If there was a 1% decline, would it work to not adjust pay but record this negative inflation so that next year if it's +2% then the employees only get +1% rais

If there was a 1% decline, would it work to not adjust pay but record this negative inflation so that next year if it's +2% then the employees only get +1% raises? If the economy continues to go down then this won't work, but it would handle a short bump fairly without actually reducing anyone's pay. Would people still leave?