XIMB records 38% dip in average salaries in 2009 placements

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 38.6 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.