The going has been tough for several companies including high profile banks due to the global slowdown led by uncertainty in the US and European markets. Many have also announced job cuts to reduce operational costs.
“We are expecting meagre hikes, there is huge stress on costs and sentiments are still low,” said a mid-level executive at HSBC who did not wish to be identified.
Industry insiders said that the days of hefty hikes which went up to as high as 20-25% for commercial and investment bankers during 2000 to 2007 could well be a thing of the past.
“Firms today are getting realistic about salary hikes and in most cases, the organisations want to bring it down to a sustainable level,” Dev Bharat, director, Executive Access India, a HR firm said.