M1 @ MS - had an offer for L6 at a comparable large company. Offer was 30% more than current TC. Told management I was leaving and they beat the offer. Was conflicted about it, decided maybe grass isnโt always greener and that the devil you know is better than the one you donโt.
Old TC: 400
Offer TC: 525
New TC: 600
YOE: 12
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Of course it does, management calculated that spending months to find a suitable replacement and then give them half a year to fully ramp up would cost more.
This could be temporary. OP's manager or skip might feel think it prudent to reduce OPs responsibilities and push him out, now that they know they're an attrition risk.