I kind of think it is conventional wisdom that you can't have major, albeit temporary pay cuts. But my immediate reaction is, sure, that is strictly better than

I kind of think it is conventional wisdom that you can't have major, albeit temporary pay cuts. But my immediate reaction is, sure, that is strictly better than laying people off in a crisis, and my only caveat morale-wise would be that any top level people paid in stock ought to entirely forgo cash salary instead of saying "look, we're taking a 30% pay cut".