Careers

‘Shark Tank’ investor Robert Herjavec describes the best way to ask for a raise

Robert Herjavec
Monica Schipper | Getty Images)
Robert Herjavec

Figuring out if, when and how to ask for a raise can be nerve-racking. But it doesn't have to be.

"Shark Tank" judge and serial entrepreneur Robert Herjavec reveals 10 steps to ask for a raise — and actually get one — in his book "You Don't Have to Be a Shark: Creating Your Own Success."

"How do you get it?" he writes. "By selling your value to the company, which involves justifying the quality of your work and your performance on the job."

Here we've summarized his 10 rules.

1. Get the timing right

While your annual performance review may seem like the right time to ask for a raise, Herjavec recommends asking three to four months before your review, so that your boss has time to consider it and make any budgetary changes.

Specifically, Herjavec says asking after lunch on a Thursday or Friday boosts your chances of success, since most people are more relaxed at that time.

2. Don't plead

Managers reward people based on performance, and only performance, according to the "Shark Tank" judge. When you ask for a raise, leave out personal reasons like rising rent or family struggles.

"Just remember, you're asking for a justified raise, not corporate sympathy," Herjavec writes.

Instead, he recommends focusing solely on your work and your value.

3. Phrase it as a commitment

"Earning a raise isn't about the past, it's about the future," he writes.

Frame your raise proposal as equal to or less than the increased value you will add to the company over the next year, Herjavec says.

Employee and boss in a meeting
David Lees | Getty Images

4. Highlight your specific value

Be prepared to highlight your individual skills and achievements, so that your boss understands the unique value you bring to the company and team.

"Make sure it's known," the investor says.

5. Follow the three P's

Herjavec's three P's are practice, perspective and being proactive.

He says you should practice your pitch, understand your company's perspective and be proactive by asking what it will take for you to earn the raise.

6. Be confident, not cocky

"Unless you are both serious and prepared, never threaten to look elsewhere for a job if your demands are not met," Herjavec writes.

Robert Herjavec on "Shark Tank."
Tony Rivetti | ABC
Robert Herjavec on "Shark Tank."
"Be prepared to sell your value to your boss, with solid facts and a respectful manner." -Robert Herjavec, "Shark Tank" judge and entrepreneur

7. Bring proof of your performance

Point out ways your work has improved, and provide data that demonstrates it, he recommends.

8. Don't take it personally

Getting or not getting a raise isn't personal.

"Stay cool and calm while discussing your request," he writes. "If you feel your boss is being unfair or unappreciative, deal with it separately, not when you're pursuing a raise."

9. Get rid of the gender gap

This one isn't just for women, it's also for men. "There's no room left for the gender gap," he writes.

Women "are no less assertive or aggressive than their male colleagues," he says, so don't let these old stereotypes cloud your vision.

10. If all else fails, change may be good

While the "Shark Tank" judge maintains you should never threaten to leave a job during a raise discussion, he says that not getting a raise can be an eye-opening experience.

"If you are honestly convinced that refusal to deal with your salary request is unfair, perhaps it's better for you to move on," he writes.

Herjavec recommends considering what opportunities exist for you at the company, whether your colleagues represent a big part of your social life, and if you truly feel like you can't move past the rejection.

Above all, don't be nervous.

"Be prepared to sell your value to your boss, with solid facts and a respectful manner," he writes.

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."