Just in case anyone missed this gem on another forum...it is worth reading;
A friend of mine told me about a dinner he went to where there was an advisor in economics to the "brightly coloured" airline board, (a social accident - he did not know him before or fix it up, his friends he went with did). He told me that this guy was fascinating. His contempt for pilots knew no bounds and he expounded gleefully on the summer-only contracts he forsaw and the increasing contractorisation of piloting overall, where contractors bid for the work the brand generated and the lowest cost base won. He looked whistfully at Eastern Europe as a great source of cheap pilots and said supply easily exceeded demand for the forseeable future. His view was that flying an airliner was a slightly more sophisticated train driver style job and said, bluntly, that some train drivers now earned more than pilots, which was as it should be in his view, especially for FO's who he viewed as a legal requirement but otherwise woefully overpaid for their contribution. This, he predicted would change rapidly and so, it seems, is the case at the brightly coloured airline, as elsewhere.
He admitted, apparently, that airlines were a pretty cosy club through the various trade bodies they belong to and that they all got together to discuss areas of mutual interest like overhead - particularly staff costs. The oil price makes an airline a price taker but salaries are where they can be a price maker, he said, and that they were all determined to drive the status and salaries of piloting through the floor. It was, he felt, a ridiclous "career" to enter as the specialisation was so narrow and the industry itself so vulnerable to external shocks that it was virtually to condemn oneself to a job where opportunities were increasingly limited and salaries shrinking in real terms every year and with little chance to move outside it at a corporate level unless to manage within it, where the focus would inevitably be on who could deliver the cheapest cost base given the total commoditisation of the industry product. That meant being the best at screwing down the earnings of your own peer group. He felt that this was all fair game and that the market was so easy to rig against pilots come any sign of a downturn in the economy that becoming one was the height of folly, but that, never-the-less, plenty of people kept applying so there was little need to adjust the career to attract the best, they would take what they got. Safety cut little ice because, as he put it, "you lot all want to get home to your families at the end of your overpaid day, so the passengers will be fine too."