Getting an offer from another organisation can sometimes be the only way of getting your own company to address your needs.
At one of the companies I've worked at a guy approached management, pointed out his increased skills, training and responsibilities and requested a raise. The response was "why would we give you a pay rise, we know you won't leave".
As a consequence he started applying to other companies and when he came back with several offers he finally got the raise he wanted.
This guy didn't want to leave and didn't want to be disloyal to the company but the only way he could get them to take him seriously was to threaten to leave.
It strikes me that whenever a company is talking about loyalty it's always about your loyalty to them, there's rarely an indication that it works in the other direction.
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