At IGNITION, Business Insider asked real estate mogul and “Shark Tank” host Barbara Corcoran to share her advice on how to successfully ask your boss for a raise. Corcoran also talked about what you should do if you receive an offer from another company.
Following is a transcript:
Barbara Corcoran: If you want to get a raise, and particularly if you’re a woman who wants to get a raise, women don’t ask for raises I can tell you. I’ve employed thousands of women over my life. They do not ask for raises unless they absolutely must, and men ask all the time. And so, what the smartest thing to do is, first of all, make an appointment to ask for a raise, even if your expectation isn’t that you’re gonna get it. At least ask for it, because that sets you up for the next meeting where you’ll likely get it.
And the smartest thing to do is to walk in with a list of your responsibilities when you started at the company, and then also the list of things you’ve taken on since you started. And simply make the boss aware that you have a lot more responsibility. You’re delighted to take it on, give me more, but I’d like to be compensated and to name a number you’d like.
Most women, when they work up to the point where they’ll ask for a raise, they won’t give a number. “I’d like to get a raise.” Men will walk in and say, “I’d like to get a raise. I’d like it to be around 10, 15 percent.”
No qualms. So, if you’re a timid woman, I think the smart thing to do is ask, “What would a man do?” And walk in thinking like a man. If you don’t get the raise, you have to ask, “What would merit a raise?” So that when you come back the next time, you could say, “Hey, this is what I’ve done,” “I’d like to get that raise.”
When someone has come to me and said they got another offer for a lot more money from somewhere else, and it’s not followed up with, “So, goodbye,” they’re looking for something from me. I never try to buy their loyalty because I haven’t earned their loyalty, obviously, and they’re on their way out the door, I’m not gonna stop them with more money. They’re already off my list. I can’t wait for them to go out that door.
It’s perfectly acceptable to go to your boss and say, “You know, I’m a little surprised. I got an offer for a lot more money, but I’m not taking it because I love this business. But I’m really wondering, could you level with me as to my future prospects here?”
That’s a great opener. And it’s not insulting and it’s not threatening. And guess what? You’ll get the best out of that boss. Very, very different than saying, “You want to pay up?” The tone is entirely different. One, the boss wants to measure up. The other style, the boss wants to boot you out that door. I think the piece you have to put in is, “I got a great offer, I love working here and I plan to stay, but it brings on the table my question, what do you think my prospects here in the future might be?” That’s pretty fair. If I were a boss, I would go out of my way to think of how I could push you ahead, if I value you. And if my response instead was, “Well I’m happy to hear about it, but you know, we pay you fairly and you have good responsibilities and we’re pretty happy, so do what you want,” or something like that, I would know I am not valued, and I would take the other job because the one thing you must be in any position you are, male, female, whatever level you are, is you must be valued and appreciated to be promoted.
It’s a great way to go in and take a litmus test as to how you are valued in that boss’ eyes, and your boss has more to do with your future than the company you’re working for, your responsibilities and everything else. If they love you, they will push you ahead. I had so many people come and ask for raises over the years. Of course, mostly men. My theory as a boss is, you get ahead of your valued employees and you raise them before they ever get to ask. Because employees will kill for you, if you can treat them with that kind of reverence and respect and prove it by paying them more. They’ll kill for you. They’re loyal forever. And I’ve always been very lucky to be surrounded by people that are enormously loyal, and it’s no accident. Because I make sure I push money, recognition, whatever I have, opportunity, more valuable than raises. Bonuses, whatever it takes to make them feel “I am loved.” That’s what everybody wants.
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Barbara Corcoran Explains How To Ask For A Raise
47 Comments
I would love to work for her ❤
Barbara is so down to earth i love her
She’s awesome! I love her wit, she’s so funny but also provided great insight. I’m a fan of the two examples she gave on how to ask for a raise without coming off as demanding. While also using professional language and key terms.
I’m going down the Barbara rabbit hole. I just saw the video about her ex partner leaving her, but how it propelled her to greatness. Those who struggle know what it’s like to want more and will do what they can to achieve it by their own means.
When I have a yearly meeting with my superior regarding my salary I always prepare the numbers. How much did it cost to have me working at the company vs how much I earned the company. You pay me $5.500 a month and I earn you $13.000 a month. I deserve a raise. Never had any trouble getting one as long as I prove to board that I know the numbers
Thank you. I get the raise
I worked @ a McDonald's and I thought that I did a terrible job, but I got my first raise.
Good advice. Very sexist though. And there are a lot of bosses that don't like you or don't want to know you.
Any women here that have asked for a raise and were successful? I’m 23, I started my job in digital marketing June last year as a content writer and social media specialist. Now, I do:
Social Media
Content Writing
SEO
Account Managing
And I help my boss with his other business by doing content writing, seo, social media, and I dabble in sales/local orders. This is done through the digital marketing agency I work at but I’m the only one in the office who helps him with this system.
I got a raise from $50k to $55k in January. I was excited, but quickly felt like a bit of an under appreciated fool when I realised it wasn’t much of the raise I expected. Next week I have a performance review and really want to sit with my boss or manager and ask for a 10%-15% raise but I am so scared. Anyone have any advice? I love my boss, I love my work, and I want to move further up in this business as the years go by.
I really wanted this thank you
A lot of managers will show you out the door immediately and say workers are a dime a dozen times unfortunately they aren’t always professional and sometimes do not even deserve to be placed into the position they are in and just shove you out
Anybody hiring haha
I know somebody who told their boss they couldn't work for their current wage. The boss said we're sorry to lose you and good luck with your future endeavors.
Love this very help will use
Don’t ask for a raise find a new job. Statistics show people that move jobs every few years on average are making 10-20% more than people that stay at their first job.
Your advice got me a raise. Much appreciated 🙏
Wanna raise? First make sure you are really good at it, tell your boss you have a better offer from another company nada tell them how much they're giving you and they'll get super close to the other offer and you win!
Before watching your video, I had already asked and received a small raise. Then I appealed based on your advice, and got even more! So thank you!!!
This lady is brilliant! Made me think before taking an action on to consideration for a greater compensation. Staying loyal, Making a grand recognition and value to oneself is the way to go when trying to get promoted. She said it better and Well said! Thanks for the tips!!
I appreciate the honesty she has in regards to the differences between men and women and approaching a raise. Doesn't make anyone better or worse than anyone else, just makes them more money.
I watch this video yesterday at the same time I was emailing my boos asking for a sit down I ask for a 10 % rise but my email was so good that he give me 22% thanks very good information
I need a raise I work for workforce in cicero Chicago illinois state and I work in construction and cement
I need oled switch nintendo
Raise is my hand in school
Smoke joints only all my homies smoke joints rollies
I'm not in school anymore and I get my resume which is confusing
I need a switch bros
Ahh thank you so much for that advice…….. you answered ALL my questions!!!! 👍 👌 👏👏👏👏👏👏👏 ❤️
What does Corcoran and Corcan have in common?
Come on maaaaaaan?!?!?
I've never made so much money, independently, before. Promoted to assistant manager! But guess what? I still make under the minimum wage. Grateful to God for helping me get to this place.
Thank you so much for these great advices!
I would like to work for her.
She sounded very sure about the “they’ll kill for you” part
No wonder she is as successful as she is. She seems to know hit to treat her employees
Got the raise 20 minutes after watching this video. THANKS BARBARA!!!
I’m out
It all sounds nice, but, most employers simply don’t think this way. They are trying to get as much out of you as they can for as little in return as possible.
Actually I think it's a real BAD idea to go to your boss. All you're doing is showing him your hand (cards analogy) and he may start looking for your replacement. If that doesn't bother you, go ahead. Her advice on HOW to approach is good, if you decide that's how you're going to do it. – All due respect to Barbara, but she's looking at things from a Boss' perspective….don't ever take employee advice from a company owner or boss – they are there for the good of the company, not yours.
I think, it's best to have another job offer at the same amount or more, and then tell him you've got a job that pays more and has [insert some conditions that you want changed in your current job; e.g. your own office .. or a company truck…whatever] – If they really value you they will offer you more (not matching – because that's insulting – it's them saying they could have paid you that already but didn't value you enough to offer). And if you like it there, stay…but always be 90% committed to taking the other job offer – A fresh role is always nice, and that way you don't seem like you need them. Don't even hint like you're there to negotiate – just treat it like you're giving notice.
Genius.
Interesting
I'm doing a dishwasher position and because of unnamed circumstances I was cut off from SSI and I had to move to full-time but from $10.50 to $12 and that's fine but recently for the past month or two I've been working 50 plus hours overtime I want to ask a raise to $14.75 this will be my first time requesting a raise at any job but I think that is a good reason to ask to get the raise I've wanted to go full-time and they wanted me to work these crazy 11 12 hour shifts almost every day and I have without a question but for 2 months I think the work that I'm doing is so much more than what my pay is at $12 I'm hoping that I can get the raise but I think that is a good reason, what does other people think
Do not withhold wages from your workers, for their livelihood depends on them. Ben Sira 34:26-27. To deprive an employee of wages is to commit murder
so I worked at a company called protech mats, one day the owner had a meeting and said any one who is in production does not get hours raises or will get them, he says it all on out output??? makes sense to any one ?? he never gives raises.wants you to make the same hourly year after year.
Ive never gotten a raise until i put in my 2 week resignation, then i get an even bigger raise, because i found a better paying job before i quit.
Everybody should make 28 minimum
Oh my gosh if I could work for her! Pure respect for this inside & out amazing & beautiful, intelligent BOSS of a woman!
Women don't ask for a raise as much as men ask, because the women who don't ask want their men to ask for a raise.
I'm going to ask for a raise and needed pointers. I spoke to my supervisor about looking for a job closer to my house , she stopped me and told me to ask for a raise. She really talked me up. I'm going to be the only assistant her soon, and she thinks I'm deserving of a raise. Which I think so too. I just need to find a way how to approach it. Because if I don't get one, I will be leaving. Lol