Should employees get primacy in corporate governance?

Large number of jobs in the information technology (IT) sector is at stake. Automation and new technology are disrupting the industry. Skills that created value so far are becoming redundant. New skills are required to work with new technologies, such as, big data, artificial intelligence, Internet of things, robotics and virtual reality. Companies have started up-skilling existing employees and recruiting those with required skills. Employees, who are unable to acquire new skills, are losing jobs. 

In the above context two questions have emerged. The first question is whether it is better for the top management to take pay cut rather than