Repercussions can be leaders not assigning you any high-profile projects, parking any upcoming promotions & placing you in auto-pilot until you hand in a letter.
Becomes quite bad if a job offer doesn't follow through because you've now been labelled as a flight-risk.
Everyone thinks that a passive-aggressive threat of moving on provides some form of leverage. Sadly, majority of the time, leverage only comes once you're holding another job offer.
However once you've received an offer, its most likely too late to be persuaded to stay because the dissatisfaction tends to be more than just low-pay.
Don't play games until you have an offer in hand because the ball is in their court until then.
I think the way around this, is to continually search jobs whilst you are still happy in your current workplace. That way if you progress through any interviews & come up with offers, you could leverage more money from current employee whilst still enjoying the environment.
People tend to start looking once they're dissatisfied by multiple issues & tend to accept the new role regardless if the current company matches pay.