Do these 2 things instead

• Shark Tank’s Barbara Corcoran believes you can score a pay raise if you’re prepared to negotiate properly—but whatever you do, “don’t go in there and say you want a raise,” she warns.

If you feel like you deserve a raise, you’re not alone. Over 80% of Americans want to ask their boss for an increase in their compensation, yet only 60% plan to follow through, according to one study.

Luckily, Shark Tank’s Barbara Corcoran has some words of wisdom to help you obtain the compensation you deserve. It all starts, she says, with taking stock of your work responsibilities.

“You want to prepare for the meeting by making a list of everything you are hired for and then everything you are actually doing right now and share that with your boss,” Corcoran says in an Instagram post.

Then, she adds, you need to come in ready to negotiate firmly by naming a figure.

“Don’t go in there and say you want a raise,” she says. “Say you want a 10% raise and you’re in a much better negotiation position to maybe get 8%. Name the number.”

While Corcoran’s advice may sound simple, having confidence behind your raise proposal is likely to increase your chances of taking home the money you deserve and building your wealth on your own terms.

During periods of economic uncertainty, raises are often one of the first parts of companies’ budgets to go. Between 2023 and 2024, companies reported scaling back their median salary increases from 4.5% to 4.1%. And if 2025’s market conditions stand as volatile as they already have, there may be fewer raises to go around this year.

That doesn’t mean all raises are gone; it just means the stakes are raised for you to prove you are owed one. For those who need an extra boost in crafting a message, ChatGPT or another generative AI chatbot is slowly becoming an effective salary negotiation coach for workers.

While asking for a raise can be stressful, it may be rare for a leader to come to you with a performance-based salary increase. Corcoran’s fellow Shark Tank star Robert Herjavec emphasizes that more often than not, you need to initiate the conversation and treat it like a business negotiation. His advice centers around five items:

• Timing is important

• Don’t beg

• Emphasize your worth

• Follow the three P’s (practice, perspective, and proactive)

• Bring proof of your performance

“It feels just as good to give someone a raise as it does to receive one,” he says. “So plan ahead, be transparent, be firm, and remember that the final decision comes down to how much value you add to the company.”