The biggest problem in jobseeking is the no experience/no job paradox, but that’s run a close second by the irony of being unable to get a job because you are “overqualified”. But this doesn’t have to be a career killer, at least not if you understand why employers see it as a problem.
The main reason companies are wary about “overqualified” candidates is that they believe they are unlikely to remain in the job long and are using it as a stop-gap. This means that the staff time and money spent in training them for the new role, as well as the human resources admin, will be wasted.
If you are genuinely committed to the job, and either the position or the company is truly a dream opportunity, don’t be afraid to highlight this. You can point out that you aren’t motivated solely by money or status. Another approach is to highlight how you’d transfer your existing skills and experience to the role. For example, if applying for supermarket jobs, Manchester United’s Alex Ferguson could stress his determination and flexibility (though probably should stop short of saying he kept calm under pressure!)
When you’re worried about seeming overqualified, you can adjust your application accordingly. For example, you could rearrange you CV so that you list your (relevant) skills and achievements first, and then your past employment and positions later on, meaning the employer gets a strong first application.
Another approach is to address the issue head-on in your covering letter, acknowledge that you might not seem a traditional candidate, then explain why you are looking for a change of scene or a new career path.
If relevant, it’s worth giving direct examples of past work where you’ve generated revenue for a company or helped achieve savings. This will show that your past salary has been earned by results, not just status, which may make an employer more confident that it’s worth hiring you.