BIMTECH’s campus placement shows new hiring trends, Consulting Sector emerges as one of the top recruiters
The Birla Institute of Management Technology (BIMTECH), which is ranked among India’s top business schools — recently concluded its placement program for its different flagship management programmes for the Class of 2023. Continuing with its year-on-year trend of achieving a 100 per cent placement record, the highest salary bagged by a student was of Rs 23.43 lakhs per annum. The institute also registered a significant 20 per cent increase in average salaries this year compared to the previous batches.
The placement was for its four regular programmes — PGDM, PGDM International Business, PGDM Retail Management and PGDM Insurance Business Management.
Banking, Financial Services and Insurance (BFSI) and Consulting proved to be the leading two recruitment sectors with 36 per cent and 24 per cent of total job offers coming from these sectors, respectively. Data reflects that 60 per cent–70 per cent of BIMTECH students were hired in the BFSI, Information Technology (IT) and Consulting sectors combined. This was followed by manufacturing, FMCG/CD, and retail sectors, which contributed to approximately 20-25 per cent of the offers.
Among recruiters, there has also been a spike in recruition by Fintech/Insurtech, and IT startups, namely Digit, Zopper, and Darwin Box.
Commenting on the improvement in the placement record, Dr. H Chaturvedi, Director, BIMTECH said, “Along with quality education, rankings and top accreditations, placement has been a strong part of BIMTECH legacy. A constant increase in average packages is clearly visible. In the batch of 2019-21 an increase of 16 per cent was recorded vis a vis batch 2018-20. Similarly, the batch 2020-22 and the batch 2021-23 witnessed a growth of 18 per cent and 20 per cent respectively, in comparison to previous batches. An increase in Average Packages should be considered as one of the key indicators while judging/ evaluating the worthiness of a B-School.”
This campus season witnessed a shift from the traditional selection methods like Group Discussion (GD) to a hybrid hiring process with a mix of online and offline tools to evaluate students for different competencies. OPQs, case analysis using data and new age tools and/or guesstimate round were used as major screening tools.
“There is a strong demand for tech-savvy resources, who understand technology interventions happening in the related areas as well as the sector they are aspiring for. Data analytics, risk management w.r.t cyber security, information security and climate and ESG are the emerging skill areas. In past two years, product, project management and inside sales have been the major asks of the IT sector, followed by demand for business analysts,” added Dr. Chaturvedi.
BIMTECH ensures round-the-year engagement with regular and potential recruiters through various in-classroom and off-classroom sessions. As a part of the Campus Connect program, there are guest lectures, visiting assignments, master classes and professional workshops with industry experts. Off-classroom engagements include CXO talks on contemporary issues and informal talks, called Kaffeeklatsch, by SMEs, skill experts and domain professionals on emerging areas, skills, profiles and expertise. Lunch Box Sessions are sometimes arranged for specific profiles received from emerging companies or sectors.
Dr. Chaturvedi further elaborated on the key drivers for change in the placement record in BIMTECH, “A 360-degree approach plays an important role in the improvement in placement record of a particular institute. It starts with scenario-mapping by collecting information from industry experts, regular and potential recruits, concerned officials of peer group institutions, scanning important and authentic information from various media houses etc. Preparing students, according to the needs of Industries, providing assistance to students so that they can acquire desired new skills, negotiations with the corporates for higher packages, approaching and collaborating with companies that belong to new-age sectors like Data Analytics, Digital Business, E- Commerce, Electrical Vehicle and Accessories, Cyber Security, etc and preparing students as per the need of these new-age industries.”
With the widespread adoption of skills-based hiring, BIMTECH has embedded technological skills like Python, Spark, SPSS and Alteryx to name few in its curriculum and the focus is on developing candidates’ hard skills, experience and competency.
To further improve diversity among the students, to match the skill-expectations of recruiters and also to prepare tech-savvy talent to serve sectorial demand, Business Vertical Specializations like Analytics, BFSI, IT & ITeS, and Digital Business have been introduced to be studied along with the functional specialization. These are expected to help students meet technological changes and keep abreast of interventions happening across sectors. Cybersecurity, Data Analytics, Robotics, Automations, IOT and Risk Management are some technological domains where emphasis is being placed.