Would you give up pay or benefits for someone's job?

A friend who works at a major media company told me that his organization recently took pay cuts to avoid a layoff. I thought to myself, "Wow, these guys must really love their jobs and their company."

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Here are some answers I got on Twitter:

Honestly, I would take a pay cut to keep my team in tact. My friend says the pay cuts have actually raised morale because everyone feels like they are getting the same cut, so they feel more equal.

The commissioner of the NFL took a 15% pay cut back in February, but the company still had layoffs. If he took 30% and offered everyone the option of a small paycut to avoid layoffs, do you think the company would be more valuable today?

Do you know any companies that have tried this idea?