@stux
Once upon a time Hewlett Packard upper management took large pay cuts to make the smaller pay cuts for workers more palatable -- all so they could retain their work force. And it was considered good, because it avoided re-training and/or trying to re-hire people later, and made people more loyal.
The first sign I saw that all was not well was that one of the ten company values (which really were values, like giving back to the community, valuing workers, ...) was "Growth". And even the naive young person I was then saw that thinking you should always grow was problem.
The second was when they announced that because maintenance was not really a "core competency" they were "outsourcing" cleaning and maintenance (implying that "those" workers were not really valued).
Now it's just another company. Or rather, just ~10 other companies (because that was better for the stock price).