Corporates may find it increasingly difficult to retain graduates from top B-schools despite offering them handsome pay packets.
NEW DELHI: Corporates may find it increasingly difficult to retain graduates from top B-schools despite offering them handsome pay packets as these aspiring managers are on the constant lookout for newer challenges, a recent survey has said.
"At least 47 per cent of the young and curious management graduates expect to move out of their jobs in less than three years in search of better career opportunities and higher compensation packages," the annual Nielsen Campus Track B-School Study said.
The new generation of management graduates has a healthy appetite for newer challenges and the booming employment market in the country has ample of that in the offering, the study added.
"A good reputation and a brand image are the primary factors, while compensation is the next most important thing for these aspiring managers," the study added.
The average salary expectation for the IIM students is close to Rs 19 lakhs, 30 per cent more than the last years' expectations. While they expect a package of at least 14.2 lakhs from the domestic companies, the figures double to about 27.4 lakhs when it comes to salary expected from foreign companies.
"IIM students depend a lot on their network of alumni while selecting the prospective employers," the study said.
While 84 per cent graduates value feedback from seniors, 80 per cent analyse a company based on their summer training experience. Also, 72 per cent choose to rely on pre-placement talks, the study added.
Management Consultancy emerged as the most preferred sector amongst the IIM 2008 batch with more than 40 per cent of them naming MNC consultancy firms such as Boston Consulting Group, McKinsey & Co and Goldman Sachs as their 'dream company' to join.
Investment banking at 31 per cent, foreign banks at 24 per cent and information technology at 24 per cent are the other popular sectors for students from the six IIMs, the study said.
"Management Consultancies have always been the most sought after prospective employees among management graduates, especially IIMs, the reason can be their strong stamp value in the market, good job content in terms of contributing to the strategic thinking and great package," The Nielsen Company, India Associate Director, Client Solutions, Vatsala Pant said.
Retailing with 39 per cent preference topped the list of the sectors showing greatest promise for the future, followed by private equity investors with 26 per cent and investment banks with 24 per cent preference, the Nielsen study said.
"With the entry of Indian corporate banners, multinational biggies, numerous join ventures and also single brand entities the sector provides an array of challenges for the aspiring managers," Pant added.
While retailers are yet to have any significant presence in the top 10 rankings of most preferred employers voted by students, this is likely to change soon, the study added.
The study is based on a survey conducted amongst 349 students from the current batch of IIM and students of other top management institutes, based on their perceptions of companies as the basis on which they evaluate their prospective employers.
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