there is a whole generation of SWE who will face the reckoning that $400K total comp with RSU is far from the norm
* Higher cost of borrowing is putting pressure on growth companies that relied on cheap capital
* Economic downturn makes it harder to do business and lowers stock prices, which makes up a big part of any 400K SWE package
* Tech companies can allow RSU grants to expire rather than implementing formal paycuts. Whereas companies in other sectors might lay off 5% of the workforce before giving everyone a 5% paycut, we may see a different trend in tech.
That being said I've never seen a company that allows it in their company policy. Every company I've seen forbids it to eliminate the appearance of unethical behavior.
Other roles have more direct analogues in other industries that keep compensation stickier. Eg, corporate finance/strategy/legal/etc can just transition industries pretty cleanly, with similar comp. They get paid less in the good times, true, but if the downturn is concentrated in tech, other companies would still be happy to have them.