Big Four Tighten Promotions, Salaries as Clients Cut Spends

Hikes are expected to be in the 5-7% range this year, compared to 7-9% last year

- Devina Sengupta

When India Inc. tightens its purse strings, the consulting and audit firms that advise them follow suit. The group of top such firms called the Big Four—KPMG, EY, PwC and Deloitte—have started reducing promotions, recalibrating salary increases and paring the number of seniors who are made partners.

"Major consulting clients like the IT sector globally have slowed down and there will be a domino effect. Our promotion numbers will go down and even hikes and bonuses, which typically come in August/September, will get impacted," said a senior partner at one of the Big Four firms.

Last week, Deloitte's promotions in India for 2025 were announced. Mint learnt that about 4,600 people were promoted compared with about 5,000 last year—effectively an 8% drop. Among them were 74 people who became partners or executive directors compared with 150 last year.