If you are highly skilled, you are highly in demand. Therefore, demand good treatment.
Tech industry compensation has never been higher: http://levels.fyi/comp.html
Google pays for on-call hours. You are credited with 33.3% time for each hour on call if you have a 30 minute response requirement, and 66.6% time for each hour on call if you have a 5 minute response requirement. These can be taken as extra holiday, or cashed out. [0]
[0] Among other public sources: https://www.reddit.com/r/cscareerquestions/comments/41v0ol/i...
The problem is companies where default on-call becomes part of the culture. They also have little incentive to fix terrible ops. I hear AWS can be like this, depending on the service.
Also, if the employee has very marketable skills, they may be happy to leave a job whose hourly rate has suddenly dropped.