At my last 2 jobs (Yelp and Grab), employers gave same level the ~same~ pay, but vastly modified the bonus reward structure so the top 10% (that quarter/half) is rewarded.

This always enabled the company to shift around who is the top 10% (whereas salary is locked in).

If these companies are just measuring salary and not considering RSU grants and bonuses, then you may see an overall reduction on salary, but (potentially) a collective increase on total compensation.