IIT graduates
salaries decline! The salaries of engineers graduating from the Indian Institutes of Technology (IITs) in 2024 have experienced a decline due to the slowdown in hiring. According to separate studies conducted by Deloitte and TeamLease, the annual pay for the class of 2024 falls within the range of Rs 15-16 lakh.
According to an ET report, the Deloitte campus workforce trends 2024 study reveals that compensation for graduates from the top 10 engineering institutes, including eight IITs, as ranked by the National Institutional Ranking Framework, has seen a slight decrease for the class of 2024.
Neelesh Gupta, partner at Deloitte India, said, "They can expect a median compensation of Rs 16.3 lakh per annum in 2024 as per our study."
TeamLease Services conducted a study in May, which was shared with the financial daily, indicates that the annual pay at old IITs has dropped to a median of Rs 15-16 lakh, compared to Rs 18-20 lakh in 2023.
IIT graduates leaner packages
Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, emphasized, "The decline in median salary is particularly pronounced across the seven old IITs."
The placement process is still ongoing at some IITs, with the season being slightly longer than usual, according to individuals involved in the process. New IITs have also experienced a decrease in median salaries, falling to Rs 12-14 lakh per annum from Rs 15-16 lakh in 2023, as suggested by TeamLease findings.
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IIT Ropar, however, has only seen a marginal drop in average annual salaries, from Rs 18 lakh in 2023 to Rs 17 lakh, according to placement officer Preeti Garg. Garg also said, "There is a dip in the number of students getting placed this year as well compared to the previous year."
A member of the placement cell for the class of 2024 at one of the established IITs verified that the institute's average salary packages had decreased. "This is mainly due to top offers coming down in 2024 compared to 2023 top offers," he said.
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According to Reddy, factors contributing to the decline in median salaries include the global economic slowdown, industry shifts favoring sectors such as manufacturing and electric vehicles (EVs), increased competition, and companies preferring to offer internships rather than full-time positions. TeamLease also noted that many companies have adopted skill-based hiring practices. "Despite the wide salary range, with some individuals commanding hefty packages exceeding Rs 1 crore or even Rs 2 crore, many graduates are witnessing offers below Rs 10 lakh, with some as low as Rs 6 lakh per annum," Reddy said.
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