Should you accept a counteroffer?
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The Unwritten Rule: What's the unwritten truth about outside offers?
They're often the fastest way to a big raise. Market offers reset your price; internal raises usually move in small steps. Source: Wikipedia – Counteroffer
Who Decides: Who approves a counteroffer?
A budget owner and HR, often above your manager. Matching usually needs sign-off above the line manager, which is why it takes days. Source: Wikipedia – Counteroffer
How to Play It: How should you use an outside offer?
Only if you'd genuinely take it. If the bluff is called, you leave or lose trust. Use real offers you're happy to accept. Source: Wikipedia – Salary negotiation