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In my experience retentions are made within a specific budget (when they build the Budget they assume X $ on retention and 'ad-hoc' bonus and to based on performance. Then for each position there is a percentile curve and they cannot excede it unless authorized. If you offer is beyond their percentile (and there is no other non monetary possible incentive) they let you go.
Based on my exp as a manager building budgets, asking retention for myself and my team
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