Personally, if things are that tight, I’d be inclined to hold raises for everyone as that message is easier to deliver on a wide scale and won’t create the morale hit this process is sure to generate. I’d then take that money and put it in a pot that is tied to specific performance or achievements that everyone could have a shot at. That way, odds are the top performers will probably get it, and it won’t be diluted over the regular income payments.