In 1994, 95% of the flightdeck crew and I signed a contract for less pay, more flying hours (and virtually the elimination of overtime rates), and less annual leave under the threat of no more pay rises again in Hong Kong. Guess what? Nobody ever did get a pay-rise again in Hong Kong anyway! How funny is that!
In 1999, 100% of the flightdeck crew and I signed a contract for cuts in pay of between about 9 to 18% (reduced from about 12 to 27% after what amounted to a pilot mutiny and strike), under the threat of "sign or you are sacked"!
In the end it is all about money and "market forces".
You should give some consideration to the poor Directors whose annual bonuses depend on their success at cutting your pay and conditions.