"Employees will kill for you" — When Shark Tank’s Barbara Corcoran discussed how to negotiate a raise and gauge your future at work

At Business Insider’s IGNITION conference on January 14, 2019, real estate investor and Shark Tank host Barbara Corcoran discussed the importance of recognizing employee value in the workplace. She explained that proactive compensation helps retain top talent, stating:

"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."

The Shark Tank investor also shared strategies for employees seeking raises and ways to assess their future at a company.

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Shark Tank Barbara Corcoran’s advice on negotiating a raise and evaluating career growth

How to approach a raise discussion

Barbara Corcoran has highlighted that employees should take an organized approach when requesting a salary increase. She has suggested that employees schedule a meeting with their employer, even if they do not expect an immediate raise. According to her, making the request sets the stage for future discussions. She stated;

"At least ask for it, because that sets you up for the next meeting where you'll likely get it."

She has also advised employees to prepare by documenting their responsibilities at the start of their employment and the additional duties they have taken on since then.

Corcoran has explained that presenting this information helps demonstrate growth and increased contributions. The Shark Tank investor stated:

"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."

Additionally, she has pointed out that specifying a desired salary increase is a key factor in successful negotiations. She has observed that men tend to directly state the percentage increase they seek, whereas women are less likely to do so.

She has advised employees to clearly express a specific raise amount rather than making a general request.

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What to do when receiving a job offer

During the IGNITION conference, Corcoran addressed how employees should navigate situations where they receive a higher-paying offer from another company. She has advised against using an external offer as a direct ultimatum to force a raise.

Instead, she has suggested discussing the offer in a way that encourages an open conversation with a current employer. She explained:

"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?'"

She has emphasized that this approach differs from issuing a demand, as it allows an employer to respond constructively. Furthermore, Corcoran has indicated that when an employee presents an offer solely as a bargaining tool, it may signal to their employer that they are already prepared to leave.

The Shark Tank investor has explained that if an employee's loyalty was strong, the employer would have already taken steps to recognize their contributions.

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How to assess your value in the workplace

According to Corcoran, employees should evaluate how their employer perceives them by paying attention to how their raise request is handled. She has suggested that if an employer is willing to discuss future opportunities and increased compensation, it indicates that they are valued.

However, if the employer remains indifferent or does not express interest in retaining them, it may be a sign to consider other options. The Shark Tank investor explained:

"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."

Corcoran has also stated that a manager's role is crucial in determining career growth. She has noted that an employer who prioritizes an employee’s success will create opportunities for advancement. She stated:

"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."

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