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B-school talent is now available at lower price
By siliconindia
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Monday, 23 March 2009, 21:18 IST |
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New Delhi: Thanks to recession, talent is available at reasonable cost at premium business schools (B-schools) this year. Taking advantage of this, private banks such as ICICI Bank, Yes Bank and HDFC Bank are ramping up headcount at the entry level.
Average salary levels for management trainees have dropped by about 30 percent this year. "We are cashing in on the opportunity to recruit some of the best talent in the country at lower pay packages," an HR executive of a Mumbai-based private sector bank, told The Economic Times, requesting anonymity. Pay packages for management trainees at leading private sector banks varied from Rs 12-15 lakh annually earlier while this year they ranged between Rs 8 and Rs 12 lakh.
ICICI Bank executive director Ram Kumar said, "The financial turmoil in the global economy is a temporary phase. And campus recruitments have been a regular feature for us and we have hired more than 400 executives this fiscal year keeping in mind the long-term growth story."
The bank has recruited 50-60 management trainees from leading B-schools such as the Indian Institute of Management (IIM), Jamnalal Bajaj and SP Jain this year. Besides, it has hired some 400 executives from management schools, including Welingkar and Sydenham.
Public sector banks also visited management institutes this year to take advantage of the lower salary. Union Bank of India, which is a new recruiter at IIMs, has made the highest number of offers to IIM-Ahmedabad students, while others such as Bank of Baroda and IDBI replaced top-notch investment banks that always grabbed the limelight at IIMs earlier.
IIM-Calcutta external relations secretary Paul Savio said banks and financial companies saw the highest acceptance at 40 percent during the placement exercise. This is even higher than last year when 34 percent of the students opted for jobs in the sector. Also, average salaries offered by these banks were close to Rs 8.5 lakh per annum.
Source The Economic Times
