As always, it comes down to "if you want your employee to stay, give him a raise (salary, title, perks, ...) according to his skill BEFORE he tries to leave with a competing offer".
There was a post on hacker news a few days ago where everyone was saying that in their experience, non-minimal pay raises always came with changing job, not with normal raises within their current position. Same for me, pay raises always meant changing job, with my employer realizing "oh wait, we were paying you as X but you're actually worth Y, now that you noticed let us offer you an appropriate salary". No thanks.
That's why when google started giving huge pay raises to a lot of people a couple years ago to keep them I actually thought it was a good idea, and more people should do that; if your employees are good, giving them a raise is usually a lot cheaper and easier than finding someone of the same skill and experience.
It really seems like that is the only way to make significant progress (as far as salary) in your career. You either jump ship or get a competing offer so your current company can match. If I came in with a competing offer that paid me 15-20% more and the company can match, then why didn't they just give me a raise in the first place? It probably would have stopped me from even being interested in other positions.
There was a post on hacker news a few days ago where everyone was saying that in their experience, non-minimal pay raises always came with changing job, not with normal raises within their current position. Same for me, pay raises always meant changing job, with my employer realizing "oh wait, we were paying you as X but you're actually worth Y, now that you noticed let us offer you an appropriate salary". No thanks.
That's why when google started giving huge pay raises to a lot of people a couple years ago to keep them I actually thought it was a good idea, and more people should do that; if your employees are good, giving them a raise is usually a lot cheaper and easier than finding someone of the same skill and experience.