Barbara Corcoran: 2 Most Important Tips When Asking for a Raise
Written by
Nicholas Morine
Edited by
Amber Barkley
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“Shark Tank” investor and businesswoman Barbara Corcoran is renowned for her concise, no-nonsense advice, which she frequently dispenses on social media platforms.
In a recent post shared to Instagram, Corcoran explained the two most important things to have prepared before heading in to ask for a raise.
Make Two Lists of Your Job Responsibilities
You’ll need two lists going into the meeting.
“You want to prepare for the meeting by making a list of everything you were hired for,” Corcoran said. “And then make a list of everything you are actually doing right now. And share that with your boss.”
The thinking behind this solid piece of advice is simple: All too often, particularly in today’s workforce, employees or independent contractors are subjected to “role creep” or “job creep.”
According to business consultant Julie Hogbin, these two terms have some minor points to differentiate them, but they are often used interchangeably — and, in broadest terms, represent scenarios wherein you end up shouldering far more work than agreed upon at the time of your hiring.
In any case, Corcoran’s suggestion to let your boss know exactly how much additional tasking and responsibilities you’ve taken on is sure to reinforce your ask for a raise.
Name Your Number
“The other thing you must do is name a figure. Don’t go in there and say you want a raise,” Corcoran said. “Say you want a 10% raise, and you’re in a much better negotiation position to maybe get 8%. Name the number.”
Research reinforces Corcoran’s position. According to research produced by Columbia University and published by the Journal of Experimental Social Psychology, precise figures act as better raise negotiation anchors than round ranges — and indicate that you’ve done your research on what the salary expectations surrounding your position are.
More From GOBankingRates
Sources
- Instagram, Barbara Corcoran
- Julie Hogbin, “What is Role and Job ‘Creep’.”
- Journal of Experimental Social Psychology, “Precise offers are potent anchors: Conciliatory counteroffers and attributions of knowledge in negotiations.”
