Kolkata | New Delhi: Despite apprehensions about a hiring slowdown in a Covid-hit year, summer placements have got off to a promising start at leading B-schools such as Management Development Institute (MDI), Gurgaon, and Indian Institute of Management (IIM), Kozhikode, which have wrapped up the process for the Class of 2022. Amazon, Deloitte USI, and Flipkart top the list of those making offers.
Ecommerce, FMCG/FMCD (fast-moving consumer goods and durables), and BFSI (banking, financial services, and insurance) are among sectors that have rolled out the maximum number of offers during the virtual placements, with the last of these registering a strong comeback from last year, said campuses.
Even in a hiring market impacted by the pandemic, recruiters showed their keenness to hire interns for the next year, anticipating business sentiment getting back on track in the coming months. This was reflected in stipends, which have gone up — albeit marginally — across campuses. The average stipend for a two-month internship has gone up to Rs 2.42 lakh at MDI Gurgaon from Rs 2.31 lakh last year, while at IIM Kozhikode, it’s Rs 1.88 lakh compared with last year’s Rs 1.75 lakh.
Banking on Tried-and-Tested Talent
At MDI Gurgaon, the highest stipend jumped 25% to Rs 4 lakh and was offered by two companies — Sprinklr and Media.net. L’Oréal was the highest-paying recruiter last year, offering a stipend of Rs 3.2 lakh for two months. “The BFSI sector witnessed the highest growth, followed by e-commerce, healthcare and pharmaceuticals and FMCG/FMCD that showed a substantial growth in terms of a number of offers this year,” said Kanwal Kapil, dean, placements.
According to campus sources, Amazon, Deloitte USI, and Flipkart are among those that have made the most offers across campuses. At IIM Kozhikode, offers from front-end investment banking, private equity, and venture capital firms, as well as e-commerce companies, doubled year-on-year during virtual summer placements. At MDI Gurgaon, FMCG/FMCD led the pack with 70 offers, while BFSI and e-commerce rolled out about 50 offers each.
Most IIMs and top B-schools have pushed back their summer placements by an average of four weeks because of the delay in the academic session caused by Covid-19. But as early trends show, students at top institutes will weather the storm better than most. Also, as more companies bank on hiring tried-and-tested talent based on summer internship performance, the placement process has become key to recruitment.
“We have begun our summer hiring season across premier B-schools for 2021 in full swing,” said Rahul Guha, managing director, and partner and recruiting chair, BCG India.
“While we have observed a decline in hiring numbers in certain domains and sectors, many of our marquee recruiters, as well as new companies in various other sectors who are capitalizing on the current situation, have increased their recruitment activities this year,” said Bhavya Kapoor, placement officer at IIM Indore. She declined to comment further.
Jabir Ali, the placement chairperson at IIM Jammu, said the school got 25 offers in the past week since placements started, some of them from e-commerce. “The market is giving good indications of a revival and companies have been responding,” said Ali.