resource cut or wage cut?

Aren't all the corporates chanting the mantra- 'people are the most important resource'? I guess that is the case when times are good. As Roosevelt said, "When the sea was calm, all ships alike showed mastership in floating."

So now that these big corporates are not doing good, probably because of their own bad decisions and policies, they start retrenching people. I guess the companies are in trouble because of fattening during good times and now that times, are bad and going to worse, they find retrenching the easiest way to limber up. All those at the helm of companies always throw jargon like innovation, collaboration, creativity, etc. So what happened to all that when it is badly needed? Why can't they stand up to what they say?

Wouldn't it be smarter and also more humane to pass a wage cut across the company rather than throwing employees out on to the street? Maybe the company can also ask employees who have leave stacked up to take leave at a lower wage with a possible recompense at a later time. Maybe it can ask departments to get their teams together to look for innovative ways to improve their in-house processes and procedures to beat the crisis. Companies can cut down costs by using natural light instead of artificial lighting, asking their employees to work from home, etc.