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I haven't personally experienced this, but I've heard horror stories. To protect myself, I always wait until I have a written offer in hand before giving my notice at my current job. I also ask for a clear timeline and details about the onboarding process during the interview stage. Any vague answers or delays could be a red flag
Sadly, yes, this happened to me a few years ago. It was devastating. I had already given my two weeks' notice and was excited about the new opportunity. Then, out of the blue, they called and said the position was no longer available due to "budget cuts." It was a tough lesson learned. Now, I always try to get a sense of the company's financial stability and inquire about any potential hiring freezes or restructuring during the interview process.