> Sit your employer down and say "I am applying for Jobs in the 80-100K range because <list of reasons>. When I get an offer I will take it, you are welcome to make me an offer to stick around now"

I don't know if I would recommend that. No upside to the employee. A large "egoless value maximizer" business will simply do nothing until employee shows them an actual offer, and only then counter-offer if they want to retain. A small business where manager's ego is a factor may just fire the employee on the spot for disloyalty. Pretty close to zero companies will respond by immediately raising employee's salary to what he wants.