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I contend that an employee takes the seemingly easy way out, avoiding confrontation by saying that "they are offering me more money" when what he really wants to say is, "My boss is a real jerk and you couldn't pay me enough to stay here!" If it's really money, we should have dealt with that already and usually, we try to counter-offer. This also begs the question, if you can afford it and they're worth it, why don't you pay them more? Anyway, that's another story altogether. Studies show that lack of competitive compensation can be dissatisfying, but compensation alone won't keep people if they are dissatisfied in other key areas...
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