My Response In Financial Times Blog - Should we take a pay cut?

I often visit the FT blogs. I leave my comments there. Since the views are mine and the viewership is different I though I should duplicate my responses here. For the complete blog please visit here. Unless the options are clearly spelt out any decision would be foolish. Under what terms are the pay cuts being introduced? Is it till we turn around? Or till the present financial crisis is over? Ideally the company should share with you the plans for recovery so that you are clear when you are likely to get back you original salary.
There is another side to the story too. A job loss could unleash the hidden talents you always suspected you had but never managed to get it going. Who knows? Perhaps you have an entrepreneur hidden within you, just waiting for such an opportunity. The current situation may not seem to be an ideal time to launch a business, but the best opportunity comes along during such times of crisis. In addition, if it is an eventual job change you are looking for, then taking a pay cut may actually reduce your bargaining power with your future employer. Generally, when you job hop, the future employer either matches your existing cost to the company or exceeds it.