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I think you are ignoring his main question though. Are those not legitimately three different options companies have? Do they not have wildly different outcomes on the workers?
No, companies do not actually have the option to simply cut the upper managements salary by 99.8%. And even if they could, it would simply end in all management leaving the company the next day, the company going bankrupt and all of the empolyees losing their jobs.
Im not trying to defend management salaries in the millions. It is damn unnecessary and should be taxed appropriately. But simply denying that thats how the world works right now is bs.
The management would all leave? I wonder how often that actually happens? I'd totally believe never. If you offered the management a lot less money, they could walk, but more likely, only some would walk. And in any case, then you could also promote employees from within the company. I bet there's a department manager that wouldn't mind the huge pay increase that comes with a c-level promotion, even if it does come with a million dollar bonus rather than a billion.
If you adjusted salaries slowly, say over the course of 5 years, managers could leave (if they really wanted to) gradually, you'd have time to replace people for a much smoother transition.
Are you seriously saying if a company offered management 1/500 their current salary (which is the scenario they suggested), most would stay? You sure you want to make that argument?