Yes, during normal times. But these are not normal times - like, who is hiring now? If I were a top performer, I'd take a salary cut if it means saving my colleague's job.
I get what you are saying though. They are a business and I guess they're doing what is best for their business. The severance package is generous (relatively speaking), so there's at least that.
Edit : I guess I didn't word this properly. I was saying they'd lose top performers if their salaries are cut, during normal times.
