Due to slow business my company has introduced a 32 hour week with corresponding pay cut in order to save cash. Management higher up is taking bigger cuts and

Due to slow business my company has introduced a 32 hour week with corresponding pay cut in order to save cash. Management higher up is taking bigger cuts and the CEO is taking zero salary until end of the year ( he is making >10 million usually so I think he will be ok). Lower paid workers can keep their 40 hour week. Overall I think this is a good way to handle it. I think a lot of companies are using the current situation as an excuse to do what they wanted to do anyway. I am pretty sure that during the boom of the last ten years ( the “Obama/Trump” boom ) a lot of excess people have been hired who are now costing a lot of money. I wonder how things will work out in Silicon Valley. The bubble looked already fragile before COVID.