In this day and age job security is very important. Vacations are great. I used to give people who worked for me three weeks a year. I offered them an extra week of pay if they chose to work and give up one week. Productivity was important to me.
Wages are also important but to answer your question WUS, I would go along with a wage freeze as opposed to losing a job. I would hope my employer would appreciate that concession and make up the shortage when and if this economy ever improves.
Too many good people in this community have lost jobs fighting for a small increase in wages or more benefits. Companies are simply saying NO.