My first company did that through the 2008 recession and it was really nice of them. Nobody got raises and nobody got bonuses (which significantly impacted high

My first company did that through the 2008 recession and it was really nice of them. Nobody got raises and nobody got bonuses (which significantly impacted higher-ups more as much more of their pay consisted of bonuses). The three co-founders barely even took any salary at all. But no one was laid off. All that happened was that one guy who had temporarily left to finish a master's degree wasn't rehired as expected (I think it also didn't help that he wasn't that good).