I worked at a company that implemented a 10% pay cut (15% for managers, regardless of level). The intent was to reduce operating expenses, and when we reached a certain level of profitability, we'd return to normal levels again. If we exceeded the goal profitability, we'd get back more. The progress was updated monthly.
Some people were ok with the change, and stayed. Others were not ok, and left.
The point here is that individuals made the decisions for themselves, based upon their own personal situations. I am glad the unions at Hostess worked to get better pay and benefits and working rules, but at the same time, I am sad that it played out this way; I'm fairly certain some of those union workers would have stayed if given the ability to decide as individuals.