An annual report released by Unstop, a talent discovery, engagement and hiring platform for students and graduates, revealed a declining interest among college and university students in working for start-ups.
The annual Unstop Talent Report 2024, based on responses from over 11,000 students, university partners, and human resources practitioners across the country, showed a drop from the previous year to 10% of students interested in working for start-ups.
With active layoffs happening in the job sector, three out of five students prioritised job security over pay hikes, a stark shift in mindset. For most of them, in-hand salary remained the most valuable salary component, followed by perks and benefits.
Around 45% of B-school students preferred working at established and legacy firms, while 52% of engineering students expressed openness to working with any company.
The gender gap
As per the report, in engineering colleges, most men and women received the same average offer, but there was a stark difference among Arts and Science students. If most of the men received an offer of INR 6-10 LPA, most women received an offer of INR 2-5 LPA - half of the offer bagged by male students.
In B-School, 55% of men received an offer of over INR 16 LPA, but only 45% of women received an offer above INR 16 LPA.
The report which shared insights and trends about the hiring and talent scenario in India also showed that marketing was the top preferred domain for B-school students, while Finance and Analytics topped the list for Arts and Science students.
Skill over experience and academics
Additional insights were also gathered during the survey through conversations with HR leaders.
According to the report, only 7% of Indian colleges achieve full campus placement., however, almost 81% of HR professionals said their organisations are actively hiring.
Around 88% of HR practitioners expressed a strong preference for skill-based hiring, prioritising candidates’ abilities over other factors such as past experience, academics, references, internships, and projects.
While 91% of students believed their college curricula offered an adequate level of preparedness for a job, 66% of recruiters and 42% of university partners felt the skill gap and lack of preparation, respectively, were major challenges in campus recruitment.
Ankit Aggarwal, Founder and CEO of Unstop, said, “The Unstop Talent Report 2024 provides a comprehensive snapshot of the talent landscape in India, offering valuable insights for both employers and job seekers. By highlighting the preferences and concerns of students and HR professionals, we aim to bridge the gap between talent supply and demand, enabling more informed decision-making and fostering a more efficient and effective hiring process.”
