Of course we don't know the exact figure. But taking the following example:
1 Managing director on £200,000 with
150 subordinates, average wage £20,000.
Give the managing director a 50% wage cut and you save £100,000. Give the entire work force 5% wage wise and you incur a £150,000 cost.... You are £50,000... or two people, worse off per year.
The equation would have to be very delicately handled.