everything goes hand on hand. when things were good and companies were making profit we were also expecting good hike. Attrition rate was also high that time and companies had to offer competative packages/facilities because they knew if they dont do this they wont get good resources.
Now market is not good, ratio of number of job to ppl is more & attrition is going down....they wont think of holding employees but holding profit.
Everything changes with time & change is life