This is an interesting idea. (Office Space interview with the "Bobs" comes to mind) Would you say that your experience fits with the idea that many people are more productive because of recognition from their manager/boss is more valuable than money? (within reasonable parameters)
F&#k recognition. That whole thing is just a brainhack scam by management types to avoid paying people for the monetary value they produce.
People generally crave social validation, but very few will pay for it. Yet, that is exactly what that proposal entails: reduced salary in exchange for (forced/insincere) validation and recognition by management. The only difference is that the latter is the passive choice.
The only reason I thought to ask was data presented years ago that said people will only be motivated by money so far... But would you work in a place for lots of money where they treated you poorly?
I generally agree that corporate head-honchoes will bilk anyone they can for every penny they can...