Managers often offer more money when staff hand in their notice.
But by that time the member of staff has a job offer elsewhere. Turning them down means you won't be able to go there later if you change your mind.
So the offer of more money is too little too late. But sometimes the only way to get a decent raise/promotion is to company hop.
Though I know one guy who, when offered more by his current employers, told the new employers about the offer and they gave him another offer with lots of zeros on the end. Was crazy money. The lucky *censored*