I work for a large SV company and I've had my pay temporarily cut by 5-10% with the promise that there wouldn't be mass layoffs three times over the years. It

I work for a large SV company and I've had my pay temporarily cut by 5-10% with the promise that there wouldn't be mass layoffs three times over the years. It usually lasts 6 months to a year. It's a pretty standard process; contractors are cut, early retirements are offered and then either layoffs or an across the board pay cut.