CEOs and other senior executives serving Indian companies will likely see a decline in average salary increment in the coming year, according to a report by global management consultancy Hay Group.

Hay Group's Top Executives Compensation Report 2012-13 said that chief executives and other senior executives would see their salaries increasing by a modest 9 per cent and 9.4 per cent respectively, down from the double-digit increase (11 per cent) that they enjoyed in the previous year.

Performance will be given the utmost importance while deciding overall compensation for top executives, including chief executives. As per the report, performance bonus will account for 30 per cent to 44 per cent of the overall compensation.

The report added that Indian companies will try to address salary hikes by shifting higher components of the increments into pay for performance. Variable pay will likely be the highest in the retail sector at 29 per cent followed by utilities at 26 per cent.

Sridhar Ganesan, Rewards Practice Leader at Hay Group India added, "Hay Group research has found that markets, strategy, culture, and ambitions are the four real drivers of modern-day executive compensation."

Companies have long been putting a higher value on the role of their chief executives for achieving overall trading results as compared with other senior executives. In the coming year, CEOs will likely get as much as four times more than other executives of the management team.