Money

Barbara Corcoran usually gives 5% to 10% raises, but has 'always given more' to employees who do this

Barbara Corcoran, founder of The Corcoran Group and "Shark Tank" investor
Donna Ward | Getty Images
Barbara Corcoran, founder of The Corcoran Group and "Shark Tank" investor

If you want a raise, "you better learn to ask," "Shark Tank" star Barbara Corcoran says on her new iHeartRadio podcast, Business Unusual with Barbara Corcoran. "I've hired hundreds of people in my career and I can tell you, the people who get paid the most are almost always the people who ask for a raise."

Corcoran, who built a real estate empire that sold for $66 million in 2001, traditionally gives raises between 5 and 10 percent. But there's one scenario in which she's "always given more," she says: "When people come in with a higher number."

That said, you still have to come into the meeting prepared to list the reasons you deserve the amount you're asking for.

"No one gives a raise for the same job you did last year," Corcoran says. "List every new task and responsibility on a sheet of paper and take it with you, and be ready to back them up."

When the big day comes, "think of it as a sales presentation, because that's exactly what it is," she adds. "And really strut your stuff. You'll need to dress for the part you're asking for, so step up your dress just a notch."

An effective way to start the meeting is to talk about what you like about your job and the company, says Corcoran. "Then, cut to the chase. Say you'd like to get a raise and why, and know the number you're looking for."

After your pitch, don't pressure your boss for an immediate answer. "Trust me," says Corcoran. "I've been a boss many years, and when someone is asking me for an immediate answer, I feel cornered."

Finally, keep in mind that there's probably room in the company budget for you to get a raise. "Don't fall for the usual b------t corporate lies or stalls, like, 'Oh, times are tough.' Or, 'It's not in the budget,'" says Corcoran. "Raises are always in the budget for some people, and you want to be one of those people."

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

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