Warren Buffett's Management Secrets by Mary Buffett & DAVID CLARK

Author:Mary Buffett & DAVID CLARK
Language: eng
Format: epub
Publisher: Scribner
Published: 2009-01-22T05:00:00+00:00

PRAISE BY NAME, CRITICIZE THE CATEGORY

Warren knows that praise and criticism are two of the most important tools a manager has at his or her disposal. Used correctly, these tools can inspire employees to work hard, be creative, and achieve great success. Used incorrectly, they can destroy drive, ambition, and creativity, and almost certainly ensure failure. Warren feels that learning how to effectively use praise and criticism is the primary motivational task of a manager. A manager who fully understands this challenge has the ability to motivate others to greatness regardless of the task, be that motivating a production team to be more efficient and effective or getting his own children to do their homework.

Warren is a genius at using both praise and criticism. His rule is simple: Praise by name and criticize by category. Let’s take a look at what he means.

We all crave praise. Nothing makes us feel better about ourselves or inspires us more to do better, beginning in early childhood when we vie to win the praise of our parents, later on seek it from our teachers, and in the workplace look for it from our boss. We need praise; it tells us that we are on the right path, and it inspires us to stay on that path and to do even better.

No one likes criticism. Nothing can make us feel more terrible about ourselves than to be criticized for something we did or didn’t do. Nothing will inspire us less. We hated to hear criticism as children and we hate to hear it as adults. Criticism means that we got it wrong, that this isn’t the right path for us, that we should stop what we are doing and try again, or give up and do something else. We often dislike people who criticize us, which means that we won’t listen to them; we shut them out.

Nothing will win you friends faster than praise, and nothing will make you enemies faster than criticism.

Many managers never learn how praise and criticism interact. This is one of Warren’s greatest management secrets—using both praise and criticism to inspire a person to achieve more.

Warren sets the stage with praise, praising both the small accomplishments and the big achievements. He never misses an opportunity to praise his managers, and he is a master at remembering names and praising people by name. Why? Because nothing is sweeter to another person than the sound of his or her own name. Read an annual report written by Warren Buffett and you will see that it is loaded with praise for his managers, who are singled out by name. He is generous in spreading praise around.

Warren elevates his managers to a lofty position and makes them feel special by continuing to praise them in person and in print. Work becomes more than just a place to make a buck; it becomes a place to boost self-esteem.

Once Warren’s managers respect and trust him and believe that he has their best interests at heart, he is in a much better position to offer them advice.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.