IIT, IIM students get more than double the salary than other grads: Report

Candidates proficient in new-age skills like machine learning and data science are found to be hired largely from the top IITs

As employers look for quality talent, engineering graduates from top IITs are fetching 137 per cent higher salary package than an average engineer, while management graduates from top IIMs are getting 121 per cent more than an average MBA graduate, according to a report.

In IITs, computer science or information technology graduates are receiving the highest annual package of Rs 6.9 lakh per annum, global online talent measurement solution provider Mettl said in its campus hiring report 2018.

The report said candidates proficient in new-age skills like machine learning and data science are found to be hired largely from the top IITs.

"New IITs are catching up fast with top NITs in terms of compensation packages offered, especially for CS or IT graduates where new IITs have surpassed top NITs," it said.

In a region-wise analysis of management institutions, the report observed that west India held a leading position with 17 per cent higher compensations than the average salary recorded.

ALSO READ: More MBA graduates are choosing tech jobs, and Silicon Valley is hiring

The report is the result of a survey conducted by Mettl across 194 institutes in the country, comprising 114 engineering and 80 management institutions, during January to June period, for placement for FY 2017-18.

It said graduates from the technology domain received the higher average salary package of Rs 14.8 lakh per annum post MBA.

The general management roles accounted for the maximum number of hires at 31 per cent, while roles in senior management were the highest paid jobs commanding 118 per cent more than the average salary of MBA graduates, it added.

Mettl chief executive and co-founder Ketan Kapoor said in the present age, there is a rise in demand for skilled candidates across all domains and employers have taken the campus route to attract quality talent to meet this demand.

"However, employers face many challenges during campus placement drives. From early attrition to inability to retain candidates even after rolling out lucrative offer letters, companies face a major challenge that needs to be resolved in order to build loyal future leaders," he added.

Article Source : BS

Infosys puts a break on fresher hiring, relying more on experienced hands

Share of young engineers in 18-25 age group drops to 28% in FY18, senior staff ratio goes up

India’s second-largest information technology company, Infosys, is relying more on experienced hands than fresh graduates even though it weighs to its costs, according to the company’s latest annual report. This is happening when the sector is witnessing slower growth with increasing pressure on profit margins.

According to the latest annual report for 2017-18, the percentage of the Bengaluru-headquartered company’s employees in the age group of 18-25, came down to 28.16 per cent, from 31.19 per cent in the previous financial year. In absolute terms, the number of employees in this group was 57,475, against 62,489 in FY17. Employees in this group largely constitute of newly-hired engineers from colleges.

The percentage of employees above this age group had gone up during this period. For example, employees in the age group of 26-30 constituted 32.25 per cent of the total staff strength in FY18, against 32.09 per cent in the previous year. Similarly, mid-level employees in the age group of 31-40, constituted 32.5 per cent, which rose 168 basis points over the previous financial year. The ratio of employees in the 41-50 age group also saw a rise of 100 basis points over the previous financial year to 5.92 per cent. However, despite the higher ratio of experienced staff in workforce, Infosys incurred only 3.6 per cent rise in expenses towards salaries and bonus in FY18 to Rs 346.7 billion.

The change in Infosys’s employee mix also reflects the growing trend of slower fresher hiring by Indian IT firms, expected to gain pace in the current financial year as well. Owing to uncertain demand environment and changes in client demands, Indian IT companies are hiring fewer number of freshers while majority of them are resorting to just-in-time hiring in case of lateral (experienced ones).

“The intake of fresh engineers by Indian IT firms is certainly going to drop further as companies are seen steadily improving their (employee) utilisation rates. While they are no more hiring in bulk through campus recruitment programmes, the normal attrition in higher age groups is also less owing to lesser avenues outside which means the ratio of senior staff that the sector employs will go up,” said Kris Lakshmikanth, chief executive officer & managing director of Head Hunters India.

Infosys said the percentage of senior management level employees in the age group of 51-60 was 1.03 per cent, against 0.90 per cent in FY17.

Employees above 60 years of age constituted 0.19 per cent of the overall strength, which was at 0.14 per cent in the previous financial year.

IIM Tiruchy 2018 placements: Students see 7.4 % jump in annual salary

172 of the 176 students from the Post Graduate Programme in Management, batch of 2016-18, registered for final placements; all of them bagged job offers

The Indian Institute of Management (IIM) Tiruchirappalli has reported a 7.4 per cent jump in the average annual compensation compared to last year. The average annual compensation of top 25 percentile increased by 24 per cent.

Also, there has been a four-fold increase in domestic offers with annual compensation above Rs 3 million, and an increase of six times in those with annual compensation above Rs 2 mn.

It may be noted that the batch size increased by 63 per cent compared to last year.

The Final placements were for the Post Graduate Programme (PGP) in Management for the batch of 2016-18. Out of 176 students in the batch, 172 registered for the placement programme and all of them received job offers. The highest international compensation offered was Rs 5.45 million per annum, while highest domestic annual compensation offered was Rs 3.17 million. Average annual compensation, across all domains, was Rs 1.42 million.

This year the institute witnessed participation from 113 companies providing 177 offers to the students. Recruiters offered roles across various domains like Finance, Sales and Marketing, Consulting& Analytics, Strategy & General Management, Operations and OB & HR.

Some of the regular recruiters include JP Morgan & Chase, L&T, Cognizant, Dell, ICICI Bank, Microsoft, Avalon Consulting, Deloitte, HCL, Royal Bank of Scotland, RBL Bank and Saint Gobain.

IIM Trichy hosted a number of new recruiters this year. Some of the prominent recruiters among them are GMR Group, UltraTech Cement, DHL, Tolaram Group, ValueLabs, Trafigura, VLCC and Kotak Life Insurance.

Consulting and analytics accounted for nearly 31 per cent of the offers, followed by sales and marketing (30 %), finance (17 %), strategy and general management (14 %) and operations (7 %) and others.

Prof. Abhishek Totawar, Chairperson, Placement and External Relations said that even with the 63 per cent increase in the batch size compared to the previous year, growth in the placement statistics are a proof of the brand image which IIM Trichy has built in the past few years.

Jio's Diwali offer: 100% cashback on Rs 399 pack; here's how you can get it

Under the Diwali Dhan Dhana Dhan offer, Jio Prime customers get eight vouchers worth Rs 50 each on a recharge of Rs 399. The offer can be availed of during the Oct 12-16 period

Reliance Jio has announce a 100 per cent cashback offer on Rs 399 recharge for Jio Prime customers. Dubbed the ‘Diwali Dhan Dhana Dhan’ Jio's Diwali offer , the cashback comes in the form of eight Rs 50 vouchers that can be redeemed in further recharges. Jio Prime customers can avail of the offer starting today, October 12 and the offer will continue until October 18.

The eight Rs 50 vouchers that you get on a recharge of Rs 399 can be redeemed against future recharges of Rs 309 or above, and on data add-ons booster packs of Rs 91 or above. The vouchers come with a condition of use that allows only one voucher to be redeemed at a time and only after November 15.

Also Read : Airtel vs Jio in cheap 4G phone: Voice-data bundling coup waiting to happen

The offer can also be availed of by the subscribers who are still under the validity period of their last recharge. The recharge will activate only after the current plan validity of the recharge expires.

Under the Rs 399 recharge, Reliance Jio offers free calls, SMS, subscription to Jio apps and 84 GB of data with a cap of 1 GB per day, valid for 84 days. The Diwali Dhan Dhana Dhan offer is valid for both, prepaid and postpaid subscribers.

AI will not cut jobs but create different kind of jobs: Intel India head

As many as 50 billion devices (like phones, smart TVs, smart refrigerators) would be connected by 2020

Dismissing the argument that Artificial Intelligence would lead to job losses, a technology expert today said it would in fact create different ones.

"Many people argue that with the advent of Artificial Intelligence, our people will lose jobs. No. I do not believe we will lose jobs, we will create different kind of jobs," Nivruti Rai, Country Head, Intel India, said here.

Artificial Intelligence does jobs which are repetitive in nature, where humans tend to make mistakes, and also where a lot of memory is required, she said, speaking at an event jointly organised by FICCI and the Telangana government.

"Who will identify where can AI be leveraged? It's us. But, that technology is absolutely critical, because everything that we do, use, wear is going to become smarter tomorrow and impact the lives, including our health," she said.

Predicting that as many as 50 billion devices (like phones, smart TVs, smart refrigerators) would be connected by 2020, she said 5G would be essential technology to make it a reality.

Also Read : Making a career out of your interests: How to find a job that you love doing

"It is important because the amount of data that will be floating in the air tomorrow is going to be so much that your 4G LTE technology will fail," she said.

It is important to re-skill oneself to rise above Artificial Intelligence rather than worrying about what AI will do, Rai said.

Noting that India is at the cusp of digital transformation, she wondered which other country can boast of the digital identity of more than one billion people stored with Aadhaar.

"We have all kinds of digital information...What we together collectively have to do, is to leverage this generation of digitisation and see how can we empower our citizens," she said.

Indian IT firms to generate fewer jobs in next 6 months: Report

Professionals asked to upskill themselves as the industry gradually turns to automation

Indian IT services companies would create fewer jobs over the next couple of quarters as more companies are focusing on shifting towards digital technologies, said a survey report released by human resource firm ManpowerGroup on Tuesday.

The report, Experis IT Employment Outlook Survey, stated that 50 per cent of the IT services companies expressed their interest to hire people during the period between October 2017 and March 2018, since the industry is re-inventing itself to automate a lot of processes using artificial intelligence and machine-learning technology.

In fact, the survey report said India would see pink slips being handed over to an increased number of senior-level professionals across Indian IT firms, on account of digitisation and a surge in recruitment of junior and mid-level professionals.

A slower job growth in the $154-billion services industry is, however, in stark contrast to other sectors in the country and captive IT units of global businesses will hire more people during this period, said the report, which surveyed around 500 Indian IT employers.

Also Read : Making a career out of your interests: How to find a job that you love doing

The industry has been witnessing a slowdown in traditional software maintenance services- a segment that has been acting as a core revenue generator for nearly three decades now. The slowdown was attributed to the increased demand of digital technology-based services on the part of the businesses.

“Net layoffs that are being contemplated by the IT giants are way higher than what the Indian IT industry has ever witnessed and this trend is likely to continue for the next 6-12 months,” said ManpowerGroup India.

IT professionals should look for opportunities to upskill themselves during this period, noted the report.

“Today technologies continue to rapidly shape the business landscape. A rise in new enabling technologies, such as software as a service (SaaS) offerings and cloud-based enterprise resource planning (ERP) software, along with artificial intelligence’s (AI) unprecedented speed, accuracy and cost efficiency are significant in terms of maintaining a competitive edge that are driving businesses now. (more)

Union Bank of India Invites Applications For Credit Officers. Apply Now

Candidates willing to take up the post can apply for the same till October 21, 2017 (Saturday).

Union Bank of India (herein after called the Bank) is inviting applications for the posts of Credit Officers. Candidates willing to take up the post can apply for the same till October 21, 2017 (Saturday). The number of vacancy is 200 for SC (49), ST (24), OBC (65) and UR (62). The qualified candidates would be paid on the pay scale of 31,705 - 45,950. In addition, Special Allowance, Dearness Allowance and other allowances will be payable as per prevailing rules and regulations in the Bank. Further, the officer will also be eligible for amenities like residential quarters/lease rent in lieu of quarters, LFC, reimbursement of medical/hospitalization expenses and other perquisites as per the policy of the Bank.

Exam Centre: The Online Examination, if conducted, may be tentatively held on 25.11.2017 at the following centers: (a) Bengaluru (b) Delhi (c) Kolkata (d) Lucknow (e) Mumbai. However, the Bank reserves its right to decide the examination centers and dates at its sole discretion. The full address of the Venue and the Date will be advised in the Examination / Group Discussion Call Letters, which will be issued in case the Bank decides to hold the Online Examination / Group Discussion. In case the Online Examination / Group Discussion is held, the call letters can be downloaded from the Bank’s website 'Union Bank of India' under "Careers" link.

Eligibility Parameters:

Age: Minimum 23 years and Maximum 32 years

Qualification: Bachelor’s degree in any discipline with minimum 60% aggregate marks from a University/Institution/Board recognized by Govt. of India/approved by Govt. Regulatory bodies.

Post Qualification Work Experience: Post Qualification Work Experience in processing of credit proposals in officer cadre with any Scheduled Commercial Bank for a minimum period of two years immediately preceding the cut-off date of application as per this Notification is mandatory.

How to Apply:

HOW TO APPLY: The candidates can apply only online from 04.10.2017 to 21.10.2017 (both days inclusive) and no other mode of application will be accepted.(more)

Jobs galore at engineering colleges, pay offers up 15%; highest at Rs 39L

Tech institutes beat economic slowdown; salary packages up 10-15%

Despite a downturn, India's leading engineering colleges other than the IITs have found good final placements in top companies in India.

Both average and highest pay packages at campuses are up 10-15% from a year ago thanks to a surge in domestic offers. While there have been reports of the health of the Indian software services sector deteriorating and beginning to jolt the job market, this news comes as a major relief.

“Placements are very good compared to last year. Many companies are visiting for multiple profiles,” RS Walia, training and placement head at Delhi Technological University told Economics Times.

Hiring is up 15%, said Walia, with companies including Amazon, Directi, PwC, L&T, Maruti Suzuki, Airtel and Samsung recruiting more this year. “We are also targeting a large number of first¬timers for the 2017¬18 session,” he said.

Let us take a look at campus placements of some of India's top-notch engineering institutes:

BITS Pilani University: Placements at the three campuses in Pilani, Goa and Hyderabad started in early August. Nearly 586 students were placed by the end of September, up from 546 a year ago. Qualcomm (50), Oracle (48) and Microsoft (38) have picked the maximum number of students so far at BITS Pilani University.

Highest offer: A cloud-computing software company Nutanix offered the highest salary package at Rs 39.48 lakh, up nearly 13% from last year.

Average Salary has gone up 10% to Rs 16.05 lakh.

NIT Warangal: Uber has made the highest offer so far at Rs 36 lakh, according to a report in Economic Times. Qualcomm has made the maximum number of offers at NIT Warangal, along with Amazon and Fidelity. (more)

56,000 IT jobs in danger? Infosys, TCS say they're not responsible for mess

According to reports, the 7 biggest IT firms operating in India are set to let go of 56,000 workers

In his social media post, an anonymous techie called the recent spate of layoffs in the information technology (IT) sector a "nightmare". The bad news is, the nightmare is unlikely to end anytime soon.

The seven biggest IT companies operating in India, including Wipro, Infosys, Tech Mahindra and Cognizant, are planning to layoff at least 56,000 engineers this year, Livemint reported on Thursday.

According to the report, this projected number is double the amount of layoffs by these companies last year. Mint claims the astoundingly high number was arrived at after "extensive interviews with 22 current and former employees across these seven companies".

The companies concerned are Infosys, Wipro, Tech Mahindra, HCL Technologies, US-based Cognizant Technology Solutions, DXC Technology, and France-based Cap Gemini SA. According to the report, they have denied that the mass layoffs signal a crisis and have attributed the increased layoffs to more rigorous appraisal processes.

Also Read : All ATM withdrawals not chargeable, SBI clarifies after furore in Kerala

Of course, the news of IT majors handing out pink slips has already been flowing in. On Wednesday, Tech Mahindra let go of around 1,000 of its employees. Tech Mahindra's layoffs, however, were not an outlier; Wipro fired around 500 of its employees in April, and Cognizant has signalled it could let go of close to 10,000 of its employees. (Read more)

However, Infosys has said that it does not plan to cut jobs.

Aside from the Mint report, earlier reports had also suggested Infosys was planning to hand out pink slips to hundreds of its employees at its bi-annual performance review.

According to an Economic Times report, Infosys Chief Operating Officer U B Pravin Rao has said, "I would like to put to rest any speculation around planned layoffs. As has been the case in the past, we will primarily see some performance-based exits." (more)

Decoding the big ATM problem: India just doesn't have enough engineers for the job

Decoding the big ATM problem: India just doesn't have enough engineers for the job

Ten days on, the banking sector is yet to recover from the government's Demonetisationmove. There are two main reasons for this. One, there is just not enough new notes being supplied by the Reserve Bank of India (RBI), even after running its printing presses over time. And the second, there are not enough technicians to recaliberate automated teller machines in the countries.

Only once the ATMs are recalibrated and enough Rs 500 notes are printed, the chaos will be under control, say bankers.

Even as top bankers are assuring public that the situation will normalise in a week, bankers behind the counters think otherwsie.

The new 500 notes have not been released in rural areas. Most of the branches just 20-30 kilometers from metros have not seen the new 500 rupee note as the currency chests are currently available only in cities. Even in metros, the stockpile of the new notes is thin.

A public sector bank branch manager in the outskirt of Kolkata told Business Standard that the currency chests are now dispensing soiled, old Rs 100 notes. Several customers withdrawing money from banks confirmed this. Customers who have withdrawn Rs 100 notes are not releasing them for daily transactions. Hoarding has ensured that the central bank is being forced to release old scrapped notes to the general public again.

The lack of technicians is the bigger problem.Read more.

Why OBC status is not the solution for Jat unemployment

Haryana will take a while, probably few years and couple of thousand crore rupees, to get over the impact of nearly two weeks of agitation by the Jats to press for their demand for quota in government jobs. Physical reconstruction is possible. But what about the ugly caste clashes that killed many lives? Will dilon ka milan be possible henceforth?

1000 students get jobs in 10 days at IIT-Kgp

A record number of over 1000 IIT Kharagpur students have bagged lucrative IIT Jobs in just ten days of the first phase of placement season, officials said today. 

The total number of offers extended has crossed 1100 across engineering, management and human resources departments ever since placements began on December 1. 

“We took 20 days to hit this milestone last year. We have been able to reach this target early primarily because of the increase in the number of students being hired by organisations that have been visiting our campus over the years,” Atal Ashutosh Agarwal, Vice-President, Technology Students’ Gymkhana of the IIT, said. 

He said it is a testament to the fact that IIT-Kgp students are currently regarded as the most employable across the country. 

Prof Sudhirkumar Barai, chairman of the career development centre at the IIT, said jobs in core engineering has been the trend this year. 

“Core, not crore is the mantra for placements for this year,” he said. 

With ten more days to go for the first phase of campus placements, organisations like Larsen & Toubro, Deloitte, Capgemini, Blackrock, Evalueserve and Coal India are scheduled to visit the campus. 

An official of Business process outsourcing firm Sitel, who made 11 offers, said, “Visiting on Day 8, we were able to find exceptional students for both our profiles, this happens to be the best graduating talent pool we have come across”. 

Recently an IIT-Kgp student had disclosed directly before the media that he bagged an annual package of Rs 2 crore from Google after finishing internship.

The IITs have already decided not to reveal any pay package figures from this placement season following complaints of peer and parental pressure on students.