Subir Nag posted :
"Unfaithful" IIM recruits force SBI to tap B-schools
Poornima Mohandas / Mumbai December 14, 2004
The State Bank of India (SBI) has decided to change its campus
recruitment turf from the Indian Institute of Managements (IIMs) to second-rung business schools as more than half of its IIM recruits have quit within the first year of working with the bank.
"This year we have decided to concentrate on the second-rung B-schools such as S P Jain, ICFAI, Jamnalal Bajaj, SCMHRD, K J Somaiya, MDI and XLRI. With what we pay to get the bottom layer of students from the IIMs, we can get the cream from these B-schools," said a bank official.
The country's largest commercial bank offers packages varying from anything between Rs 2.75 lakh and Rs 5 lakh. "Out of the 20 MBAs we recruited last year from the IIMs, 11 have already left. They gain experience from SBI, and seek new challenges, more money and move to multinational companies and banks. Attracting talent and maintaining it is increasingly becoming a difficult task," he pointed out.
This year SBI has already inducted 10 MBAs from ICFAI&5, specialised in banking and finance, from the National Institute of Bank Management. The bank, with a work force of over 2 lakh employees, has plans to recruit about 40-50 management trainees in the current year, which is more than double that of last year.
The bank, typically, places management trainees in the departments of treasury, project finance, corporate accounts group, information technology, marketing and personal business.
The compensation packages of MBAs are structured differently from that of the regular 59,700-strong officer cadre.
The management trainees get a better take home salary but do not get benefits such as residential accommodation, which the officers enjoy.
In addition to recruitments, the bank also takes in trainees for
summer internships.
The bank has taken 30 plus students during the months of October, November and December for a stipend of Rs 8,000 per month.
Madhukar said :
first of all, thanks to Subir Nag for posting this - it kept the jobless junta on grax group occupied throughout the day, drew some out from the woodwork on xl94, and even managed to stir - even if only for a brief minute - that sleeping behomoth, The "xl_amchimumbai" group;0)
secondly, I think that there is a BIG opportunity for Recruitment Consultancy in SBI - obviously, an organisation which clubs all the mentioned b-schools in this news item into one category needs some help from professionals;0)
For general gyan of junta, SBI caps has been picking up people last few years, and to my knowledge/memory SBI never came/recruited from the campus - till last year, when SBI did come to the campus - wanted to pick-up people by truck-load, but got only one (I am not sure if Kaushik is still there, or if he also joined his "unfaithful" brethrens from IIMs;)
just as a side info, it is somewhat ironical that the Chairman of SBI, Mr AK Purwar, happens to be on the Board of Governers of this "second-rung" (!!!?) b-school to which all of us belong... along with some others, like Yogi Deveshwar (ITC), Arun Maira (BCG), Burkhardt Stumpf (Timken), Rajive Kaul (Nicco), Sanjiv Lamba (BOC), etc...
... since this info, obviously, will float in XL, I guess SBI - even if they don;t get the cream - has got "creamed" in the CRP ;0)
Sudip Malik suggested :
I've recently seen this from another angle.
Many tutorial companies in the MBA entrance exam prepration business also club IIMs (ABCLIK) all at the top rung.
I guess we all individually need to do a little 'funda clearing' of those students, recruiters, etc. who may not be very fortunate to know who's the best. One idea is to meet with students of Career Launcher, TIME, IMS, Professional Tutorials, etc around the time that the XAT registrations are on. Now this is where the Alumni Associations can pitch in.
What say ?!
Sudip Mallik
BMD '87
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