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To the moon…Oh I mean back to earth. Sigh 😞
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Over the course of my career was let go 4 different times. All 4 were external business reasons not performance. First was roughest as did not see it coming, my performance was exceptional and was recently promoted ...took a month or so off just to get myself together. It was a process much like 5 stages ..eventually landed a role I loved w a 20% increase. My other times was a bit easier but again it was a process to get over the disappointment and to a place where I could take interviews...as i think about it now each time I ended up with a role I wanted with increase in salary each time. But again it was a process..self reflection, what I wanted out of life and a job...than the ups and downs of a job search too.
Without my family, some close friends, my network built up over time and belief in myself...I would be lost ( not cliche)
Was laid off early in my career. Filled my time with substitute teaching and going to the gym nearly every day to take my mind off the job loss and put a little cash in my pocket. Was too proud to claim unemployment at the time while still living with my parents.
Ended up finding a new job. While it was a 25% increase, it was probably a bit of a pay cut initially as I had to relocate and start paying rent, utilities, etc. Leveraged the opportunity to get my foot in the door and grow my career. Needless to say I'm in a much better place now and I honestly don't believe that I would have had the same success had I not been laid off.
I took a $20k pay cut and ended up not having a gap in paychecks. Financially I coped by knowing my expenses ahead of time and cutting back all other spending. Emotionally I told myself it wasn’t personal (even though it was) and I’d be better off. The new job was the worst job I've ever had in my entire life and I hated every moment of it. But it ended up being really good for me being there when I was because I might my fiancee and it convinced me to go back to school for a degree in a different field. I only stayed in the job for a few months, you can continue to job search while you are getting paid.
Laid off early on in my career. Looked for a job for 5 months before taking a job as a bartender.
So yeah, you could say there was a big pay cut.
I have never made less than before with every job loss due to economy or when I quit without lining up a job due to poor working conditions. I hope covid19 does not change that.
I was forced out of a job about a year and a half ago, and then landed in a new role 2 months later with 20% higher compensation. And the culture is so much better too, the first role was a total sweatshop.
After 9/11, I had a choice of major pay cut to stay at my current company or separate. I stayed and job hunted. It took way longer than I expected to get a new job (6+ months) and I ended up making way more than what I was before the cut. I reduced fun expenses. I did a lot of home improvement to my house and did much of the work myself - removed wallpaper, repainted, pulled carpet as I had beautiful hardwood floors underneath, etc. All of those steps helped me when I had to resell to move to my new job.