Employees at my small company are very worried right now. We've had layoffs, furloughs and a reduction in our hours we can work. People are looking for other, more stable jobs, and I suspect we are going to see some big turnover by the end of the year. People are just not going to put up with what amounts to salary cuts, with nothing except, "Be glad you've got a job" in return.
The company thinks it has troubles now. Wait until we have 30 employees quit by the end of the year. It's coming. I can't quit unless someone offers me some kind of plum position elsewhere, but I am waiting to see how management will respond when suddenly, a third of their workforce disappears. It's bound to happen.