I would re-word this: "My advice here is that if you want more pay, just switch companies". Usually (maybe not as much in the current job environment), you can

I would re-word this: "My advice here is that if you want more pay, just switch companies". Usually (maybe not as much in the current job environment), you can just change jobs, doing a similar job with a similar title, and get significantly more money, just because the old company only gave you meager cost-of-living raises, and the new company wants to fill a position and will give you the current market rate which is now greater than the old company was paying you. But I wouldn't call this a "promotion". Going from non-manager to manager is a promotion, and going from "junior engineer" to "senior engineer" is one too, but most job changes don't involve such changes in title. And even the junior/senior stuff these days is mostly fluff; you'll just get called "senior" upon being hired in a new place just because you have X years of experience, not because you actually earned that title through some promotion process.