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I tried it last year and it worked, but only because I was fully ready to leave if they said no. They matched it pretty quickly.
It all depends on how well you do at work. If you’re one that does just enough to get by, they will let you go with no offer and be happy to do so. If you’re worth it they may either offer a promotion or maybe match.
Also if you’re on the fence about leaving, I’d reconsider. If you’re happy to go, go all in
I think it depends on your companys work culture and how well you get along with upper management as well as how welm you do your job. Otherwise they wont budge for you and they will let you leave.
Pro
I’ve seen it go both ways honestly. Some people do use it and get matched or bumped up, especially if they’re already valued. But others end up awkwardly pushing their current job and still not getting anything.
If you go that route, I’d just be prepared for either outcome and make sure you’re okay with leaving if they don’t meet it.
That’s a HUGE raise… they’ll likely raise your wage… though likely not by that much