Job seekers may not be able to negotiate on the salary offered by the companies anymore. Most of the big and medium size companies are tightening their fund to job market as a result of slowdown in growth, reported The Economic Times.



While companies used to offer whatever was being asked by top experienced employees, they are now willing to pay a salary that is much less than one's previous pay scale. For instance, a domestic financial services firm offered 50-70 percent lower paychecks to six employees who were previously working with a troubled American bank's Indian arm.



Similarly, a senior Vice-President who recently quit a mid-sized IT firm are managed to get an offer of 40 percent less than his previous salary.



Airline, IT and various other sectors are also making salary cuts and layoffs. Airline companies like Jet Airways and Kingfisher Airlines have recently announced their plan to cut employees and reduce the pay, though Jet later withdrew the decision. Kingfisher Airlines has announced a salary cut of its trainee pilots as part of cost-cutting measures. Major IT companies are also planning to give pink slips to their employees as the economy crisis makes them hard to exist.



"Employers are increasingly becoming reluctant to continue offering huge salaries to executives . Talent is required but at a suitable price. Not only that, companies across sectors are rationalising their manpower strengths," said, Kris Lakshmikanth, CEO, Head Hunters India.



As a result of recession in key markets like U.S. and UK global talent both expat and diaspora are now available to Indian companies at bargain basement prices.