Would you take a salary cut and have the same commitment?

Ever took a salarycut in your current job and continued to work there? Did your productivity drop after that?

In a world where we don't accept new job offers without significant salary hikes isn't it hard to think of taking a salary cut and still work with the same intensity as before. Once 12 senior leaders of our organisation took a 15% salary cut for a quarter. They stated that the organisation wasn't meeting the revenue goals, so they wanted to meet the bottom line commitment they had made.

I cheekily told my boss that they could afford it as in my opinion their pay cheques were substantial. He said, "when you get here you will understand that at every level of the job the financial commitments are the same." I couldn't relate to it then but wonder what are the feelings one goes through during a salary cut?

Do you 1. Feel insecure about your job in the firm or a signal to leave 2. Feel the organisation is going down the drain 3. Lose confidence in your leaders? 4. Tell your family or friends about this new crisis All I remember is that none of those leaders quit nor did any of the non-affected employees during that time. Would you take a salary cut and have the same commitment?