This story is from December 9, 2014

Lure of money: IITians under parental pressure

The hype over IIT graduates bagging Rs 1 crore-plus pay packages during campus interviews comes with its share of problems.
Lure of money: IITians under parental pressure
MUMBAI: The hype over IIT graduates bagging Rs 1 crore-plus pay packages during campus interviews comes with its share of problems.
Parents of students, who have received pay offers in lakhs, are apparently unimpressed by their wards' achievement.
Some students of IIT-Bombay claimed that parental pressure had been so tremendous that they were forced to leave the jobs of their choice for higher-paying ones.

Moreover, around 50% aspirants, who did not get offers in the first week of job placements, are reportedly demotivated, prompting the institute to hold counselling sessions for them.
Students said some of their parents did not even understand the salary structure offered by the companies.
READ ALSO: Women shine at IIT placements
IIT students turn down $125,000 offers for domestic firms

According to placement manager Mohak Mehta, the basic was what an employee gets to take home and the average basic components in the crore-plus packages offered by international firms was around Rs 60-65 lakh.
The rest of the package included one-time benefits, joining bonus, in some cases retention bonus, and stock options.

"This year, some companies structured their packages such that the variable components were almost equivalent to the basic," Mehta said.
"Also, the offers made for international positions are very few, less than 5%, compared to the numbers of students who sit for placements."
He pointed put that a majority of the students got placed in domestic firms, where the average package was Rs 8-12 lakh a year, the highest being around Rs 35 lakh a year.
A chemistry student, Faizan Mohd, said he received a job offer with a pay package of Rs 30 lakh a year for a position in Dubai.
"The amount is much higher than the average salaries offered at the campus and is considered very decent. But my parents asked me about the crore-plus packages that they have read about. I found it difficult to convince them about the concept of average package and why mine was a good one," said Faizan.
Though his parents finally understood, others were not so lucky, he claimed.
A mechanical engineering student who wanted to opt for a core engineering firm, had to choose a bank, owing to parental pressure.
"He was keen on pursuing his career in an engineering firm. On Day 1, when he did not get any offer, his parents questioned him about the attractive offers others had got. Frustrated with the taunts, he sat for an interview for a banking profile the next day and got the job that assured him of a good pay packet," said another student.
"If we take into account the purchasing power parity in an international location, the amount would be similar to what the highest package a person is drawing for a domestic job."
Around 50% students on the IIT-B campus, who are yet to get a job, are also a demoralized lot. "Our alumni talked to these students and helped them prepare for the rest of the interviews," said Mehta. The placement cell is also helping them modify their resumes.
End of Article
FOLLOW US ON SOCIAL MEDIA