According to an ET report, the Deloitte Campus Workforce Trends 2024 study shows that the compensation of graduates from the top 10 engineering institutes, including the eight IITs, ranked by the National Institutional Ranking Framework, has seen a marginal reduction for the class of 2024.
“As per our study, they can expect an average compensation of Rs 16.3 lakh per annum in 2024,” said Nilesh Gupta, Partner, Deloitte India.
TeamLease Services conducted a study in May, which was shared with the financial daily, which shows that annual salaries at older IITs are set to drop to Rs 15-16 lakh in 2023, compared to Rs 18-20 lakh in 2023.
IIT graduates get low packages
“The decline in average salaries is particularly evident in the seven older IITs,” emphasised Ramesh Alluri Reddy, CEO, TeamLease Degree Apprenticeships.
The placement process is still ongoing in some IITs, and the season is a little longer than usual, according to persons involved in the process. According to TeamLease findings, the average salary in the new IITs has also come down, from Rs 15-16 lakh to Rs 12-14 lakh per annum in 2023.
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However, according to placement officer Preeti Garg, the average annual salary at IIT Ropar has seen a slight drop, dropping from Rs 18 lakh to Rs 17 lakh in 2023. Garg also said, “The number of students getting placements has also decreased this year compared to last year.”
A member of the placement cell for the class of 2024 at one of the established IITs confirmed that the institute's average salary package has come down. “This is mainly due to a reduction in top offers in 2024 compared to the top offers of 2023,” he said.
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According to Reddy, factors contributing to the decline in average salaries include the global economic slowdown, industry shift in favour of sectors such as manufacturing and electric vehicles (EVs), increased competition, and a preference for companies offering internships instead of full-time positions. TeamLease also noted that many companies have adopted skill-based hiring practices. “Despite the wide salary range, with some individuals getting hefty packages of over Rs 1 crore or Rs 2 crore, many graduates are getting offers below Rs 10 lakh, with some even getting Rs 6 lakh per annum,” Reddy said.