To get a 20% increase, I would have to change workplaces- I've done that multiple times in my career. I LIKE my workplace now, and feel somewhat stable, so it wouldn't be worth the money to me.
This is part of the issue I'm having. Overall, i really like my workplace, the people, my manager, and what I do. I just can't justify being paid 15-20% less because of it. I'm hoping it all works out in the end and they are able to pay me what I would be able to get in the market. If I was coming in and interviewing for my current job I would still be asking for 20% more than I'm making now after my latest raise.
Although, if you get an offer in hand, you may be able to get your current company to give you the equivalent raise to keep you. It costs a lot to train someone- might cost less to retain you, especially if you make it clear you weren't leaving because you were unhappy.
For me, the industry is limited, at least if I don't want to move. There is only one other local company I can go to, and I have heard horrible things about their work-life balance. I'm also pretty fairly paid, I'd just like to have more. I know my name is up for a promotion, and it has been approved by my department, but whether it takes 2 months or 2 years to get approved by the board I don't know. I could go back to places I worked before, but honestly, I left them for a reason, and it wasn't just money (though the money got better every time I left.)
I do place value on working with intelligent colleagues, good management, and having work-life balance. The only negative is my job requires travel and with a baby on the way, I'm not too sure about that... (Though I've negotiated 1 year off travel)