Nescafe I agree with your first point but not necessarily your second. No pay cut in the world can change the fact that if the company needs ten bums on seats they will only pay for ten bums. There is no loyalty from either side in business anymore, if there's any it will come from the employee and very rarely the employer, they generally are only interested in the opinion of the bean counters.
I could let the evil go on an uber rant on this subject but I won't.
Cheers ET