Warren Buffett’s No. 1 Rule on What Businesses People Should Work For
Written by
Vance Cariaga
Edited by
Maria Concepcion
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If finding the right job and employer were easy, then people wouldn’t be switching jobs so often. According to research from Mercer, the average annual employee turnover rate at many companies in the U.S. is 20% and higher. One of the main reasons is that people go to work for companies they shouldn’t.
Warren Buffett, the mega-billionaire CEO of Berkshire Hathaway, has some advice to share in this area. During Berkshire Hathaway’s 2022 Annual Shareholders Meeting, Buffett talked about his advice to college students setting out on a career path. Two of his main pieces of advice are to find a job you are trained for and at businesses where you might find a strong connection with employees.
“I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money,” Buffett said. “Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be ‘working.'”
Buffett also related his experience working at Berkshire Hathaway, saying he found what he loved to do.
“With very few exceptions, we have now ‘worked’ for many decades with people whom we like and trust,” he said. “In our home office, we employ decent and talented people – no jerks.”
Buffett also addressed the topic of finding the right employment fit in his 2009 book, “The Snowball: Warren Buffett and the Business of Life.” As Inc. noted in a recent article, Buffett recommends working for someone you can respect and admire. Here’s a direct quote from the book:
“People ask me where they should go to work, and I always tell them to go to work for whom they admire the most. It’s crazy to take little in-between jobs just because they look good on your resume. That’s like saving sex for old age. Do what you love and work for whom you admire the most, and you’ve given yourself the best chance in life you can.”
Because you will spend a significant portion of your life working, finding a job and employer that fit your values and will keep you motivated and rewarded makes sense.
“Buffett’s message is to avoid settling for mediocre jobs and people who may seem impressive but ultimately leave us feeling trapped in a cycle of repetition,” Inc. contributing editor and leadership coach Marcel Schwantes wrote. “Life’s too short to settle for anything less than what truly excites you. Find a place where you can thrive and work with mentors who inspire you to be the best version of yourself.”
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