I work for Agilent. One day back in December, everyone gets an email from the CEO saying that all American employees would get a 10% pay cut. All European employees would get unpaid time off every other Friday.
The Europeans got a better deal because they have much stricter labor laws in Europe. It makes me want to move to Europe.
Smart move if you ask me...I mean, it sucks, sure, but you get to keep things afloat, and everyone's losing out anyway.
My decidedly non-tech company (trucking) just did an across the board 2 percent pay reduction, and saved a couple people from layoffs. Bad day for most, but we are glad to have a job that is stable going forward. The company has in the past increased the 401k match in good times, and raises are regularly given, but as Jason says runway is crucial and you must conserve the cash you actually have- not receivables you think are good (but not paid yet.) btw Great letter,Jason. Thanks for articulating your appraoch so clearly.