Laid off and hoping to get back on your feet quickly? According to a New York Times article published on August 3rd, this may be more difficult than anticipated, even as we pull out of the recession. The article details the troubles faced by many workers who have been laid off, particularly in gaining similar employment, or earning as much money as they previously had been making.
Many employees, even those who survived the recession of 2001, are finding that it is very difficult to continue on at their old salary, drastically changing the ways they live. It also explores the long term damage cause by a termination, showing that being laid off for a brief period of time can be more expensive than imagine and hurt future earning potential. This is often caused by the fact that laid off employees have to start with a new company, or start in an entirely new field, essentially resetting the bar on their wages. The promotions and raises that they had earned may not carry to their new employment, and make it difficult to reach the same wage levels they once previously had.