If your employer cut wages across the board because the business wasn't doing well, what would you do? What if you liked the work and lifestyle and there was a chance that things might pick up again?Please - no "obvious" knee-jerk answers. I'd appreciate any practical insights from people who have been in this situation before and/or suggestions for a step-by-step action plan (including thoughts about timings).

This has to be a personal decision, but factors you need to consider are:1) How confident are you in the leadership of the organisation and their ability to develop business?2) Have wages been cut "fairly" i.e. do wage cuts across the board reflect a consistent level of performance/underperformance across the organisation?3) Is there a recovery plan in place with accountabilities, targets, etc?4) How does the business' performance compare to the competition?5) What are your personal priorities and goals as to lifestyle, long term career development?6) What are the opporunities like elsewhere to achieve your goals?7) Realistically, what are your chances like in the external market?Your action plan and timings will follow from your decision. For example, you might weigh up the questions above and decide that you give it six months to assess whether the business is on track to recover. You work hard for that period, decide that the effort is not paying off due to issues outside your control and stick to your resolution to find another job before the end of the eighth month. Alternatively, you may answer the killer question - your ability to get another job - and realise that you have no choice but to stay. You make the most of the lifestyle, wait for the redundancy payoff and make a career change.The only option that is not viable is to do nothing, not consider the issues and not have contingency plans.

Thanks anon, that is really helpful advice. My answers to your questions are as follows - I'd love to hear any more you have to say:1. I'm confident that the leadership of the business can maintain enough business to stop the ship from totally sinking, but I'm not confident they have the abilities to make it thrive. However, they could make it do "pretty well" if things went in our favour (e.g. winning a few more long-term projects). My analogy would be that the sink is half under water, but they're quick enough with the buckets to stop it sinking totally. If things went well, then there could be plain sailing ahead. However, in the meantime we're up to our knees in water (i.e. pay cuts).2. Wages have been cut evenly, but it has affected some people more than others. I have a mortgage, family, etc to support. Many of my older colleagues have paid off their mortgages and can still afford an affluent lifestyle even after the paycuts. The management has taken a bigger pay cut than the rest of us, but they're still earning a good income although no doubt they also have greater financial commitments.3. There is a recovery plan in place, but I'm worried about the targets and accountabilities that have been set. There are certain targets that I know I simply cannot achieve. Or rather, I could achieve them, but it would involve working VERY hard and I'm not convinced that my hard work would be matched with corresponding reward. I really don't want to have to be working at 150% for the rest of my career with the company just to keep my head above water... 4. The competition isn't doing great either, but we're doing worse.5. Lifestyle - In both the short and long term, I want a job that has 'sustainable' hours and travel. Pay is important, but as long as it covers the mortgage and gives my family a decent lifestyle I'm happy. I want something where I can confidently make commitments and plan my personal life (e.g. saying to my kids that I'm going to be home by a certain time, even if it means I have to work at home later in the evening). I don't mind pressure, but I loathe uncertainty/anxiety and wouldn't be able to handle going back into an ultra-competitive MBBB culture again (e.g. where people schedule 10pm meetings and only let you know about them at 7pm because they expect you to be in the office at any hour of the day).6. Opportunities elsewhere are OK. Pay-wise I don't have much to lose at the moment. Lifestyle wise, there's not much that is better than my current working arrangements and colleagues.7. I think my chances externally are OK, but it would take me time to find a new job.Regarding redundancy payoffs, I don't think I would get one... the company would simply keep cutting salaries to the point where I have no choice but to leave.