You just have to adapt to it the best way you can. The first thing you need to do is understand what is going on. There was no such thing before the 1970s. There is no downside for reporting that no one could be found to fill the position. Hiring managers often have a personal agenda that differs from the best interests of their company, and a worker who has more skills or knowledge than the minimum needed to do the job may be a threat to the hiring manager and the established order in the department.
Nonoverqualified workers are just as likely to leave.
But the myth is deeply entrenched. It is not about obsolete skills, and retraining is not the solution, unless it is for working in an entirely different field, such as carpentry. They are lying. Don't wait until you get laid off and find it takes two years to get the next job. Plan your career move.