>I work for a F500 company

As have I in the past.

​

>Will they use this to replace you? I have never seen that happen.

I have. Repeatedly.

​

>That conversation is incredibly easy to have with your boss if you have a good relationship with your org.

Your boss has a boss who also most likely has a boss. These conversations don't stop with your boss. Even if your boss doesn't think it's a big deal, chances are good someone else higher up might have an issue with it. And when the time eventually comes to have those conversations about who to keep/let go...those people with reps are some of the first ones to be brought up in those conversations.

​

>Technical roles in F500 companies are expensive to backfill.

No, not really. A lot of people want to work in them and budgets are usually larger and they can be more competitive in attracting talent. Smaller companies with smaller budgets/footprints actually tend to have a harder time attracting people due to the above mentioned issues.

Make no mistake, everyone is replaceable. F500 companies are not immune to bad management and the short comings of having people, and the baggage they come with, complicate the process.

>People routinely give notice where i work, get significant counter offers to stay, and remain on as employees for a long time.

If this is true, then there are other issues at play here. Sounds like the company is paying well below market and getting away with it. 1/2 here or there ok, but if it's routine then it is a pattern that should be a sign to all the employees that the company is clearly taking advantage of their talent. Personally not somewhere I'd be interested in working.

>There are circumstances when it can make sense.

Except...there isn't really. If you're unhappy enough to entertain accepting another offer, be that for money or other reasons, you'll be unhappy again in that same role eventually. Accepting a counter-offer at best simply notifies the current employer you're willing to leave when something better comes along (and why would they bother investing more company resources on an employee who is now known to be looking to leave) and at worst gives them time to find your replacement on their terms.

I've seen this scenario play out many times, all roughly the same outcome, many times in my career.

Literally installed that box about 8 hours ago. Works perfect and comes with the screws for install.