"Downturn causes company board to fire executives and cut highly paid managers' salaries"

[Wonder Why]

Okay, so we'll never read that. All we read about is how the rowers get fired and the coxswains get big bonuses fr saving the company money.

But we can fantasize, can't we?

I remember the old days when Hewlett Packard asked its employees to take a 5% pay cut to avoid layoffs. Upper management had to take a 10% cut to show they would do more than what they asked of the employees. Ten years or so later, new management fired 10,000 and gave themselves big bonuses.

[DFW]

1. I remember the last time we had a downturn

Everyone earning six figures or more took a 50% cut in salary except the two evil capitalist co-CEOs, who cut their salary to $1 in order not to reduce the salary of anyone earning less than six figures. It lasted almost a year. No one was fired, and no one earning under six figures earned a cent less than they were before.

We didn't have to fantasize, because that's exactly how it went down. Not everyone at the top is a bad guy.

[IbogaProject]

2. Gee

I bet you had good employee retention too.