IITB Central Library 2.0 Service

IITs ask companies to spell out gross salary for students

Posted on: December 6, 2010

By Times Of India

MUMBAI: Keep it straight and simple. This is the directive IIT-Bombay and IIT-Delhi have issued to companies visiting their campuses for recruitment.

The companies have been told to not camouflage placement offers with perks and inflate them as cost to company (CTC). The institutes will consider only the gross taxable incomes of placed students.

This has fundamentally altered the manner in which companies are invited by the IITs. While the move has brought about transparency in recruitments, there have been casualties as well— start-ups and small innovation labs with massive differences between CTC and gross taxable income have been politely declined.

“Stability and reputation of a company matter the most when we let it hire our graduates. We are not considering CTC this year, just the gross taxable income,” said IIT-Bombay placement head Ravi Sinha. “While we didn’t allow a handful of companies to participate, we welcomed a few new firms whose financial documents proved their businesses are indeed sustainable.”

Sinha’s counterpart in IIT-Delhi, Kushal Sen, said: “The gross salary gives the real picture. One can’t live on promises.” This means, if Facebook hires a student or two from IIT-B, the tempting stock options the social networking site offers will be overlooked when the final placement report is drawn up and put in the public domain.

However, the question arises that in an age of stiff competition among the IITs—for the top JEE rankers, about the number of PhDs awarded each year— would not the new placement formula result in a dip in the average compensation packages awarded to the students of the two IITs?

“We are confident that despite taking into consideration just the gross salary, we will perform better than many other engineering colleges,” Sinha said. “We have many more recruiters that offer large salaries.”

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