> Of course pay cuts always ignore shareholders as they are really getting the benefit of paying less for same number of people. Perhaps this could be mitigate

> Of course pay cuts always ignore shareholders as they are really getting the benefit of paying less for same number of people. Perhaps this could be mitigated by equity-based compensation equal to the amount reduced in salary. It won't make up for the lost cash, especially if the company is in a place where it needs to take such measures, but it would give more meaning to the "in it together" message.