I had a competitor reach out to me and offer me more money to join their team. I'm not actually interested in leaving my company. I'm pretty happy here. My question is, should I tell my current employer about the offer and see if I can leverage the offer into a raise?

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If you feel secure in your job and they won’t fire you for getting this offer, you can bring it up. You might get lucky and get a small raise. But don’t bank on it.

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