I'll just do a quick thread on this since many of you will be in this position at some point in your life.

Whenever you have a current job and another offer you have to weigh the risks, benefits, and goals of your situation to decide how to play it.
In general, I do not recommend negotiating with your current employer for a raise when you have an offer in hand for a number of reasons.

All of your big salary jumps in your career are likely to come from changing companies--once you're inside you're unlikely to see large gains
This is not universal--you might have a great boss or a flexible firm or be unusually valuable, but generally you should expect 7-20% for a raise, and maybe an extra 5-15% when you step into a people manager role from an IC role.
Contrast that with anywhere from a 30-50% jump that you can negotiate if you're a confident high performer just by changing firms and stepping into a higher level role.

Even getting a 20% bump + signing bonus at the same role is pretty easy without a title bump.
If you're not getting at least 20% for switching, it's probably not worth the hassle unless you dislike your current work environment because benefits tend to accrue over time for knowledge workers and your resume is stronger for staying longer than 2 years (but less than 6-8)
If you don't like your current workplace, you definitely shouldn't let them counter. It's ALL downside for you unless they're going to beat your current offer substantially.

The politics get trickier if you do like your current boss/workplace.
First off, don't underestimate the value of having a manager who genuinely likes you and will fight for you. Many managers are bad and/or indifferent to you and this is worse for your career than lower pay with a great manager who will set you up for future success.
Next, don't underestimate the value of liking your coworkers or work environment. It's very hard to tell how you'll fit in when introduced to a new manager or new political environment and this can also be rocky for your career. You're spending 40 hrs/week (min) with these people
But let's say you do have a 20% pay bump offer on the table and you like your current environment reasonably well.

It is generally a bad idea to ask your current work for a counter-offer for the following reasons.
1) Businesses will interpret this (correctly) as you being willing to step away for the next best offer available and it will damage you politically with your upline management even if they pay you out.
This is because your manager will need to get approval up the chain for your matching offer and it will spark some backdoor discussion of your value where you will not look great even if they want to keep you now. It incentivizes them to make you less relevant to their business.
2) It is very likely that this will have some impact on your career progression at the company. If you force a 15% raise in your current role against the 20% offer (they often won't match dollar for dollar), you're unlikely to be promoted as fast as you would have otherwise.
This is bad because your biggest salary gains actually come from getting a title bump and then using that as leverage for higher offers outside of your current company. Title bumps are more valuable than % salary increases for this reason.
3) Just by negotiating in this way (asking for a matching offer) you're damaging your chances of being able to come back to the firm down the line. People come and go all the time for all kinds of reasons, but they might not counter or you might not like the counter.
If you then TURN DOWN their counter it's going to be very hard to come back a few years later on positive terms if you want to, assuming the same management is still in place.
4) If you previously had good relationships with your upline managers, this will damage them a bit and may make your workplace less pleasant than it currently is. Asking for more money with your skillset as a hostage may sour them toward you or increase demands from you.
When you're forcing your manager to devote more budget to you, this can strain their hiring planning and cause them to hold you to a higher standard even if your job hasn't changed. It can create stress for both of you and generate conflict.
So you SHOULD always be looking around and interviewing, but if you get an offer I recommend you either take it or keep your mouth shut about it and don't accept any counters that are offered.

When deciding if you should take it, don't just look at the money.
Look at the expected career trajectory and advancement opportunities for title bumps at both your current and offering firms, and consider your relationship and vibe with the manager on both sides.
If you want more money, consider that staying put might be more valuable if you're up for a promotion in 6-18 months because you're unlikely to get promoted that quickly in a totally new role unless you're a rockstar who's good at workplace politics.
Because when you GET that promotion, it opens you up to a new set of roles and offers that you can negotiate for. Consider that you can often negotiate for roles a step up from your current title, so waiting for the promotion gives you two steps.
But if there isn't much career opportunity in your current role, it's a no-brainer to take an offer for even a smaller bump if it seems like you can climb more quickly there and hop somewhere else in 2-4 years.
And of course all of this depends what your goals are. If your priority is a mission that resonates with you and coworkers you like, that's ideal if you can find that and I would be careful about stepping away from it.

If your priority is cash, be mercenary.
There's nothing wrong with rolling the dice and moving a lot in the modern economy. Average job tenure for many tech workers is 2-3 years at a company and 18 months in role or in a title if you're focused on climbing.
If you move every 2 years in every job you have, just be aware that it will influence how some companies view you and interact with you, but manager perception plays a HUGE role here and your social skills matter more than tenure if you can tell a story about increasing skills.

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