<ul><li>The global oil price crashing to a new low has cost Indian fresh graduates their jobs. </li><li>Energy major <keyword id="161205" type="COMPANY" weightage="20" keywordseo="Schlumberger">Schlumberger</keyword> revoked the job offers extended to the Indian Institute of Technology (<keyword id="6354859" type="UNKNOWN" weightage="20" keywordseo="IIt">IIT</keyword>) graduates. </li><li>Two of the selected graduates from IIT Kanpur and Madras have now been offered a similar role — but at a lower salary. </li><li>The oilfield services multinational said that it is adjusting to the ‘sudden reduction in consumer spending’. </li><li>This comes after the company announced its first quarter results for FY21 and said that it expects at least a 15% drop in customer expenditure globally. </li></ul>The global <a href="https://www.businessinsider.in/business/news/crude-oil-prices-didnt-fall-below-zero-futures-did-and-heres-what-it-means/articleshow/75264639.cms">oil price crashing</a> to a new low has cost Indian graduates their jobs. Impacted by the decline in oil demand due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> lockdown, energy major Schlumberger revoked job offers extended to the Indian Institute of Technology (IIT) graduates. The oilfield services multinational said that it is adjusting to the ‘sudden reduction in consumer spending’. The company had given job offers to candidates at least five IITs. On April 6, Schlumberger told IITs that it will reduce the intake of new campus hires, withdrawing a few internships and job offers. “We will personally communicate our decision to each student who is affected by this decision,” Indian Express <a href="https://indianexpress.com/article/education/energy-major-schlumberger-withdraws-job-offers-to-fresh-iit-graduates-6373375/">reported</a> citing the letter by Gautam Reddy, MD, India and Bangladesh at Schlumberger. IIT graduates bagged ‘above-average salary packages’ this placement season According to the report, two students at IIT Delhi and Bombay have lost their jobs at Schlumberger. While two other selected graduates from IIT Kanpur and Madras have now been offered similar roles — but at lower salaries. Given the current situation, it does not help that most of the IIT graduates bagged ‘above-average salary packages’ this placement season. IIT Kharagpur students also bagged a few offers from Schlumberger. “As on date, none of the offers were revoked. That was a generic email. We haven’t heard back from them,” Parag Deshpande, vice-chairperson, CDC at IIT-Kharagpur said. “As of now we have withdrawn the offers. If the business climate changes, we will be the first to reach out to those who have been filtered through the whole recruitment process,” Reddy added. ‘We have to take care of our employees first’ Reddy also <a href="https://indianexpress.com/article/education/energy-major-schlumberger-withdraws-job-offers-to-fresh-iit-graduates-6373375/">said</a> that employees across the top management have already taken a pay cut due to the Covid-19 crisis. “We have a longstanding relationship with the IITs. I am from IIT-Bombay. Recruiting from IITs is a continuous process for us. At this point in time, when we are doing business restructuring, it’s just not fair to our current employees. We have to take care of them first. It’s as simple as this.” During the <a href="https://seekingalpha.com/article/4338898-schlumberger-earnings-expected-trouble-may-still-be-afoot">first quarter results for FY21</a> the company said that it expects at least a 15% drop in customer expenditure globally and 40% in North America. It clearly indicates how disruption in supply chain, plant shutdowns and dropping revenues forced companies to rethink placements. Gartner rescinds 11 offers at three IITs With this, Schlumberger joins Gartner, the global research advisory firm to withdraw offers given to new hires. Gartner rescinded nearly 11 offers at IIT Delhi, Madras and Kanpur campuses last month. After that, V Ramgopal Rao, director at the Indian Institute of Technology (IIT) Delhi <a href="https://www.businessinsider.in/careers/news/iit-and-iim-job-offers-are-fast-vanishing-and-a-second-placement-drive-in-july-might-be-underway/articleshow/75003350.cms">appealed to recruiters</a> saying “a few months of delay may be fine. If at all, these students are capable of getting you out of recession faster than you can imagine.” The changed environment left these young minds stranded with no job at hand. The institutes are now figuring out ways to place the students whose offers have been revoked. They are even reaching out to their alumni network to place students in the less-affected sectors. On the other hand, IIT-Kanpur director Abhay Karandikar also <a href="https://indianexpress.com/article/jobs/iit-iim-job-offers-placement-season-coronavirus-outbreak-lockdown-6346524/">said</a> that the institute will arrange a dedicated placement drive in July-August for those students who have been affected by the withdrawal of offers. See also: <a href="https://www.businessinsider.in/business/news/crude-oil-prices-didnt-fall-below-zero-futures-did-and-heres-what-it-means/articleshow/75264639.cms">Crude oil prices didn’t fall below zero, futures did – and here’s what it means</a> <a href="https://www.businessinsider.in/careers/news/iit-and-iim-job-offers-are-fast-vanishing-and-a-second-placement-drive-in-july-might-be-underway/articleshow/75003350.cms">IIT and IIM job offers are fast vanishing and a second placement drive in July might be underway</a> <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires</a>

Schlumberger revokes IIT job offers, lowers salaries after the massive crude oil price crash

<ul><li>The new college graduates who landed job offers with ‘above-average salaries’ are now staring at an uncertain future. </li><li>Ride-hailing platform Uber has revoked job offers extended to the management graduates at premier b-schools like Indian Institutes of Management (IIMs), Management Development Institute (MDI) and S. P. Jain Institute of Management and Research (SPJIMR). </li><li>IITs — where students bagged job offers as high as ₹10 million from Uber — have not been notified of any such decision. </li><li>As many as 3,700 Uber employees lost their jobs in wake of the coronavirus pandemic.</li></ul>The COVID-19 crisis has not just impacted the salaried employees but also the new college graduates who landed job offers — who are now staring at an uncertain future. After Gartner, WorkIndia, ride-hailing platform Uber has revoked job offers extended to the management graduates at premier b-schools like Indian Institutes of Management (IIMs), Management Development Institute (MDI) and S. P. Jain Institute of Management and Research (SPJIMR). This comes on the backdrop of global layoffs across the company offices. As many as 3,700 Uber employees lost their jobs in wake of the coronavirus pandemic. On May 13, the company told its employees that “today will be your last working day with Uber,” over a Zoom call, IANS reported. A placement head at a top B-school told ET Uber had informed the institute that offers were being revoked. “Students across <a href="https://m.economictimes.com/topic/IIM">IIM</a> Lucknow, IIM Kozhikode, IIM Calcutta, MDI, SPJIMR have been affected,” ET reported citing the placement head from a top b-school. Several companies have rescinded job offers made to the fresh graduates.That leaves students of premier IIMs and other b-schools that secured thousands of offers, in dire straits. It does not help that most of them bagged ‘above-average salary packages’ this placement season. Most of the recruits were top-notch consulting firms, multinational companies, tech majors and more. Lately, the IIMs have been dealing with last minute withdrawals from these high profile recruiters. IIM Bangalore earlier said that it will now reach out to those recruiters who had shown interest in hiring from the top institute earlier but were not a part of the placement drive — to check if they are still willing to hire candidates. At IIM Calcutta, nearly four companies have revoked the job offers and summer internships so far, affecting over 12 students from the current academic year. On the other hand, IITs — where students bagged job offers as high as ₹10 million from Uber — have not been notified of any such decision. The engineering institutions are now considering hosting another placement drive in July-August as the number of offers being taken back have risen. A US-based consultancy firm recently repealed 11 job offers made to students at IIT Delhi, Madras and Kanpur campuses. The situation, the institutes are now figuring out ways to place the students whose offers have been revoked in other companies. They are even reaching out to their alumni network to place students in the less affected sectors. See also: <a href="https://www.businessinsider.in/business/corporates/news/more-employees-at-capgemini-infosys-and-wipro-are-being-brought-back-to-offices-while-tcs-is-still-in-wait-and-watch-mode/articleshow/75691940.cms">More employees at Capgemini, Infosys, and Wipro are being brought back to offices while TCS is still in wait and watch mode</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-lays-off-13-of-its-workforce-announces-pay-cuts-for-all/articleshow/75756087.cms">Zomato lays off 13% of its workforce, announces pay cuts for all</a>

Uber has revoked job offers made to graduates from IIMs, MDI, SPJIMR

If reports are to be believed, Hero MotoCorp's promoter Pawan Munjal is the highest paid director among the top listed private companies as his pay package in last fiscal was around Rs 44 crore. 
 
As per a proxy advisory firm InGovern, Munjal took home Rs 43.91 crore last fiscal, which is 1.84% of his company's net profit. 
 
Munjal was followed by two other executives of the auto group, Brijmohan Lall Munjal, who passed away earlier this month, and Sunil Kant Munjal. 
 
Lall had a pay packet of Rs 43.64 crore and Sunil took home Rs 41.87 crore in 2014-15. 
 
Analysis of salaries of 95 directors in Nifty companies was done and it revealed that on an average remuneration of a director is Rs 9 crore. 
 
As per InGovern, Desh Bandhu Gupta, chairman of Lupin, earned a salary of Rs 37.58 crore, while Larsen &amp; Toubro chairman A M Naik drew an annual remuneration of Rs 27.32 crore. 
 
Among others in the top 10 are Bharti Airtel's Sunil Bharti Mittal (Rs 27.18 crore), Vinita Gupta, CEO of Lupin (Rs 24.86 crore), Hindalco MD D Bhattacharya (Rs 21.59 crore), TCS MD N Chandrasekaran (Rs 21.28 crore) and Ultratech Cement's Kumar Mangalam Birla (Rs 19.04 crore). 
 
On the contrary, pay package of 16 directors was less than 0.05% of the net profits of their firms. 
 
The report stated that remuneration of 11 directors was more than 400 times the median employee remuneration of their companies. This included three directors each of Lupin and Hero MotoCorp and one each of Hindalco, L&amp;T, Cipla, ITC and TCS. 
 
(Image: Indiatimes)

Hero MotoCorp’s Pawan Munjal earned whooping Rs 44 crore in 2014-15

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> chief executive <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> took home an annual salary package of $7.45 million for the 2015-16 financial year, while other top company executives such as operating chief UB <keyword id="1983988" type="UNKNOWN" weightage="100" keywordseo="Pravin-Rao">Pravin Rao</keyword> and general counsel <keyword id="551667" type="PERSON" weightage="100" keywordseo="David-Kennedy">David Kennedy</keyword> also raked in multi-million dollar pay packages. 
 
Sikka's salary, which compared favorably against other top IT CEOs such as N Chandrasekaran of TCS and Abidali Neemuchwala of Wipro, includes his earnings from incentives and and bonuses as well as his stock options. 
 
Earlier in 2016, Infosys's board rewarded Sikka with a significant pay hike and an extension on his current tenure, after he effected a turnaround in the fortunes of Infosys that helped the company trump other top rivals and deliver industry-level growth rates after years. 
 
As part of the new proposed compensation structure, Sikka stands to make about $11 million every year, starting January 2017. Infosys has rewarded with a significantly higher component of stock options and reduced the part of his salary that was linked to variable pay. As part of his old contract, Sikka made $7.08 million, including stock options. 
 Since last year, Infosys has raised <keyword id="6402851" type="UNKNOWN" weightage="100" keywordseo="Salaries">salaries</keyword> of top executives significantly, as part of a broader strategy to retain key executives and subsequently reward rainmakers. 
 
 
 
Image credit: Indiatimes

Infosys CEO Vishal Sikka rakes in $7.45 million in salary this year

A change in the long-term bonus policy at <a href="http://www.businessinsider.in/Infosys-is-boosting-overall-productivity-2X-and-there-is-no-stopping/articleshow/52322861.cms">Infosys</a>, which was implemented last year, has resulted in the number of <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> employees earning annual salaries of at least Rs 1 crore falling to less than half, from 113 to 54. The policy was changed for middle to top level title-holding executives at the Indian IT giant. 
 
The policy entitled <a href="http://www.businessinsider.in/Infosys-no-more-capitalism-compassionate/articleshow/52289437.cms">Infosys </a>executives above associate VP level for long-term bonuses that had accumulated over a period of three years, applicable after these executives completed at least one year in the company. This had led to the number of its employees drawing annual salary of more than Rs 1 crore rising nearly 10 times and reaching to 113 in 2015-16. 
 
Also read: <a href="http://www.businessinsider.in/Infosys-CEO-Vishal-Sikka-rakes-in-7-45-million-in-salary-this-year/articleshow/52348269.cms">Infosys CEO Vishal Sikka rakes in $7.45 million in salary this year</a> 
 
However, the concept of "long-term" payouts has now been done away with, with Infosys focusing on handing out annual bonuses to title-holding executives during the same financial year. This has led to this significant change in the number of executives falling in the Rs 1-crore pay bracket. 
 
Also read: <a href="http://www.businessinsider.in/Infosys-top-executives-rake-in-multi-million-dollar-pay-packages-Check-out-how-much-Vishal-Sikka-and-others-earn/articleshow/52340151.cms">Infosys’ top executives rake in multi-million dollar pay packages. Check out how much Vishal Sikka and others earn</a> 
 
This was done to control the wear and tear at the top level of the company, and also to retain key executives so that Infosys has enough weapons in its battle against arch rivals TCS and <a href="http://www.businessinsider.in/Infosys-to-replace-Cognizant/articleshow/52205202.cms">Cognizant</a>. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/b/b3/Thiruvananthapuram_Infosys_Building.JPG">Image source</a>

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Schlumberger revokes IIT job offers, lowers salaries after the massive crude oil price crash

Prerna Sindwani

Uber has revoked job offers made to graduates from IIMs, MDI, SPJIMR

Prerna Sindwani

Hero MotoCorp’s Pawan Munjal earned whooping Rs 44 crore in 2014-15

BI India Bureau

Infosys CEO Vishal Sikka rakes in $7.45 million in salary this year

BI India Bureau

Infosys has less crorepatis now as before, thanks to change in bonus policy

BI India Bureau