Considering a salary increase? Renowned entrepreneur and “Shark Tank” investor Barbara Corcoran emphasizes that preparation and specificity are crucial steps in this process.

Corcoran’s Tips for Success

1. Thorough Preparation is Key

Barbara Corcoran suggests that individuals should begin by compiling two distinct lists:

• Responsibilities You Were Hired to Do: Outline the duties outlined in your job description.
• Current Role Contributions: Detail the tasks you are currently performing, especially those that extend beyond initial expectations.

This approach allows managers to see both the fundamental responsibilities being met and any additional contributions that enhance the overall value an employee brings to the company.

2. Specify the Raise Amount

When discussing a raise, being specific about the amount is essential. Instead of a vague request, Corcoran advises stating a clear percentage or monetary figure. For instance, rather than simply asking, “Can I have a raise?” it’s more effective to say:

“I want a 10% raise.”

According to Corcoran, by naming a specific number, you position yourself better in negotiations, potentially securing a slightly lower increase, such as 8%.

Corcoran’s Professional Insights

Corcoran is committed to her role as a supportive leader. She recently discussed her management philosophy, highlighting that her perspective centers on understanding how to best serve her employees. With a robust annual income of around $4.5 million from various investments and involvement in over 650 deals on “Shark Tank,” her insights are informed by extensive experience.

Understanding Raise Etiquette in Different Industries

Although employees may prepare thoroughly, the possibility of receiving a salary increase can depend significantly on the company’s financial health and policies. According to the 2025 Compensation Best Practices Report from PayScale:

• Engineering and science sectors are projected to offer an average raise of 4.6%.
• Nonprofits and educational institutions may only anticipate a median increase of 3%.

The Conference Board, which surveyed compensation leaders across various sectors, found that the standard annual raise for U.S. employees is approximately 4%. Supporting these findings, the U.S. Bureau of Labor Statistics reports an average salary increase of 3.8% for civilian employees as of December 2024.