IIM-A Director to be Paid Rs 1 Crore as Annual Package

Bangalore:  Institutes that live up to the standards set by its name and efficiency are few in the country. They deserve to be renowned for their magnificent persona. The need to recruit a top level management in such institutes comes natural to keep the high standards up and running. Keeping this in mind, the Indian Institute of Management Ahmedabad (IIM-A) is contemplating on offering an annual package of Rs 1 crore for its top job. This package is actually offered by corporate companies to lure the student graduates who have graduated from IIM-A, in order to get them on board.

It isn’t yet decided whether the Institute will promote someone from the faculty or give the job to a top corporate chief. There are also those expecting an academic from a foreign university for the post. The idea to hike the present salary is considered by those members of the committee who want to appoint a director from outside.  Further, in order to attract the best candidate from the industry they need to offer a handsome salary, reported Chitra Unnithan for TNN.

Two years ago the human resource development (HRD) ministry had allowed the business schools to increase  the pay packages from their own resources generated through tuition fees, consultancy and executive programmes. This was agreed by IIM Ranchi chairperson and Maruti Udyog Chairman R.C. Bhargava, who headed a committee set up by the HRD ministry in 2011. It was suggested that IIMs should offer an annual packages up to Rs 50 lakh to recruited faculties. However, the additional expenses would have to be handled by the institute through their own resources.

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