I have some personal experience here. A company I used to work for went through a period where, while making a profit, margins weren't making analysts happy. The CEO announced massive cost-cutting, layoffs, etc. And then, while we were in the middle of this, the CEO got a big raise. There were a whole lot of people who just began working to order, meaning they did the minimum required to keep their jobs.
Most of us have been thee. At least once.