The best response to 'here's a penny more than you were making' is multiple offers. The second best response is 'your offer is better, but inspires zero loyalt

The best response to 'here's a penny more than you were making' is multiple offers. The second best response is 'your offer is better, but inspires zero loyalty. If you want me to stay for longer than it takes for your competitors to get back to me with an offer, you'll improve that offer.'