I only recently started looking for a new job more actively and got one offer which is pretty bad. I have heard from some former colleagues that they have accepted jobs that are generally lower paid. I haven’t heard from that many people that they immediately got a job that is better in every way and paid more.
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If you're coming form a legacy technology, such as Routing/Switching, AND you haven't up-skilled into Cloud, you're going to get a slap in the face.... IMHO.... Routing & Switching are like salt and pepper on a dinning room table. Nothing extraordinary... I was let go back in 2017 and managed to 'work my way' into a Hyperscaler but up-skilling along the way is what helped propel me into the Hyperscaler.....
AWS and GCP are relatively easy targets if you are in switching/routing domain. Your pay and WLB should be better even if you are down leveled.