One day we were called to a meeting and the general manager said "we can't balance our book, but I don't want to let anybody go. Let me propose to close the plant for two weeks and we all take one week vacation and one week without pay". In essence, we had a 5% salary reduction from the chief to me.
The business improved next year and we get decent raise to compensate our "sacrifice". Everybody wants to stay in this company. It shows you that the ceo don't have to CHOP many employees during the downturns.