You have listed the most common reasons in your question (pay hike being the number one reason why people switch jobs and it's a correct reason). I would add a

You have listed the most common reasons in your question (pay hike being the number one reason why people switch jobs and it's a correct reason). I would add another possible reason. If you get an option to go work to a different country and the company will take care of your visa and offer you attractive relocation package. I think it can often be worth it to gain some international experience. You can always come back in few years.