This arrangement sounds great, theoretically. At previous jobs I left, I constantly thought about trying to set up this sort of open conversation with my manage

This arrangement sounds great, theoretically. At previous jobs I left, I constantly thought about trying to set up this sort of open conversation with my manager, and laying out my reasons for considering making a change. I never did it. Not once. I conducted my search in secret, gave my notice, thanked them for the opportunity and moved on. At the end of the day, despite all of the assurances from my manager and my employer about having an "open dialogue" about my concerns or reasons for looking elsewhere, there's simply no assurance that they won't walk out of the meeting already having me blacklisted as someone looking to jump ship. I have to take their word for it they will work to address my concerns, and there won't be any future resentment or even retribution. When it comes to something like my career, I just can't afford to make that gamble. More often than not, this isn't nearly as much about employee satisfaction, retention and growth as it is protecting the employer from the potential impact of an employee leaving unexpectedly.