Super dream job offers rise in post-covid hiring
Contrary to expectations of a tough year, placements at campuses have begun with a bang as dream and super dream job offers rise substantially with companies rushing to hire engineers.
As against a normal year, where these campuses take some months to achieve such numbers, this year, the number of offers has seen a spike in a very short period. This is because companies are looking to attract talent for growing digital needs amid the second wave.
“The rush for companies to hire engineers has gone up substantially. The number of companies that have come to the campus this year is almost up by 100 per cent. So far, almost 166 companies have made offers to our students. We have also noticed that students, who were doing internships, have also been accepted by the companies. We expect this rush to hire more technical skills to only rise for the next few years,” said Dr V Samuel Rajkumar, director, Career Development Centre, Vellore Institute of Technology (VIT). He further added that more than 25 students have taken more than ~25 lakh per annum (LPA) offers this year. This is the highest since inception.
Moreover, recruiters offer a mix of jobs, including some dream and super dream offers, at a certain higher salary threshold and additional benefits that vary from campus to campus. With a spike in job offers this time, overall annual average salary packages have also nearly doubled at some of the campuses.
For VIT, which has seen a rush of companies, usually product tech, financial consulting and consulting firms hire about five students in each category. However, for the batch of 2022, the numbers have gone up significantly.
Microsoft, for instance, which hired around 7-8 students last time, has hired 21 students in the super dream segment from VIT. Similarly, Societe Generale Group hired 75 students in the super dream category. Highest salary was given by start-up Dyte that offered two students jobs with a cost to company (CTC) of ~75 lakh each (per annum). This also included employee stock options (ESOPS).
Visvesvaraya National Institute of Technology (VNIT), Nagpur, which defines dream and super dream job offers as those above ~8-10 lakh and ~30 lakh, respectively, has also seen a huge jump in recruiters, especially from the IT, consulting and data analytics domain.
Oracle, which had hired 5-7 from VNIT last year during the pandemic, has this year made 25 offers, most of which are dream jobs. In fact, as against a total of around 550 students placed in the whole of last year, VNIT has already placed 250, amid a fourfold jump in dream job offers.
“The number of non-dream offers is, in fact, less than the dream and super dream offers this year. This jump in dream offers above ~10 lakh, ~20 lakh and ~30 lakh has come on the back of increased requirement for computer science, software development, artificial intelligence, data analysis and other digitisation skills across sectors like IT, e-commerce and finance,” said Kishor Bhurchandi, associate dean, training and placements, VNIT Nagpur.
According to Bhurchandi, recruiters are taking pre-emptive steps to arrest future attrition that may arise with the job market opening in a post-covid world.
According to sources, National Institute of Technology (NIT), Rourkela, too, has seen a double-digit rise in such dream and super dream job offers.
Despite the pandemic, three students were offered annual pay packages of ~45 lakh per annum, the highest so far, while nine were offered ~43 lakh. According to a statement by Umesh C. Pati, head of training & placement centre, NIT Rourkela, the campus saw 84 companies offering 253 students more than ~10 lakh per annum.
Similarly, at VNIT, the average annual CTC has doubled from ~6.8 lakh last year to ~13 lakh, so far.