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I think the larger challenge is finding roles with similar comp.This captures it but there is nuance here. Many people, perhaps a majority of people, especially in the engineering professions, have a mental model where "how much I'm paid" is the "score" for "how good I am at my job."
So when someone with this mental model is offered a position at half, or even two thirds the compensation level for doing what they had been doing before, cannot get past thinking "This company clearly doesn't realize how good I am if they aren't willing to pay me what I'm 'worth.'" So they pass on the offer. And weeks, sometimes months, go by and they can see that eventually they are going to run out of money, so they take one of these offers but they resent it. And in resenting it they don't bring any sort of reasonable attitude to work and grumble about how "it could be so much better if you just did it the way I suggest" or something like that. And they spend a year, at most two, until either they are asked to leave or they quit in disgust.
If they have saved enough money to maintain an acceptable lifestyle without dedicated employment, they will often join the ranks of the 'self employed' where occasionally they consult but mostly they don't. If they haven't saved enough money they sometimes move to a new area, cut contact with friends where it is too embarrassing for them to say they are "unemployable"[1], and get by on smaller work in a reduced cost environment.
Bottom line is that it is a tough time for these folks. They are being thrust into a self examination situation that they may not have prepared themselves for. I have nothing but empathy for people in this conundrum. I walked through that fire and came out the other side stronger but not everyone does.
[1] They aren't, it really is just a disconnect between their self image and market rate for their skills.