I rarely see it. Most of the time, a company will try to get away with being tightwads hoping that employees never realize that they could do so much better by leaving.

My brother got a big raise and a big bonus only after his company lost a bunch of really good people. They all left for much better pay. The company tried to offer them more once they gave notice, but too late.
They finally got wise and realized that if my brother were to leave, they would be in big trouble. So they came to him and gave him a lot without him even asking. Smart move on their part. But how many companies will do that?

But that has never happened to me. I am at the point where I am ready to float my resume. I think I can do better elsewhere. I'm up for a raise in March. If I am not satisfied, then it's time to start looking. Getting another offer may be the only way to get my company to play ball.
I did that once. Got a great offer for 17K more. My boss matched and gave me stock options. I stayed. I wish I hadn't. Once you have stated your intention to leave, you may as well go. My company never trusted me after that and I think my boss was a bit resentful.
Well, he had promised me a decent raise after 6 months and he somehow forget his promise. So it cost him more.
A year later, I was canned for stupid reasons.
From now on, if I get an offer, I won't use it to get my boss to match. I'll just move on.
I do wonder what my current company would do if I gave notice today. Would they just let me walk? Or would they try to keep me. I don't know. Best to get a better offer and just leave. No job is forever.