Decreasing Exempt staff hours in lieu of RIF

Can an employer request exempt employees to voluntarily reduce their hours worked due to financial hardship in lieu of a full-fledged RIF action? Or should the employer reduce salary by a percentage across-the-board? Has anyone else had to address exempt wages during cut-backs? (Private, not-for-profit organization)
Comments
Hope this helps and welcome to the forum.
"Dandy PORK"