest talents, unlike past several years when best students went to the high profile preferred sectors.
“Further, in the absence of big companies making hefty offers to IIM graduates, companies like that of us will have to shell out relatively less this year to hire them,” she added.
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First Published: Wed, Apr 08 2009. 01 51 PM IST