Next week I start a role with a 20% pay bump. Staying is only justified if your company actually reacts to the realities of the world and the job market.
It isn't hard - inflation is a known % every years, your average raise needs to exceeded that - once someone has experience they are only worth a cost of living raise, but juniors moving up to senior should be getting large raises every year to reflect their growth. Yet HR/management never looks at inflation before figuring out raises even though not matching inflation is how you fall behind and lost people with experience.
Of course companies have not yet learned to value experience. I'm not sure what will teach them that.
also since 2% is the typical target, they have a little room to lower rates and stimulate the economy, such as what happened in covid