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Ford had to hire back former engineers to fix mistakes made by its automated systems
(www.theverge.com)
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And that’s basically it!
Hopefully those employees said, "Sure, I'll come back, but my salary requirement is 50% more than you were paying me."
It would be great if all the workers would agree on this collectively, rather than just one offs.
I always thought it was a joke until it happened to friends of mine. Massive layoffs, they were experts in one specific technology, they came back as consultants for a few years with a doubled salary. They were fired again later, but with a lot more money so it was worth it.
In the current job market, you know it was the other way round.
If the company proactively reaches back out to you, you have the upper hand, regardless of the general hiring atmosphere. It indicates that they don't want to take the time for someone else to ramp up on institutional knowledge they know you already possess.