Oracle plays high bargainer role with employee pay already. Even in OCI space, Oracle's pay is not in par with big competitors like FMSANG companies (Facebook, Microsoft, Salesforce, Amazon, Netflix, Google). It is really employee's choice than Oracle reducing pay whether taking a good severance with unemployment benefits or to stick in job. A layoff during COVID will not affect your career much as staying in Oracle. Employees taking pay cut and stay are really block to Company's culture.
Though its not a big player in Cloud industry Oracle tries to maintain its position and do employee retention as much as possible.
The biggest corner piece is it missed its heavy Middle Management barrier which has been accumulated over several years of acquisitions and mergers. People who don't know much on technical, development, leadership or management. The middle management eats a lot of employee money and drinks/drains lot of productivity. A Pay cut is not suffice for handling this and requires lot of restructuring to bring fresh blood and develop "Development" mindset, culture and productivity. I think Oracle has a big surprise for the middle management in upcoming days (VP's, Snr Directors, Directors, senior managers, product managers, release managers and other non-essential positions) .
Oracle's another problem is reliance on Asian resources more on offshoring and H-1B's thinking these resources can be micromanaged to employ for more hours than normal 8-9 work day. Though few people really do well, most of others engage in office politics, favoritism and gossips than doing real work.
Post COVID, Oracle's major problem include Customer retention both in Cloud and On-premise space. Customer's will prefer less cost and emerging opensource products as they themselves try to save money rather than paying hefty licensing cost. In they cloud arena, most prefer AWS or GCP as they are leaders and Oracle failed to secure a space.
Oracle has to lead , operate more of a Startup now to survive. Its close competitor IBM has already sold some of its on-premise products and started working on cutting edge technologies.
https://www.ibm.com/products/hcl-divestiture
Oracle has to let go of its duplicate products and focus on emerging products or new product development for seeing a new milestone.
The upcoming market and days are going to be hard to swim, whether you stay or not, you have to be competent, energetic and smart to navigate the pains.