I worked at middle-sized company that instituted a pay cuts, cutting all bonuses and stopping raises. After year, company lost almost every person in tech managenent and most of team leaders, their clients actively executing forking rights and no one believes in company future now.

I once heard wise words from some CEO. In harsh times, clients do not want cheaper and worse services from us. They want less services. So we are moving out headcount down, while keeping pay and even execute raises for those who stay.

Can you explain why this is wise? I'd say most execs leaving is usually a net positive. You are framing it as a tragedy and I am just not seeing it.

From where I am standing, leeches that are only there for fat bonuses left. Where's the loss?

And the measure you described also doesn't follow. Bad times always end and then you have a worse product. Will the execs pick up the new tech work?