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If you like your employer...

One option you have is to prepare to ask for a raise, and then pitch them on why you're worth more before you accept the other offer. They might agree with you, and simply give you the raise you're asking for. Using this approach, you're making it about the company before you make it about yourself. If you don't get the raise, accept the other offer. If a counter offer comes your way, you can decide whether you wanna deal with it.

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