It does really suck, especially when the cuts are all staff and no management. Great for morale.
Over the past ump-teen years, I've made it through about 10 cuts. At each of the cuts, friends and co-workers were let go, but I always survived - except this past one. However, I couldn't be happier. Yes, management will usually see to it that they keep their positions - and they usually do. But, I'm not crying this time around - I received about 10 months of severance pay and I'm able to collect unemployment for the next 6 months. Additionally, I pulled up my profile at Salary.Com and people with the same skills (and less experience than myself) are pulling in $20K more a year than I was making for the area that I'm in.
Oh, once I get fully established in a new company, I can't wait to see the old scumbag managers that worked in my old group show up at the door. I'll gladly give them a personal reference. NOT!
