Barbara Corcoran: This Is How You Ask for a Raise | Global Market News
Thinking of asking for a raise? Shark Tank investor and multimillionaire Barbara Corcoran says the important thing to getting forward is being ready and being particular.Corcoran, 76, posted an Instagram video explaining the weather to keep in thoughts when approaching a boss about a wage raise. The “Shak Tank” star and entrepreneur, who based real estate brokerage, The Corcoran Group, and bought it in 2001 for an estimated $70 million, has expertise overseeing a workers of up to 700 brokers.Corcoran suggested viewers to organize by making a listing of each accountability they have been employed to do. Then, they need to write a separate listing of the whole lot they’re actually doing of their present roles. That method, the supervisor can clearly see the place they’re fulfilling their obligations and the place they’re going above and past — they usually can talk that to their boss.
Related: ‘Do You Know What a First Class Ticket Costs?’ Why Barbara Corcoran Flies CoachThe second tip Corcoran gave was to call a share or a particular financial worth for the raise. Instead of saying “I want a raise,” Corcoran mentioned bosses would reply higher to, “I want a 10% raise.”
“You’re in a much better negotiation position to maybe get 8%,” Corcoran mentioned. “Name the number.”Corcoran prides herself on being a good boss, stating final month in a separate Instagram post that her perspective is grounded in what she will be able to do for her staff and how she will be able to serve them.Her skilled efforts have been fruitful: Corcoran earns round $4.5 million a yr from investments, factoring in earnings from over 650 offers she’s made on “Shark Tank” as an unique solid member for 16 years.Related: Barbara Corcoran Needed to Make Job Cuts. Here’s Why She Fired Her Mom First.No matter how good the pitch, raises may be uncommon or a common yearly incidence, relying on the company.According to Payscale’s 2025 Compensation Best Practices Report, engineering and science corporations intend to offer 4.6% raises this yr, whereas nonprofits and academic establishments are solely planning on a median 3% pay increase for 2025. Some corporations going by means of a troublesome financial yr could also be unable to offer raises and are usually not legally obligated to, per Indeed.Nonprofit assume tank The Conference Board surveyed 300 compensation leaders throughout 11 industries and located that the average annual raise for U.S. staff is round 4%.Data from the U.S. Bureau of Labor Statistics backs up this determine, exhibiting that salaries for civilian staff elevated by an average of 3.8% for the 12-month time body ending December 2024.
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