> Using a strategy like this can work but it also carries the risk that your employer will just say "Bye then." Everyone is replaceable
"I'm frequently contacted by recruiters suggesting that I have enough experience for roles in this area paying 20% more, but I'd much rather stay here" is a much lower risk approach of conveying the fact you have good reason to suspect you're being paid below market rates for your current experience and skillset. Not least because it saves you actually needing to have a firm offer...
Of course, the employer is also less likely to say "bye then" if the focus of your meeting is demonstrating what you've done well that's saved/made the company money, how you've improved your productivity since the original pay package was determined and additional responsibilities you'd be willing to take on rather than you explaining why you might leave.
Ironically, in my area, I'm above market already (at the top 3% or so), at which point it's been easier to ask for other things (an extra week of vacation time this last job cycle).
"I'm frequently contacted by recruiters suggesting that I have enough experience for roles in this area paying 20% more, but I'd much rather stay here" is a much lower risk approach of conveying the fact you have good reason to suspect you're being paid below market rates for your current experience and skillset. Not least because it saves you actually needing to have a firm offer...
Of course, the employer is also less likely to say "bye then" if the focus of your meeting is demonstrating what you've done well that's saved/made the company money, how you've improved your productivity since the original pay package was determined and additional responsibilities you'd be willing to take on rather than you explaining why you might leave.