Even though the BFSI, automobile, and telecom sectors have seen a slump in hiring activity, ecommerce companies on the other hand have increased their internship offers, especially in the top business schools.
As the monetary rewards for internships have stayed similar to last year, recruiters are showing a great interest in hiring from Tata Institute of Social Sciences (TISS), Mumbai, Management Development Institute (MDI), Gurgaon, Indian Institute of Management (IIM), Kozhidkode, etc.
The average stipend awarded for a two-month internship at MDI Gurgaon increased by 10 percent to Rs. 2.31 lakh while it is Rs. 2.08 lakh at TISS Mumbai this year compared to Rs. 2.04 lakh last year. At IIM Kozhikode, the average stipends saw a decline to Rs. 1.68 lakh as compared to last year’s Rs. 1.71 lakh.
Internships are seen as a way to build a talent pool that can turn into eventual fulltime hires and are hence often viewed as the first step towards succession planning in an organization. According to data from MDI, Philips India raised its rewards for internship by 56 percent to Rs. 2.5 lakh for a two-month internship period, OYO raised it by 53 percent while Accenture, Kohler, and Mars India increased it by 33 percent each to Rs. 2 lakh. Wipro has also raised its stipedn by 31 percent to Rs. 1.7 lakh, according to media reports.
Ecommerce has helped bridge the gap left by other sectors and offers were made to 14 percent of the batch which is two times more than those made in the last year. Amazon, Flipkart, Grofers, Ola, Oyo, PhonePe, and Uber are leading the rest in terms of the highest number of offers made. The offers made from auto, textile, and telecom sectors at IIM Kozhikode, were balanced out by more number of offers from Amazon (20), Flipkart (5), Myntra (2), Udaan (9), and Walmart Labs (3). The highest stipend offered was that of Rs. 3.2 lakh by Colgate Palmolive.
According to BCG, internship programs are a major source of talent and is planning to recruit about 100 interns this year. Udaan, an ecommerce solution for businesses, has decided to expand its campus visits to B-schools and is approaching internship as a way to invest in identifying future leaders of the business.