I`d say both myth and fact, but for those straight out of school thinking there is a good chance of landing a descent flying job - sorry folks, you`ve been fed lies.
Welcome to the wonderful world of aviation. Backstabbers around every corner.
Those companies who treat their employees like less than dirt, will always be looking for new logs for their fire. Their conditions for employment will always give you an indication of how things are. No real screening? BS interview? P2F? SSTR? No pension scheme? No insurances? Work your @$$ off for sqwat? But hey, you got some flying hours, right?
Those companies who offer better than average compensation packages, however, do not recruit so often. Why is that? Could it be because the pilots are treated well? Could it be because they have a sensible union who have a continuous dialogue with management? Could it be because these airlines are where you want to grow old and retire from because they have the right longterm package? You`ll get the flying hours there also, albeit you`ll most likely spend some more time aquiring the same amount of hours. But step back and look at what`s really important here... The flying hours aren`t as important as you may think, at least when you have been employed by a good company. Currency is important, of course, and maybe even time to command and such, but not hours on type to move on to another employer or 6 month shady contract. These companies normally spend a good amount of time and money during pilot screening. They make an effort on getting the right profile for their operation, as it gives some foresight. We`re talking pyschotesting, panel interviews, sim-checks, tech quizes and so on. They also will put you through training on type and company structure and operations. There is also a good amount of line instruction and standardisation. And you get paid for all these good tings.
The choice, if you have one, isn`t really that difficult. Unfortunately, not very many have this choice, and the worse airlines know this and act more like predators.
It`s supply and demand, and as always. the supply of pilots by far outweighs the demand. This is what the flightschools and FTOs aren`t telling you.