How well do "counter offer promotions" work out for the company and employee in the 2-3 year timeframe?
So I'd break this down into two parts: (1) finding true market value for yourself and (2) increase of scope/responsibility.Part (2) has been covered in other answers here -- you don't want to force a promotion, chances are you were not in a leadership position for a reason. If you really are as good as you think you are, you'd already be in a leadership position (implicit or explicit). Doing a counter to get a scope increase is almost always a failure.Part (1) is far more interesting. This very quickly discovers your true market worth, and sometimes it is not what you think it should be, and leads to the dashing of hopes and dreams, it turns out that most people aren't as unique or as good as they believe they are and therefore should be somewhat cautious pursuing this path. In all cases, the results can be broken down into one of the following cases:A. You don't get any offers. Ergo, your skills aren't as valuable as you thought you were and your current job is about the best you're going to get for the nonce. You stay and pray the company doesn't discover your incompetence.B. Your offers are substantially less than your current job. See A above.C. You get an offer that's about the same as what you are currently making -- it is just a different company with different sets of issues, you should consider this if you believe that those sets of problems are ones you can work around better than in your current company. D. You get an offer that's really good. Two subcases: you go back to the company and say "I have this offer." The company can either (a) counter or (b) say no thanks, goodbye. If it's (b), then you know you're never going to get much change in comp because to the current company the value you bring to the table is fairly compensated. You must immediately quit and join the other company. However, if it's (a), then you are bringing more value to the company than they are paying in comp and now the market values are aligned by the current company giving you more money.In all cases, the expected value of the exercise is a net positive, either in monetary terms, or self-discovery of your eligibility. I don't believe interviewing at other places to discover your market value is something that should cause problems at your current job -- this is a purely functional exercise to find pricing and should be viewed as such.