EMC - Pay cuts across the board or layoffs?

I can't understand what their employees and executives are going through (not in their shoes), but it seems to make sense that in companies and institutions that people should take pay cuts (across the board) vs. laying off a percentage of employees or executives.

A recent marketwatch article states that EMC executives took a 20 percent pay cut, followed by an additional 5 percent pay cut and are now encouraging employees to take the same 5 percent pay cut. In this way, they can save $100 million and noone loses their jobs.

May that's the risk averse side of me coming out...it's safer for everyone to take a pay cut than to risk having some people lose their jobs and suffer those circumstances.

Disclaimer: At the time of this post, I controlled some EMC stock.