If you have a specific job offer from someplace else that is more than you would get by staying, take it! Go! When I recently switched from a startup for a 30

If you have a specific job offer from someplace else that is more than you would get by staying, take it! Go! When I recently switched from a startup for a 30% raise, the CEO was pretty hostile. It actually made me feel better about leaving. If you want to be polite, give them a chance to counter-offer, but you already told them that you thought you were underpaid, so you don't owe them that. Also, if you get an offer that says "You get $X when the merger closes.", what happens if the deal falls through? What happens if the close date gets pushed back for a year? Remember the time value of money; you would have been better off taking the other offer if that happens.