[PeterisP]

In an inflationary environment, which is maintained pretty much all the time, it is much, much more common for market rate to raise rather than fall - i.e., frozen wages usually mean a loss for the employee.

That being said - have you seen what happens in shrinking industries? Yes, there have been companies that renegotiate a 20% decrease in wages, and fire/replace those who don't agree; it's exactly symmetrical as growing demand professions where people either get their raises or leave and need to be replaced.