In businesses, the employees that work the hardest are usually the people who feel important to the business, and Warren Buffett's CEOs are the perfect example.
Buffett, often called the "Oracle of Omaha" and one of the most successful investors in history, refers to his 77 CEOs as "All-Stars." This term has connotations that not only boost the morale of the CEOs, but show the relationship between Buffett and his CEOs.
An employee's title stands for a lot in the business world, especially in networking. Introducing themselves to others as "All-Stars" for a company brings a sense of pride to themselves. That pride is then translated into pride in their work, which leads to harder working employees who have the company's best interests in mind.
The title also shows the importance that Buffett puts on their roles. By calling them "All-Stars," he shows that they are the keys to his success. That feeling of importance also helps foster a sense of pride in their work.
Buffett doesn't simply stop at the titles, though. As All-Stars, his CEOs know they have to act like All-Stars. Every couple of years, for example, the CEOs get a memo that reminds them how important reputation is to a company. In fact, Buffett places reputation above even money.
He reminds them that though it took 43 years for Berkshire Hathaway to be ranked as the second-most admired company in the world by Fortune, that reputation could be destroyed in minutes. He encourages his All-Stars to behave in business so that they always improve Berkshire's reputation.
Two of Buffett's All-Stars, Cathy Baron Tamraz and Susan Jacques, attended the Fortune Most Powerful Women Summit in mid-September. Both women recognize the positive influence Buffett has on his employees. In fact, Jacques has taken his advice beyond her professional life and into her personal life.
The Summit brings together women who are prominent leaders in the areas of business, philanthropy, government, education, and the arts. The attendants listened to women such as Campbell Brown, Tyra Banks, and Condoleezza Rice, who were speakers at the Summit. Buffett, one of the few males in attendance, introduced a session of the Summit called "Most Powerful Women in Small Business," which spotlighted a new program from American Express and Fortune.
In addition to his business savvy, Buffett is a noted philanthropist. He has pledged to give 85 percent of his fortune to the Gates Foundation. In 2008, the five-day online auction of a "Power Lunch with Warren Buffett" earned more than $2 million, and the proceeds from the auction benefitted the San Francisco Glide Foundation.
In 2007, Buffett was listed as one of the world's 100 most influential people by Time magazine. He began his career as an Investment Salesman for Buffett-Falk & Co. in Omaha.
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