> an option for everyone to take a pay cut instead (which might be bad! but it's an idea I've heard floated by engineers way more than seniority based protectio

> an option for everyone to take a pay cut instead (which might be bad! but it's an idea I've heard floated by engineers way more than seniority based protections). We already do that, it's called RSUs. If a portion of your compensation is in RSUs and the market goes down, you automatically get a paycut. Better than being laid off, isn't it?