[mooreds]

> If I were working at HP, I would have quit the second they decided to cut my pay just so they could avoid needed firings.

I sympathize with your viewpoint, but I think it depends on whether you see dead weight. If you are on a great team with no dead weight, a pay cut to keep everyone together would be far more palatable.

[eru]

Especially, if you get backpay later, or get at least more equity to make up for the pay.

Even if that equity is depressed in value for a bit. `Bailing-in' creditors is actually a common technique for financially struggling companies. Employees are a kind of creditors.