I would take a 20%-30% pay cut to save my job, since it’s been hella tough trying to get a new one ( three years on the market). They should give us that option before doing layoffs. It’s a much better choice than a 100% paycut.
Unfortunately, I have to agree with @SjMtG1B-1gqm. Few of my coworkers who were laid off over a year ago are still trying to find new employment. As far as I can tell, only one out of four of them managed to get a new job by now. That scares the hell out of me. And if given a chance between a pay cut and being laid off, I'm sad to admit I'd take it.