March 9th, 2009 
Aman It was for the first time in the history of IIM: Kolkata, Ahmedabad or Bangalore, everywhere the placement season was extended. In this time of global economic slowdown even the new asprirants are facing the heat. These management graduates haven’t got the blues over despite this exention. More over the salaries have fallen.
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The new aspirants are not getting what ttheir seniors might have got. In Ahmedabad itself the salaries offered have dipped to 30%. Now the offered package is that around 12.5 lakhs. For those in Kolkatta, tthere is a slowdown by 12% and the average package that was offered is 14 lakhs. It was interesting to learn that the offers from the financial sectore were on high. Almost 40% of the offers were from the financial sector where as the number was 34% last year.
This year there was another major change. PSU once again have started coming to IIMs to find the talent. The only thing that was not interesting with the PSUs was that the offer was only for the average salary of 7 lakhs. In Bangalore as well the story is no good. Here the average salary offered was around 12 lakhs almost 30% lesser than what it used to be. Most of the recruiters have not participated because of the recruitement freeze that is going on because of economic slowdown and cost cutting.
The companies are not hiring. Infact companies are facing a challenge in retaining the employees that they already have. Voluntary retirements, unpaid leaves etc are the measures that these companies have resorted to. PSU banks were among the top recruiters, hiring 34 of the over 200 students at IIM Calcutta. Things will be better next year says a report by global job survey firm Manpower. A survey of 3600 employers over seven sectors indicates slow but steady hiring could happen from the second quarter of 2009.
While the meltdown has taken a global toll, India hiring will be the highest in the Asia Pacific region. Global meltdown has not spared even headline-making placements of Indian Institute of Management (IIM) grads. The average salary in the 2009 placement season at IIM-Calcutta witnessed a fall of 23 per cent over the last year. The domestic average this year was Rs 12.7 lakh, with the highest offer at Rs 60 lakh per annum, while the average international package exclusive of bonus was $86,785 per annum. Several public sector units and public sector banks had recruited from IIM-C this year.
Public sector companies included IOC, NTPC, Coal India, and the national banks were Bank of Baroda and Union Bank of India.All the 265 students had got placement offers from various companies. The foreign companies which recruited from IIM-C were Frost & Sullivan, BCG, A T Kearney, McKinsey, Barclays, Merrill Lynch and others.
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