> If I were working at HP, I would have quit the second they decided to cut my pay just so they could avoid needed firings.
I sympathize with your viewpoint, but I think it depends on whether you see dead weight. If you are on a great team with no dead weight, a pay cut to keep everyone together would be far more palatable.
Especially, if you get backpay later, or get at least more equity to make up for the pay.
Even if that equity is depressed in value for a bit. `Bailing-in' creditors is actually a common technique for financially struggling companies. Employees are a kind of creditors.
