I worked for a small company with 20ish employees during the post 2000 tech downturn. There were a number of layoffs and I got a 25% haircut and was happy to remain. It was a struggle for us financially but not a catastrophe. Eventually (3 years on) the job market got better and I got a position at a different company that took my pay beyond what it had been. I have no regrets and no hard feelings. I can envision returning to that company some day in the future as the environment was interesting and challenging.