Originally Posted by
GoneMissed
Depends. The competitor will snatch up those employees who have experience/specialized skills and start them off at the same pay/level where they were previously at.
My brother , who works in banking, knew quite a few folks who worked at Lehman Brother’s, Anderson Co, etc. After the dust settled and they were hired elsewhere, they were making the same and in some cases more with their new employer.
Yes, common enough. But if you get laid off, you have to assume you'll never get back with the previous employer, so it's full-on job search mode, which is it's own special hell, for many months. Or even years if times are bad. Very few white-collar folks will be getting new jobs at or above their current pay this year.
The contrast with our system is that you'll get recalled eventually, and can down-shift the lifestyle and do whatever odd jobs for a while until the recall, then you pick back up where you left off.
For an established airline pilot the only real threat of permanent job loss is Ch.7 liquidation (even with a medical issue you have LTD disability to age 65 if your union is on the ball).
Ch.7 is fortunately very rare, although we might see a few this year.