Want a raise? Many career experts recommend leveraging an outside offer. Barbara Corcoran sees no issue with implying you have another offer, but that’s not enough to guarantee a raise.
“What you shouldn’t do is threaten to leave,” says Corcoran in a Q&A with Us Weekly.
Instead, Corcoran suggests a more strategic path to show your boss you deserve a salary bump:
“Make sure you go with a long list of your responsibilities were when you started and what your responsibilities are now. And express gratitude for the additional responsibilities, how much you love your boss, how much you love your life, but you would like to be compensated for your additional responsibilities.”
Here’s Corcoran’s simple playbook for asking for a raise.
The first thing you need to do is ask.
This might sound like a no brainer. Yet Corcoran has observed fewer women ask for raises than men. “Women only ask for raises if they must,” she told Business Insider. “And men ask for them all the time.”
Step one: Get time on your boss’ calendar to ask for that raise. Because sitting around hoping a raise will magically come probably ain’t gonna happen.
Bring two lists.
Come to the meeting prepared. Make two lists. The first list should be your responsibilities when you started. The second list should be what your responsibilities are now. This will give your boss an objective side-by-side comparison of the additional responsibilities you’ve taken on during your time with the company.
What’s more, this strategy frames the conversation around the value you provide for the company instead of why you want (or need) the raise.
As you talk about your work duties, lead with gratitude and excitement. Express why you love your job and want to grow more in the role and with the company. You’re thrilled to have taken on this extra work, and you’re hungry for more. You’d like to be compensated for these additional responsibilities.
Your boss will want to keep you — and keep you happy — if you’re enthusiastic about your future path with the company. If you approach this conversation with a sense of entitlement, you’re less likely to convince your boss to authorize the raise.
Name a number.
Walk into the raise conversation with a number in mind. And say it.
When women have worked up to asking for a raise, Corcoran says they don’t name a number. She says men have no issue with this. They ask for a specific number or percentage.
Corcoran told CNBC last year that she typically gives 5-10 percent raises, with one exception: When people ask her for more. If someone comes in with a higher number and shows their value, she is happy to give them a bigger raise.
How to leverage a no.
What if your boss says no? Perhaps they say there’s not budget right now, or the company only gives raises during the performance review cycle.
Ask what you can do that would merit that raise. Kelly Coffey, the CEO of JPMorgan Chase’s U.S. Private Bank, suggests you use these two simple sentences to push the conversation forward: “I would like to make $ X. What would it take for me to get there?”
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.