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Barbara Corcoran Explains How To Ask For A Raise - YouTube
Channel: Business Insider
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Do you really want a raise,
or this is for example?
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Interviewer: We all
want to make more money.
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Yes, of course.
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And I could tell looking
at you, you're underpaid.
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Interviewer: Why?
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Because you would afford a
much nicer shirt and trousers
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if you were making enough money.
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Interviewer: Wow.
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If you want to get a raise,
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and particularly if you're a
woman who wants to get a raise,
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women don't ask for raises I can tell you.
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I've employed thousands
of women over my life.
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They do not ask for raises
unless they absolutely must,
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and men ask all the time.
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And so, what the smartest
thing to do is, first of all,
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make an appointment to ask for a raise,
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even if your expectation isn't
that you're gonna get it.
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At least ask for it,
because that sets you up
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for the next meeting where
you'll likely get it.
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And the smartest thing to
do is to walk in with a list
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of your responsibilities when
you started at the company,
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and then also the list of things
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you've taken on since you started.
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And simply, make the boss aware
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that you have a lot more responsibility.
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You're delighted to take it on,
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give me more, but I'd
like to be compensated
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and to name a number you'd like.
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Most women, when they work up to the point
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where they'll ask for a raise,
they won't give a number.
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"I'd like to get a raise."
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Men will walk in and say,
"I'd like to get a raise."
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"I'd like it to be around 10, 15 percent."
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No qualms.
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So, if you're a timid woman,
I think the smart thing to do
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is ask, "What would a man do?"
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And walk in thinking like a man.
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If you don't get the raise,
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you have to ask, "What
would merit a raise?"
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So that when you come back the next time,
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you could say, "Hey,
this is what I've done,"
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"I'd like to get that raise."
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When someone has come to me
and said they got another offer
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for a lot more money from somewhere else,
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and it's not followed
up with, "So, goodbye,"
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they're looking for something from me.
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I never try to buy their loyalty
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because I haven't earned
their loyalty, obviously,
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and they're on their way out the door,
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I'm not gonna stop them with more money.
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They're already off my list.
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I can't wait for them to go out that door.
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It's perfectly acceptable
to go to your boss
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and say, "You know, I'm
a little surprised."
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"I got an offer for a lot more money,"
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"but I'm not taking it
because I love this business."
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"But I'm really wondering,
could you level with me"
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"as to my future prospects here?"
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That's a great opener.
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And it's not insulting
and it's not threatening.
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And guess what?
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You'll get the best out of that boss.
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Very, very different than saying,
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"You want to pay up?"
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The tone is entirely different.
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One, the boss wants to measure up.
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The other style, the boss wants
to boot you out that door.
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I think the piece you have to put in is,
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"I got a great offer, I love working here"
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"and I plan to stay,"
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"but it brings on the table my question,"
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"what do you think my prospects here"
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"in the future might be?"
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That's pretty fair.
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If I were a boss, I would go out of my way
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to think of how I could push
you ahead, if I value you.
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And if my response instead was,
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"Well I'm happy to hear
about it, but you know,"
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"we pay you fairly and you
have good responsibilities"
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"and we're pretty happy,
so do what you want."
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Or something like that, I
would know I am not valued,
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and I would take the other
job because the one thing
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you must be in any position you are,
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male, female, whatever level you are,
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is you must be valued and
appreciated to be promoted.
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It's a great way to go
in and take a litmus test
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as to how you are valued
in that boss' eyes,
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and your boss has more
to do with your future
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than the company you're working for,
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your responsibilities and everything else.
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If they love you, they
will push you ahead.
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I had so many people come and
ask for raises over the years.
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Of course, mostly men.
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My theory as a boss is,
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you get ahead of your valued employees
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and you raise them before
they ever get to ask.
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Because employees will kill for you,
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if you can treat them
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with that kind of reverence and respect
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and prove it by paying them more.
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They'll kill for you.
They're loyal forever.
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And I've always been very lucky
to be surrounded by people
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that are enormously loyal,
and it's no accident.
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Because I make sure I
push money, recognition,
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whatever I have, opportunity,
more valuable than raises.
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Bonuses, whatever it takes to
make them feel "I am loved."
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That's what everybody wants.
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