Barbara Corcoran is definitely one of the nicer judges on the Shark Tank panel. With her kind and straightforward reputation, clubbed with her benevolent nature with money, one can not help but wonder about her status as a workplace boss. Check out Barbara Corcoran’s secrets to a happy workplace in this article and learn what could be implemented considering your business.
Who is Barbara Corcoran?
Barbara Corcoran is a real estate entrepreneur, investor, and Shark Tank judge. Her success story began with a small loan that ultimately evolved into a multimillion-dollar real estate business.
Barbara is well-known for her ability to inspire teams like a boss, create vibrant work cultures, and share humanistic vision and wisdom on leadership and growth.
What Sets Barbara Corcoran’s Workplace Environment Apart?
While many business leaders aggressively focus on numbers and efficiency, Corcoran is known for emphasizing the human side of work more promptly. Her approach towards the workplace has been contingent on making it a holistic and wholesome experience.
When the paycheck isn’t the only reason one shows up for work, you get a team that is motivated beyond the superficial. Prioritization of job satisfaction breeds a culture of togetherness and team spirit, which is absent from most workplaces.
Here are some ways Barbara has set her workplace environment apart.
1. Play Hard, Party Harder
Corcoran was famous for throwing over-the-top parties for her team, sometimes even with themes and costumes (irrespective of Halloween).
The sillier the theme, the better the energy. This kind of workplace vibes and practices breaks down rigid hierarchies and helps people feel comfortable bringing forward their personal new ideas.
“I always made fun the priority,” she said in a TikTok once. “In sales, you may like the people you work with, but they’re also competing with you. That creates a mix of friend and rival.
Sharing fun moments changes that dynamic and puts everyone on the same level.”
2. Perks and Authenticity Go a Long Way
Corcoran went beyond the usual office setup and turned the workplace into something closer to a clubhouse. She found ways to ease her team’s stress and added simple perks that made the office a nicer place to be.
These perks included:
- Employees could get their clothes cleaned,
- Employees could drop off their kids with a sitter,
- Free lunch for all employees,
- Employees could play games such as ping-pong, table tennis, etc
- Employees could sit for a quick salon session or get a shoe shine without ever leaving the office.
Albeit not too much, all of this ends up being a big psychological boost in the grand scheme of things in a workplace. Imagine not having to worry about lunch or doing laundry after the office!
3. Breaking Routine with Big Surprises
Corcoran would randomly surprise her staff by taking them out of the city for an off-site break in the middle of the week.
She arranged unconventional experiences (at least for an office picnic), ranging from riding camels and elephants to floating high above the ground in hot-air balloons.
4. Creating Healthy Competition
Barbara Corcoran uses the spirit of competition in an energizing way and as a positive force instead of something cutthroat. She says that when it’s fair and lighthearted, competition can push people to do their best, while bringing the team closer together. The key is to keep the focus on growth and shared success, not on rivalries.
5. Initiatives Like A Dollar for Every Thought
Corcoran introduced a “good idea jar” to make contributions easy and rewarding. Team members were encouraged to drop in any idea, from practical tweaks to bold concepts.
Each idea earned the employee a small cash reward, turning brainstorming into a habit.
6. Bonuses Work Better Than Appraisals
Corcoran believed that recognition carries more weight than a standard raise.
Raises are expected, but an unexpected bonus or a public acknowledgment hits differently. It tells someone their effort was noticed right away, and it motivates them to keep going.
She made a habit of recognizing progress at every step, using it as a chisel to sculpt the employee behavior she wanted to see more of.
How Does Her Workplace Philosophy Reflect in Shark Tank?
Barbara Corcoran, one of the Shark Tank judges, often invests in founders who remind her of her younger self.
Barbara believes that the bet is more on the entrepreneur than the product, which mirrors her belief that attitude outweighs skill. Some of her on-screen investments are reflective of the same.
The Comfy
One of Barbara’s most successful deals was with The Comfy, a wearable blanket pitched by two brothers. Her $50,000 investment has made her upwards of $468 million.
Grace & Lace
Corcoran invested in Grace and Lace because the company’s founders were coming from a place of tragedy, and she resonated with their founding story.
Her foresight based on emotional connection has paid dividends as Grace and Lace’s annual revenue reached $20 million.
What Businesses Can Learn from Barbara’s Approach for Better Workplaces
People can learn a lot from Barbara Corcoran’s secrets to a happy workplace. Especially these days, when employee satisfaction is often at an all-time low in many workplaces.
In a hyper-competitive environment focused solely on numbers and targets, human emotions and connections are something that is overlooked. The problem is only getting worse with the rise of AI these days.
Business owners or founders have to note that when employees feel their employer genuinely values their well-being, it creates a stronger sense of connection and loyalty. This bonding encourages employees to stay and give their best.
Barbara and her carefully concocted workplace environment show that business success and employee satisfaction are not antagonistic goals but can be achieved together.
