IIM A pioneers placement reporting, publishes CRISIL-audited employment data
The Indian Institute of Management, Ahmedabad (IIM-A) published audited employment data for its three full-time management programmes, the flagship Post Graduate Programme (PGP), the Post Graduate Programme in Agribusiness Management (PGP-ABM), and the Post Graduate Programme for Management Executives (PGPX). CRISIL has audited the employment data and has verified that the data has been published in line with the newly instituted Indian Placement Reporting Standards (IPRS).
The IIM-A-pioneered IPRS is a framework aimed at standardizing reporting of placement statistics. The framework is freely available in the public domain for voluntary adoption by other business schools. The IPRS specifies the standard format in which the aggregate statistics will be reported across function, sector, and location. The aggregate statistics to be published include minimum, maximum, median and average salaries across every parameter. The framework envisages a clear demarcation of performance linked compensation from fixed salary, thus enabling a more realistic understanding of compensation offered on campus.
The standards also require that employment data be audited by an independent auditor. Says Dr. Samir Barua, Director IIM-A, “This is an important step towards self-regulation, and we have set an example for the industry by publishing our data first. The credibility of the data is enhanced by the fact that it has been audited by an independent auditor. We appointed CRISIL as our auditor, given its experience in the management education sector and its established track record of independence.”
CRISIL’s audit process involved validating the information in the placement report with offer letters and communication of salaries received directly from recruiters. Says Ms. Roopa Kudva, MD and CEO, CRISIL, “I would like to compliment IIM-A on this pioneering project. CRISIL is pleased to be associated with this initiative which has as its three pillars - transparency, comparability and verification by an independent agency. We believe this will mark a shift from the excessive focus on the ‘highest salary paid’ to comprehensive compensation data covering all students in the class which presents a more realistic picture.”
Students will be biggest beneficiaries of this initiative as they will be able to make more meaningful comparisons of business schools, keeping their choice of roles and geographic preferences in mind. Business schools which adopt these standards are likely to generate greater trust with recruiters and students, and showcase their commitment towards transparency. Recruiters will also be able to benchmark the competitiveness of their compensation with industry medians.
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