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Just be honest. Tell your employer that you like your job but were offered a better opportunity elsewhere. They'll either be willing/able to match the offer, or they won't, but they can't begrudge you taking an opportunity to advance your career.
Agree that the current employer is most likely not going to match the offer, but OP said they didn't want to burn any bridges, so this is a nice way to do it.
Make a list of all of your major accomplishments for the last year or so. Find some salary data from multiple sources showing how underpaid you are. With this in hand, request a meeting with your boss. In the meeting I personally wouldn't mention the other offer. Just say something like "while I really enjoy my role here with X, based on my research, it seems like fair compensation for this role with my level of experience should be Y. With this in mind, I wanted to check with you whether there was any room in the budget to bring me up to this figure. As a reminder, these are some of the major accomplishments I've had over the past year.", see how your boss reacts.
The reason to not bring up the other offer is, you don't want to force their hand, that will not go over well. Generally it seems accepting a counter tends to result in the employee leaving anyway within the next year. Just see what they're willing to do for you and if nothing, it might be time to move on.
With this information, it’s pretty clear there is a snowball’s chance in hell that they will voluntarily give you that kind of increase.
Take the 50% raise….
I would take the 50%, I doubt your company would almost double your salary if they haven't already.
For 50% that’s a pretty motivating factor. Give your firm the ability to counter, express that you want to stay and are happy there but the money is too much to ignore
Even if they matched why stay?? Would you stay with someone that treated you like shit, but said they would do better when they found out someone else was treating you better??
Staying literally teaches your current company that you’ll forgive all their wrongdoing as long as they fix it when YOU become aware of it. companies should pay you fairly all the time, not when you find out they’re not!
If you're ready to leave then I think it's reasonable to bring the offer in front of your current employer. If they meet it, great!! If not, then walk away. I generally don't agree with the practice of interviewing at other companies just to put them in front of current employers as leverage. However, if you're fine leaving there's really not much to lose- except a 50% raise......
It would be good to negotiate a salary with your current employer. But you should also consider new offers