During poor economic times, many companies often struggle with how best to manage their most valuable resource - their human resource while remaining viable or relevant as a business. This means that employers would do everything possible to retain their employees even if it will involve cutting their wages rather than laying them off.
Most companies during tough economic times adopts strategy to cut workers' wages inorder to make up for losses. Here, companies cut costs and adapt to changing market demand. In as much as the poor economic times affects most if not all companies, most employees would also be willing to accept pay cut rather than being laid off.
