Make sure to research salary data for your position in the marketplace. Check with local trade associations, colleagues in similar positions and salary survey firms.

Once you know what the market pays, meet with you employer and negotiate the best arrangement you can based on current market rates.

If you agree to a pay cut, make sure to schedule a six month review to go over the construction employer's market position and your income. You might also consider swapping money for added benefits or even ownership opportunities.

If your employer cannot pay the market wage for your position, you may need to consider looking outside your firm for those who will. Although employers may expect their good people to stick with them during troubled times, few employers resent those employees who cannot take a pay cut.