I worked with current employer for more than 8 years. The only reason I looked outside is that the industry standard pay package includes performance based bonus which could potentially be 10x my current pay. Current employer is holding off from that idea for years. Recently I landed an offer with that package from a respectable competitor.
Apart from pay, the current employer is quite good in terms of working environment and work life balance. So I really prefer to stay with current job, even with 50% matched offer. The issue is that the idea of 'performance based bonus' has come up various times in the past and was never accepted. So without the threat of an external offer, I don't think it will ever go through. Of course the new offer is from a respectable company and I'm happy to leave if current employer doesn't want to give anything.
Is it normal to ask current employer to match an external offer? If so, how best can I negotiate?
PS Similar to this question How do I ask my current employer to match a signing bonus from a new potential employer?, but I do prefer to stay, hopefully for many more years. Just don't want to be so much underpaid compared with industry average.