Yes, there might be a pay cut, but half of that pay cut's already there (via reduced stock prices) and the rest will come anyway for someone about to be PIPped

Yes, there might be a pay cut, but half of that pay cut's already there (via reduced stock prices) and the rest will come anyway for someone about to be PIPped out. Expected value then is zero. There are still other companies both in and outside of tech - possibly including the one we both worked for - that are still hiring and offer pay that's still good by most standards. There's contracting, which in past downturns has often picked up a bit to fill gaps left by hiring freezes. Also, for someone who has been pulling down GAMMA pay for even a few years, "nowhere" is very much an option either temporarily or permanently. I'm pretty glad to be "nowhere" myself. ;)