The 'Cottagers' currently have the worst defensive record in the league, and sit bottom of the Premier League after a poor start to the season that saw Jokanovic replaced by Claudio Ranieri on Wednesday.
"I would probably say that the team they had in the Championship is better than the team they've actually been playing at the moment," Higginbotham said to 'Sky Sports'.
"There's been a lot of money spent in the summer and a lot of people have said it was nothing to do with Jokanovic, so you do have to give him a little bit of sympathy there.
"But the one thing I would say is that more often than not when you're at a football club as a player, the people who get the biggest money are the attacking players, and that's because the hardest thing to do in a football match is to create and score a goal.
"Therefore defending is easier, so that's why you always build from the back."