As companies scout best engineering talent amid coronavirus-induced slowdown, the day 1 of recruitment drives across Indian Institutes of Technology (IITs) saw big salary offers. Cohesity and Optiver emerged as the top paymasters in the recruitment drive.
While Cohesity offered an annual package of Rs 1.48 crore ($200,000) for a US role at IIT-Roorkee, the trading firm Optiver made an annual offer of Rs 1.39 crore ($157,000) for an international role at IIT-Bombay. Huge salary packages were also offered by business to business SaaS startup Ally.io at around Rs 1.03 crore ($140,000).
Proprietary trading company Quantbox and quantitative trading firm Graviton Research Capital are offering packages to the tune of Rs 80 lakh, while MTX Group, a global cloud implementation partner, was paying around Rs 70 lakh per annum. Quadeye offered a package of around Rs 58 lakh. While Qualcomm gave a package of Rs 46.41 lakh at IIT-Bombay, World Quant offered a Rs 39.7 lakh package both for domestic roles.
MTX Group has teamed up with IITs across the country and plans to recruit at least 45-50 students for several professional roles and technologies. "The salary is in the ballpark. Our offer could be higher than that figure," ET quoted Graviton Research Capital's head of business development, Mano Kurien, as saying.
Despite the volatile economic condition this hiring season, a record number of offers were made during the first day. IIT-Madras saw a record 123 placements across 22 companies on the first day compared to 102 offers made by 20 companies in 2019. At IIT-Roorkee, the highest domestic job offer stood at Rs 80 lakh compared to Rs 60 lakh in 2019.
The big recruiters in terms of number of offers included Microsoft (19 offers), Texas Instruments (12 offers), Bajaj Auto (10 offers) , ISRO (10 offers), Alphonso (9 offers) and Qualcomm (8 offers). Other eminent recruiters included Amazon, Flipkart, Uber, JPMorgan Chase & Co, Sprinkr, Oracle, Goldman Sachs and SAP Labs.