I have worked for very few of those types of companies. In my early career, it was more common to periodically market-adjust jobs across the board. But in the past 10-15 years, I haven't found it to be the case. My last job switch was a lateral financial move, but a trade off for MUCH less stress and responsibility. My former company countered with an insane raise offer. I had been asking for a raise for years, probably about half of what they came back with when I said I was leaving. And every year I was told there wasn't money in the budget. So I finally saw the writing on the wall and found another job. The fact that in less than 24 hours they came back with an offer that was double what I had traditionally been asking for, no problem, was really disheartening and I didn't take it, because I felt they weren't trustworthy or honest with me. And they obviously intended to just suck me dry til I left. Sadly, this has been the experience for the others that were in the department, and countless friends' anecdotal experience. It was indeed totally toxic. Yet this company is regarded as a 'Great Place to Work'... I don't get it.
Also, as I was decided whether to stay at the new offer or not, the research I did indicated that most of the time you burn too many bridges with a resignation and the majority of people who stay are gone (whether by their choice or the company's) within a year of accepting the offer. So that factored into my decision as well.