I was a VP of software dev. I've been out of work for 3 years. I'd take the salary of a new hire and a low level tech job.
Isn't it a myth that employers can underpay someone? I'm not saying that employers have to pay you a VP of software dev wages if you were hired as a cashier, but they have to pay you the wages for whatever role and level of experience they hire you at.
When I was leaving the military as a junior officer, the head hunting company that was trying to find a large group of junior officers told us as part of the interview prep to not try to lower our salary expectations when asked by the interviewer. The head hunters already knew what the company was willing to pay, and they told us the range and the recruiter knew we were briefed. All we had to do was repeat it back to them. Those that were stupid enough to cut their salary expectations by $5K for that role didn't get offers from that company.
Ditto for Lee Hect Harrison, the outsourcing resource company that Cisco uses (at least in NC) during each LR to help people find new jobs, research companies, write resumes and interview prep. I've used them twice and both times they talked about how companies have to pay you based on the role, and the years of relevant experience you bring to the role. Trying to show yourself as cheaper than the other candidates doesn't work.
I recall when Cisco was converting a bunch of contractors on my team, including me, to employees. This BU typically placed mid-career professionals in Pay Grade 9 instead of 8. Why, I don't know, but they did. Another guy & I were being converted in the same quarter, both for PG9. I don't recall the specific pay window for that grade a decade ago, but he told the hiring manager that his salary expectations were $5K higher than the median pay for that grade. I told the same hiring manager that I wanted the same take-home pay as my current pay (pre-bonus) and adjusted the salary to compensate for the difference in benefits costs. I basically came in within $1-2K of the median. Both our offers were, you guessed it, the median for that pay grade. All of his posturing and demanding an extra $5K got him nothing. My desire for better benefits, and at that time, better job security in exchange for the same wages got me nothing either. We both ended up with the same wages, and we both got caught by an LR. Me first, then him one or two LR's later.