Unfortunately the Wall Street accountants who run our companies don't mind if you jump ship after your 2% 'reward' raise. Because when someone new comes and costs 10 % more plus recruiting costs, that latter person has 'proven' their worth in the market, similar to when a house goes up in value due to scarcity.

If you were to explain the costs of knowledge lost, of training, of taking a risk on a new unknown person, of relationships, there's no answer because it doesn't show up in any operating expense worksheet.

What you're supposed to do is find another job, and explain that you love this job so much, but the other offer is really good, can they come up close to it and you'll stay. Repeat this every few years or find a new job and move to it.