Warren Buffett: 1 Skill To Work On To Improve Your Earning Power
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Mary Green
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Amber Barkley
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Billionaire investment guru Warren Buffett says one key skill can help young people boost their earning power, no matter what sector they work in. Surprisingly, that skill has nothing to do with technology, math or even financial literacy.
The Oracle of Omaha says that developing strong communication skills is one of the best ways to get ahead in life. In an interview with Gillian Zoe Segal, for her 2015 book, “Getting There: A Book of Mentors,” Buffett said communication is “essential” for anyone in a leadership role. He also stressed that it “can make a major difference in your future earning power, as well as in many other aspects of your life.”
So why, exactly, is communication so important, and what can it do for your career?
AI Isn’t Going To Replace ‘Soft Skills’
Artificial intelligence is already taking over a number of mundane tasks, like data entry and formatting documents. However, most workers feel confident that AI isn’t capable of replacing their so-called “soft skills,” like communication, empathy and conflict resolution, a recent survey from Wiley found. Since these skills can’t be replicated by AI, employers value them highly.
In fact, LinkedIn research showed that people who excel at communication and other soft skills tend to get promoted more quickly than their colleagues. Of course, hard skills like programming and data analysis are still important, but strong communication and interpersonal skills are likely to give employees a boost on the career ladder. With AI taking over some traditional office tasks, it’s more important than ever to build up the skills that are in demand today.
Communication Skills and Leadership
Buffett told Segal that communication is especially important for people in leadership roles, who need to be “able to get others to follow your ideas.”
Clear communication ensures that everyone in the organization is on the same page and fully aware of the company’s goals. Likewise, great communication keeps teams informed about their challenges and expectations.
Leaders who communicate clearly can inspire their employees and bring out the best in every member of their team. People in leadership roles might be well served by taking public speaking classes and working to improve their writing.
The Importance of Public Speaking
As a young man, Buffett was terrified of public speaking, he told Segal. The thought of addressing a crowd used to make him feel “physically ill.” In fact, Buffett said he avoided any college class that would have required public speaking.
Today, of course, Buffett routinely gives speeches in front of big crowds. How did he overcome his innate fear of public speaking? He took a $100 class at the Dale Carnegie training institute.
Buffett said that class “had the biggest impact in terms of my subsequent success.” It gave him the skills he needed to become a dynamic leader and motivate employees so that he could put his dreams into action.
The takeaway? Even modest investments in your communication skills can pay dividends for years to come.
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