I use it as leverage at performance review time. Non-emotional, but “hey I like working here and contributing to the goals of company x, but I want you to know

I use it as leverage at performance review time. Non-emotional, but “hey I like working here and contributing to the goals of company x, but I want you to know I’ve received an offer for $z. I believe that’s a fair evaluation of my market rate. I’d like to see a commitment from (current employer) that matches that in the near future. Do you think that is workable?” You clearly need to be someone your manager is willing to fight HR in order for this to work. But it’s been effective for me.