HBR IdeaCast Best Buy’s Hubert Joly on Walking the Talk of Stakeholder Capitalism
Jul 6, 2021
Hubert Joly, former chairman and CEO of Best Buy and author of "The Heart of Business," discusses the urgent need for businesses to embrace stakeholder capitalism. He highlights how fostering a clear purpose and ensuring genuine connections among employees can transform company culture. Joly shares insights on the importance of fair pay and collaboration with communities, especially in a post-pandemic world. His experiences at Best Buy showcase how prioritizing people over profits can lead to sustainable success, even against giants like Amazon.
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The Dinosaur Surgeons
- Best Buy employees went above and beyond to help a boy whose toy dinosaur was broken.
- They pretended to be surgeons and "fixed" the toy, creating a positive customer experience.
Beyond Shareholder Primacy
- Traditional management approaches, like focusing solely on shareholders, aren't effective in today's complex world.
- Leaders should shift their focus from "whether" to "how" to implement stakeholder capitalism.
Finding Your Noble Purpose
- Define your company's noble purpose by considering human needs, your strengths, your passions, and profitability.
- Don't just create a catchy phrase; do the work to understand your role in addressing those needs.
