Following global giants, public sector undertakings (PSUs) are now competing to grab the top talent in B-schools. PSUs had already started their campaign with top engineering colleges, but now they have forayed into IIMs and other top notch B-schools. State-run companies like State Bank of India, Indian Oil, National Housing Bank are lining up for B-school placement processes that are currently underway.
The paycheques are as competitive as any financial services company in the private sector.
A report in The Economic Times mentions that a few public sector companies have even offered packages upwards of Rs 21 lakh. Considering job security, PSUs have received a strong response from students. Total 15 offers were made to students at IIM Kozhikode and IIM Bengaluru. BPCL and IOC alone made 11 of those offers at IIM Kozhikode. The average PSU salary offered to students from Delhi's Faculty of Management Studies (FMS) jumped by 50 per cent this year, while number of offers made by PSUs in XLRI-Jamshedpur jumped by 50 per cent, with a 30 per cent increase in average salary. In IIM Indore, PSU offers increased by 60 per cent since 2017.
The newspaper quoted an IIM Kozhikode student saying that offers made by PSUs were better than the overall average offers at the IIMs. Last year, the average salary offered by PSUs like SBI and IOC to FMS students were Rs 11 lakh per annum, which has jumped to Rs 16 lakh from GAIL, IOCL, SBI Life, and Bank of Baroda.
According to the report, PSU executives were maintaining low profiles in campuses as public opinion of PSUs paying high salaries to hire top students from B-schools are not very positive.
This is not the first time PSUs are visiting top B-schools, but this year they have made their presence felt. PSUs have been visiting IITs and IIMs since 2011 till they were told by the Madras High Court that state-run companies cannot show preferential treatment. The ban was finally lifted in 2016.
Venkatraman, a placement convener at FMS, said that students are interested in joining PSUs as these companies offer both job security and good packages.
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