I've noticed a few companies seem to be the ones many of my former colleagues flock to, and they rarely stay there for very long. My suspicion is that these companies know they need our specific talent, and use pay (or a similarly narrow carrot) to poach them when they have little else to offer. Then it turns out to be not worth it for one reason or another, and they quickly leave. Sometimes these people seem to go through a series of very short jobs at the same set of companies before settling somewhere else. When I speak with these former colleagues, usually pay or rate of advancement is the key driver, and often they're someone I'm not surprised wasn't advancing or getting raises quickly.

I agree about counter-offers being a lousy basis for a work relationship. It's like getting married because someone says "propose-or-we-break-up". But also don't just chase a minor raise at the cost of all else. Know what you're genuinely worth. Be almost as suspicious of someone who's offering you more money than you're worth as you are of someone who's offering you less money than you're worth. It could be a sign that they're struggling to retain people or attract people, and are throwing money at the problem (money's not always the problem). It could be that they have unsustainable growth, and aren't watching expenses and are just trying to increase headcount. It could be your current employer is an exploitative jerk, but just be aware.