That's a fairly cynical take. You may be right, at least in some cases, but I also think it's reasonable for any executive to look at the unprecedented situation with a high degree of uncertainty and reign in spending on all possible fronts. In hindsight perhaps cutting back salaries/bonuses wasn't warranted, but that doesn't mean it was all planned as a scheme to boost profits.
I'm cynical because apparently reigning in spending can be done instantly, but handing out bonuses, raises or equity seems to be a very long and difficult process involving a lot of some-day-soons and any-day-nows and then perhaps-next-years.
Indeed, it's easy for the execs raking in top salaries to say "everyone cant get raises now", yet when the profits roll in they don't reverse course and now your salary is deflated by one or more annual cycles of non-adjustment. This is a permanent deflation of your salary vs pre-COVID expectations at this same company too.
This phenomenon definitely has made me want to leave my job. I would consider myself the most important member of my team but would guess I am making a median salary on it. Time to brush up on my political speak and whiteboarding
Eh, executives seem pretty receptive to the idea of not cutting their own pay during uncertainty or a downturn[0].
My understanding is that retention bonuses are the norm during bankruptcy. Of course, I understand the reason for that. But the reasoning is pretty clearly "we're betting on you not being mobile enough or irreplaceable enough".
Of course it is a bit cynical, and maybe some companies are acting different. But in general I think the cynicism is justified.
