Best Buy’s Hubert Joly on Walking the Talk of Stakeholder Capitalism

Best Buy’s Hubert Joly on Walking the Talk of Stakeholder Capitalism

Author: Harvard Business Review July 6, 2021 Duration: 27:20
Hubert Joly, former chairman and CEO of Best Buy, says that now is the time for companies to get serious about operating to benefit not just shareholders but also employees, customers and broader society. In the face of environmental crisis, racial turmoil, and rising economic inequality, he argues that leaders shouldn't debate whether or when to embrace this new version of capitalism. They should focus on how to do it. He says this starts with having a clear purpose and ensuring that everyone in the organization connects with it and one another. It also involves offering fair pay and opportunities for advancement and working with, not against, consumers, the community, the competition. He shares how these strategies helped turn Best Buy around despite the rise of Amazon. Joly is the author of the book “The Heart of Business: Leadership Principles for the Next Era of Capitalism” and the HBR article “How to Lead in the Stakeholder Era.”

Each week, the HBR IdeaCast from Harvard Business Review sits down with experts whose ideas are shaping the world of work. This isn't about abstract theory; it's a conversation focused on practical insights for leaders, managers, and entrepreneurs navigating real challenges. You'll hear from scholars, CEOs, and innovators dissecting topics across management, marketing, and organizational strategy, translating complex research into actionable advice. The discussions get into the nuances of building effective teams, driving growth, making strategic decisions, and understanding the forces transforming industries. By tuning into this podcast, you gain access to the forefront of business thinking, a resource for anyone looking to sharpen their skills and lead more effectively. The consistent, in-depth dialogue provides a valuable perspective that goes beyond headlines, offering a deeper understanding of how to succeed in a competitive landscape. It's a direct line to the ideas that matter, presented through thoughtful conversation designed to provoke reflection and inspire change in your own professional approach.
Author: Language: English Episodes: 100

HBR IdeaCast
Podcast Episodes
Why Some Start-Ups Fail to Scale [not-audio_url] [/not-audio_url]

Duration: 26:13
Managing rapid growth is a huge challenge for young businesses. Even start-ups with glowing reviews and skyrocketing sales can fail. That’s because new ventures and corporate initiatives alike have to sustain profitabili…
You’ve Made Some DEI Progress. Don’t Stop Now [not-audio_url] [/not-audio_url]

Duration: 29:42
Over the past few years, organizations around the world have invested in diversity, equity, and inclusion initiatives with varying results. But to achieve lasting change, they'll need to commit to that work for much long…
The Growing “Do Good” Economy [not-audio_url] [/not-audio_url]

Duration: 25:29
From corporate social responsibility to ESG to “doing well by doing good,” an increasing number of organizations are pursuing positive social impact, and it’s not just nonprofits and government agencies. But incorporatin…
Let’s Protect Our Frontline Workers from Rude Customers [not-audio_url] [/not-audio_url]

Duration: 25:49
From videos of drunk and disorderly airline passengers to stories of hospital visitors angrily refusing to wear masks, customer-facing work seems to have gotten a lot more difficult – even dangerous -- over the past few…
What We Still Misunderstand About Mentorship and Sponsorship [not-audio_url] [/not-audio_url]

Duration: 27:42
Companies offer sponsorship programs to help a more diverse group of high performers and future leaders advance. But the efforts can often misfire. Herminia Ibarra, professor at London Business School, says that’s becaus…
Grit Is Good. But Quitting Can Be, Too. [not-audio_url] [/not-audio_url]

Duration: 28:42
From politics to sports to business, we tend to glorify those who persevere, show grit, never give up. But former professional poker player and consultant Annie Duke argues that there is also great value in quitting — wh…
How Women (and Everyone) Can Form Deeper Bonds to Fight Bias at Work [not-audio_url] [/not-audio_url]

Duration: 28:09
The number of women—especially women of color—in leadership ranks at the world’s largest companies remains desperately small. Tina Opie, associate professor of management at Babson College, offers a new practice for wome…
4 Business Ideas That Changed the World: Emotional Intelligence [not-audio_url] [/not-audio_url]

Duration: 45:20
In the early 1990s, publishers told science journalist Daniel Goleman not to use the word “emotion” in a business book. The popular conception was that emotions had little role in the workplace. When HBR was founded in O…
4 Business Ideas That Changed the World: Shareholder Value [not-audio_url] [/not-audio_url]

Duration: 43:46
The idea that maximizing shareholder value takes legal and practical precedence above all else first came to prominence in the 1970s. The person who arguably did the most to advance the idea was the business school profe…