True, but what a lot of these companies should realize is this treatment of IT staff is only worsening their situation.
The company I used to work for was one of the very first to start putting pressure on their IT staff, threatening (and carrying out) pay cuts and layoffs, and in a few cases even outright lying to their employees to misrepresent the financial and employment situation.
In response, all the most qualified and experienced of the IT staff left quickly for other pastures (many even left for lower-paying jobs; they just wanted away from the company that had treated them so poorly). They were promptly replaced by poorly-trained staff overseas, and now IT in the company is an absolute disaster. It's now a study in how not to run IT. The left hand doesn't know what the right hand is doing because the people who were instrumental in that communication left and are not coming back. Most of those who are left are super demoralized because of this miscommunication, because they are no longer given the tools they need to make their former level of productivity possible (many of those who developed and managed those tools are gone), and because they now make less than when they were originally hired years before.
It will take the company years to recover anything resembling efficient IT operations even after the recovery because of how poorly they treated their employees.
Let this serve as a warning to other employers: don't treat your IT like dirt (or at the very least don't lie to them), or you too may see your IT come grinding to a near halt.