|
Record packages – Is it irrational?
Recently, one of the students of Indian Institute of Management-Calcutta (IIM-C) has bagged a record $350,000 (Rs 1.6 crore) offer from a global investment bank based in South East Asia and two more have been offered packages of over Rs 1 crore. The highest domestic package bagged by an IIM-C student is more than Rs 60 lakh annually for an I-bank\'s Mumbai office. |
- I feel nothing is wrong in offering such high salaries for the qualification from elite institute - IIM of India. But the only important point is that the Company should be able to develop, motivate & retain that talent so that they are benefited in long run. Posted by Rekha Tripathi, Manager HR at Voltas Ltd | 18 Mar, 2010
-
I am surprised that HR professionals have negative views on this...........
I see few things into it:
...See More Posted by Sunil Gaur, Manager at Matrix Laboratories Ltd | 12 Mar, 2010
-
I do agree what kind of stuff IIM'S or for that matter Premiers Institutes pass outs carry, but is it worth paying such a hefty figure, is my doubt.
we have one side a person getting such numbers and the other side such numbers in terms of employees are removed from the organizations,
I don't see if such acts are balanced one. Posted by Meera Barath, Recruitment Consultant at Datamatics Staffing Services | 12 Mar, 2010
- the question is very interesting...the thing is we have to look at the blind side of the story....india is the country with one of the largest populations in the world....now whenever a child is born in this world the first thing their parents are concerned about is their child's education...and every parent wants to opt for the safest path for their child....now they want them to be either doctors or engineers...so the race starts...now every year a really large percentage of the indians appear for the prestigious cat....n d best of the best are plucked out of the lot after a rigourous drill of pi's, gd,s and all....so it is NOT AT ALL ABOUT THE EDUCATION....its about the mind that child has been bestowed upon by god...and the ...See More Posted by sidhant srivastava, student at indian institute of technology | 12 Mar, 2010
- I think the packages are impractical. No doubt the standard of education in India is better but in the present scenario education becoming commercial and it may be a publicity stunt. Posted by SHIBA PRASAD MOHAPATRA, HR Manager at Nepal | 11 Mar, 2010
-
I do agree that this is irrational...just by adding the
name of IIMs..if the companies are ready to give these exhorbitant packages..which some of the people with best of experience...best of professional education and best of knowledge cannot get. I am of the view that deserving students should surely be in high bracket of payment but these amounts are not justified for the person has just 24 hours a day to put in...companies first promise such huge packages and later on are not able to sustain them.... Posted by shikha Ajmera, Placement Officer at Biyani Group of Colleges | 11 Mar, 2010
-
Now this how the bubble germinates and the world has witnessed how the bubble grew in size to finally exploded
,engulfing billions of dollars in the process . Posted by chandra pathak, secretary at upmsra | 11 Mar, 2010
-
Dear Manoj;
Hard fact : business growth is based on the conceptualised framework which enhance the net profit column of the company balance sheet, graduate for such business school provide strong base of business framework by implemention of which company earn highest profit from the market, thats why we believe or not these brains are paid such high salary,
Regards,
Yogesh Posted by Yogesh Dave, Executive at Apollo Tyres Limited | 11 Mar, 2010
-
It is beyond any doubt that IIMs are the best management institutes of the country and so also the products of the institute.
Look, it is nice to have a pay packet of over one crore and the Company who is giving this offer must have their own logic behind it. But one has to justify his CTC failing which doors are shown and under a different circumstances the same guy has to accept a job with a less salary.Such variations will definitely have some negative effect on the young man.
Therefore salary structure should have ground reality and anything that lacks ground reality is irrational.
Kalyan Mitra
Head - HR/Admin
SERSCOPL Posted by Kalyan Mitra, Head Admin/ HR at Search Engine Ranking Consultants Pvt Ltd | 11 Mar, 2010
- Companies offer these kinda packages for employer branding as well. Who knows how long this guy will survive in that company. Every year we hear these kinda news from tier one B-School but there is no news of these candidates after this. Very few make there own path. Posted by Sanjoy Kumar, VP at Freelance | 11 Mar, 2010
- Such packages seems high however i believe right quality should have no bar.Would request members to pray for there sucess and think positive. Posted by Ram Pathak, Business Head at Target Consultants | 11 Mar, 2010
- Ït appears to be typical cse of \"grudging\". Well, after a long-long time, there is due recognition of Indian talent from remuneration point of view. Why grudge it? It is my belief that systems all over do recognise one\'s worth; now is the time to repay for that recognition.This is the cream of this batch. Some batches are lucky and some other batches have exceptional talent. If the trend continues in a substantial manner, one could analyse it a bit better. What\'s about thousands of others passing out from Business Institutes other than from premier ones? When all those also get into good brackets of remuneration, there would be need to re-visit financial downfall, standards of education etc. Posted by ashok verma | 11 Mar, 2010
-
Definitely irrational... this guy has to bring in a revenue of at least 3 times his salary cost for the company to make a modest profit from hiring him.
And for a fresher to be able to close deals of that size on his own... Why would he work for anybody? wouldnt he start out on his own?
And you are right... companies continue to pay out such ridiculous salaries despite the downturn till they go bust... Posted by Savio Dsouza, Vice President - Human Resources at Kantilal Chhaganlal Securities Pvt. Ltd. | 11 Mar, 2010
-
I agree that offering such packages is irrational and can lead to unrealistic expectations.
What we also need to look at is the profile of the student, as to whether he is a fresher or someone with prior work ex? Posted by Himanshu Jain, PeopleSoft Consultant at Ness Technologies Ltd | 11 Mar, 2010
- I do not see any hardcore thought process involved here before deciding to give out such unrealistic packages. Look at the profile here...a person with Zero Experience and exposure to the ( Day2Day )corporate world now gets into it thinking s/he is worth this particular salary fig. Now s/he has absolutely no idea what this kind of pay packet requires in terms of justified returns to the organisation and things snowball out of control in a year. What happens after that is a well rehearsed situation where the individual is looking for another job and cannot come to terms with the realistic salaries in the market. This only then helps in playing havoc with the person's self esteem and sense of worth. I personally think that rather ...See More Posted by Max Coutinho, Head-Training and Development at Private Practice | 11 Mar, 2010
-
Yes, such packages are impractical and are responsible for financial downfall.
A person already employed having the degree from the same institute with very good experience / exposure may be getting less in the same Company than what the fresher is offered.
It should not be like that. Posted by Secure HR, Consultant at Secure Consultants Pvt Ltd | 11 Mar, 2010
-
We must never forget that this is the CTC ie Salary + perks. Yes as stated by few, defenitely it's on the higher side. Hope the company who had hired is able to get atleast 05 times of what they spend. Otherwise these guys would have a real tough time. Yes certainly I would like to comment that such high CTC to senior management puts lot of pressure on the employees at a lower grade. Ultimately the ground level workers are those who implements the strategies decided at a higher level. Poor guys.
Definitely passion, ambition in a young guy is more. But we must not forget that wisdom and practical expereince, loyalty matters a lot. It takes years to build that trust and faith. God bless the guys who have got the ...See More Posted by Subhankar Ghose, HR Manager at ICICI Prudential Life Insurance Company | 10 Mar, 2010
- I have read somewhere that maximum of the students who get such high packages either leave the job or are sacked because the expectations are high, within the first year itself. Hence, it is impractical and also leads to downfall in the personal values of a person, if we analyse the situation of a person who suddenly gets high riches. Posted by Sandeep Kulshrestha, Regional HR Development Manager at Sightsavers International | 10 Mar, 2010
- I think such a high package is impractical. Definetly IIMs are the best , but that doesn't mean offering such a package at a young age, which might have negative repercussions later. Things which come only with age, eperience & maturity have no shortcuts. Posted by Lipsa Sahoo, Sr.Payroll Executive at Teamlease | 10 Mar, 2010
-
Very good topic for discussion and thanks for raising such point.
I believe that such a high package paying to students who are just entering into the corporate world is impractical and cause for financial downfall.
Their is no doubt about the standards of education the premier business schools are providing but their are few things people can only learn with maturity and experience. And getting such package at very young age will certainly lead to financial downfall.
Best Regards,
Kinnari Joshi
HR Professional Posted by Kinnari Joshi, HR Manager at MNC CRO | 10 Mar, 2010
To participate in the discussions and to share your thoughts Join PeerPower Now >>
Hot on Discussion Board
Are the Commonwealth Games a waste of national money? Are women at work under more stress than men at work? Refresh or Remodel: How to Stay Relevant in Tough Times? Is reality recession really over? Over 2.5 million Muslims threaten to leave Facebook. Will this take a toll on Brand Facebook? Is a higher variable pay a good employee retention tool? Is airport retailing the next big thing in the Indian retail industry? Will opening of new campuses of high-end institutes such as IIMs be able to bridge the skill gap in the market?