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XIMB records 28% dip in average salaries

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Xavier Institute of Management, Bhubaneswar (XIMB), one of the premier B-schools in the country, has felt the heat of the global economic meltdown in its final campus placements this year both in terms of average salary and the number of companies visiting the campus.

Even though the institute was able to secure 100 per cent placement, it recorded a 27.8 per cent drop in average domestic salary in this year’s placements which stood at Rs 7.3 lakh, compared to Rs 10.12 lakh in 2008.

XIMB had recorded about 100 per cent growth in average salary from 2005-08.

Moreover, the institute also witnessed a decline in the number of companies visiting its campus this year. 54 companies visited the XIMB campus in this year’s final campus placements as against 62 companies last year

It may be noted that the institute was looking to rope in more companies for campus placements this year amid fears of a cut in recruitment by its regular recruiters in the backdrop of the economic downturn.

Besides, the institute failed to bag any international offer this time compared to four international offers last year which included the highest international offer of $85,000 per annum from the Singapore-based Olam International.

This apart the number of offers made by the visiting companies across sectors went down drastically from 248 in 2008 to 118 this year.

The highest domestic salary on offer at the XIMB campus in this year’s placements stood at Rs 16 lakh per annum which is almost at par with the highest domestic offer of Rs 16.5 lakh in last year’s placements.

The students of XIMB’s Post Graduate Diploma in Management (PGDM) of 2007-09 batch got 33 pre-placement offers (PPOs) in this year’s placements compared to 32 PPOs in 2008.

Despite the turmoil in the global financial market, the financial sector was the highest recruiter this year with 38 offers and about 32 per cent of the total of 120 students of PGDM was absorbed in this sector. In last year’s placements the banking and financial services sector was the highest recruiter at about 35 per cent.

After the banking and financial services sector, marketing was the second highest recruiter with 27 offers followed by systems with 21 offers. While 23 per cent of the students were absorbed in the marketing sector, 18 per cent were absorbed in systems.

The highest average package of Rs 9.78 lakh per annum came from human resource management followed by systems at Rs 8.05 lakh per annum. 8 per cent of the students opted for human resources, 7 per cent for consulting and general management and 5 per cent opted for operations.

The campus placements of XIMB this year saw new recruiters like Hindustan Coca Cola Beverages Limited, Hewlett Packard, ICRA Limited and Societe Generale. Among the noted companies which visited the XIMB campus this year are Tata Consultancy Services, Genpact, Cognizant Technologies, Tata Steel, Godrej, State Bank of India and Deloitte Consulting to name a few.

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