My employer is a medium sized IT/SaaS business (around 2-300 employees global), where I've been employed for < 2 years.
All employees are currently working from home due to the COVID-19 pandemic.
I've been asked, along with the rest of the employees, to take a voluntary pay reduction in response to the Coronavirus pandemic and the impact it will have on the business. The reduction is pitched at a percentage over a fixed threshold, with an increased percentage for higher earners. If agreed, the scheme is set to operate for a fixed period (a few months) followed by a review (and possibily another request for extension). The scheme is voluntary, although I believe that that has more to do with the legal situation regarding employment contracts/salary here in the UK.
The announcement was made with the justification of "community" and "pitching in together" to avoid redundancies across the business.
There's been no mention of the UK government's support scheme / salary support, e.g. furloughed workers or reducing hours worked.
My intuition says that what I'm being asked is to work the same for less compensation, which is unreasonable. My feelings are that the company is supposed to plan to survive bad situations - and the compensation I receive was not negotiated to be contingent on the performance of the business.
I'm concerned that this might communicate something deeper about the company's financial status, in which case I should be looking to move sooner, rather than later. Talking to a few of my peers, though, It seems like the general consensus is that this is a bad situation for everyone and I might be being more cynical than is required.
Am I overreacting here? What are my options?