your thinking is very much right. I would like to suggest following to solve your problems.
1. Discuss the matter with top management in depth. In the current situation company or employer is not able to earn profit by way of selling its products and services, therefore it is very very difficult for employers to award increment to its employees.
2. In this difficult situation employees are also should support his employer.
3. Make a sense of responsibility among the employees to protect the company in the long run.
4. Give a concept to the employees about long term benefit.
5. each and every employees of your company must give focus on survival of the company right now. 6. some kind of brainwash or mind set is required to give up increment for this year and target for higher increment in the next year.
Convey the above message to your employees. you can use email as well as personal touch to give the message.