You would never get staff to agree to a 30% wage cut, 20% wage cut or a 10% wage cut that was permanent.
Too much self interest - if your 1 or 2 or 3 years from retirement why would you take a pay cut to save jobs? You would rather get a payout.
If you dont like your job and your looking for an exit why would you take a pay cut to save jobs. You would rather get a payout.
A pay-cut for higher paid staff can be more affordable than someone that is earning low wages.
Your right - its what needs to happen but in reality it is near impossible to achieve.