This is pretty terrible advice when the job market, even for extremely well qualified and experienced engineers, is less than ideal. If you’re a highly paid engineer I’d suggest holding on to that job for at least another 24 months.
From what I’m seeing, it’s almost guaranteed you take a pay cut, and at minimum you’re going to be looking for 3-6 months, more likely 12. Unless you’re a truly genius 160 IQ engineer. Most are not. Most will be much better off staying put at their cushy big tech job despite not getting a raise. We’re on the cusp of entering what is to be the worst financial recession since the 1920s.