You Took a Demotion; Now What?

Five years ago, Bill M's star seemed to be shining brightly as he accepted his second promotion in three years at a major financial services firm. Then, amid budget-tightening last fall, the company gave him an unappealing choice: a lower level position or a severance package.

With two kids, a stay-at-home wife and a mortgage, Bill (not his real name) chose the demotion. Now, of course, he has to live with that decision and figure out what it means for his suddenly stalled career.