That’s really tough. But the person has to try to separate his (I’ll say “his”) sense of self-worth from this setback. This is no time to hang too much of your identity and professional confidence on your job title. The job does not stand for his greatest potential, his value, or his professional competence. Right now it stands for a paycheck. Companies are taking all kinds of measures to stay afloat these days. Many go straight to the step of layoffs. When employees are asked whether they’d rather see layoffs or have everyone take a pay cut, some people favor one and some the other—depending, I guess, on whether they think they’d survive a layoff. Right now no one can afford to be overconfident. Try to think of it for a moment from the employer’s point of view. Your friend’s company faced this difficult choice by preserving your friend’s job in the best way they knew how. He’s lucky. They must think very highly of him. I have plenty of former colleagues who would gladly have taken that kind of hit rather than being out seeking in a very, very cold marketplace.