It seems that holding onto your job is an all or nothing proposition these days. But, it does not have to be.
Many terminated employees would likely have taken a salary cut or reduced role than lose their jobs entirely. However, most employees do not realize that these types of arrangements are potentially feasible. To successfully utilize this strategy employees need to have a strong belief or actual knowledge that they are going to be selected and when it will happen. While taking a pay-cut or working part-time may be a negotiable option even after an employee has been let go, the best time to broach the subject with a manager or Human Resources is before the decision has been made.
Like most things in life, timing is everything. The risk to be wary of here is that your information is wrong and your employer will take advantage of your offer when it had no intention of firing you or cutting your pay.