Top Companies Pay High Stipends to Interns,Making It Competitive For Startups
Ascension in placement offers !
The business growth in startups and e-commerce ecosystem seems to be sluggish right now but offers regarding jobs, internships have significantly improved with high stipends and overseas posting offers. Lately, the number startups and e-commerce companies visiting campus for job placements has dropped down to 50% but Fast-Moving Consumer Goods (FMCG) companies and consulting firms have stepped in to fill the gap. Moreover, their offers are irresistible to say no to.
India is one of the most assured global markets and upbeat companies are offering more and high end packages to claim these young prominent minds from schools like XLRI; Management Development Institute in Gurgaon; Indian Institute of Foreign Trade in New Delhi; Tata Institute of Social Sciences, Mumbai; and International Management Institute.
What are the numbers?
According to the reports, this year,Pidilite increased its stipend by 60%bringing it to around Rs. 1.6 lakh. EY raised its stipend from Rs. 1.3 lakh to Rs. 2 lakh. Godrej also soared its offering from Rs. 1.4 lakh to Rs.1.8 lakh. Avalon Consulting also offered an increased stipendof Rs. 2 lakh to the applicants at MDI, Gurgaon, which is four times more than the previous year.
Kanwal Kapil, chairperson of placements at MDI, thinks that summer job opportunitiesare one of the most prominent ways to recruit fresh talent.Their college was filled with more than 89 recruiters placing around 300 students..
The usual stipend being offered at MDI increased to Rs 1.64 lakh whereas for previous yearit was Rs. 1.39 lakh and more than 34% of their batch got around Rs.2 lakh-plus package. TISS Mumbai’s HR management and labour relations batch gained average stipend of Rs. 1.64 lakh whereas last year it was around Rs.1.5 lakh.In IIFT, 60% of the batch received six-figure stipend compared to 38% last year. The companies with most improvised offers were Godrej, Britannia, Vodafone, JSW Steel and Perfetti Van Melle. Moreover, the stipend reached up to Rs. 1.24 lakh from Rs.1.1 lakh at IIFT.
Not only that, some overseas opportunities were also offered for places like Middle East, Africa, Nepal, Thailand, Sri Lanka, Indonesia and Europe. MDI Gurgaon grabbed many overseas offers by Godrej, Dabur, and Coca-Cola.
With such increasing remunerative figures from big players, can startups be successful in attracting talent?
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