Exactly. Generally, when one company institutes pay freezes, they're probably also in a hiring freeze, along with the rest of the industry. Everything's nice an

Exactly. Generally, when one company institutes pay freezes, they're probably also in a hiring freeze, along with the rest of the industry. Everything's nice and coordinated and they all use the same "macroeconomic environment" as the excuse. So an employee doesn't really have the option to just hop jobs, nobody else is hiring. Ironically, the best time to hop jobs is when you're getting raises because the economy is strong and everyone else is hiring.