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
HBR Presents: After Hours [not-audio_url] [/not-audio_url]

Duration: 34:29
Harvard Business School professors and hosts Youngme Moon, Mihir Desai, and Felix Oberholzer-Gee discuss news at the crossroads of business and culture. In this episode, they analyze the current food delivery wars and ga…
Why People — and Companies — Need Purpose [not-audio_url] [/not-audio_url]

Duration: 24:09
Nicholas Pearce, clinical associate professor at Kellogg School of Management, says too many companies and individuals go about their daily business without a strong sense of purpose. He argues that companies that are no…
The Right Way to Get Your First 1,000 Customers [not-audio_url] [/not-audio_url]

Duration: 22:35
Thales Teixeira, associate professor at Harvard Business School, believes many startups fail precisely because they try to emulate successful disruptive businesses. He says by focusing too early on technology and scale,…
Why U.S. Working Moms Are So Stressed – And What To Do About It [not-audio_url] [/not-audio_url]

Duration: 25:26
Caitlyn Collins, a sociologist at Washington University in St. Louis, conducted interviews with mothers in four countries -- the United States, Italy, Germany, and Sweden -- who have jobs outside the home to better under…
Why Are We Still Promoting Incompetent Men? [not-audio_url] [/not-audio_url]

Duration: 23:54
Tomas Chamorro-Premuzic, a psychologist and chief talent scientist at ManpowerGroup, says we're not picking leaders in the right way. While we should be promoting people based on their competence and potential, it's ofte…
Make Customers Happier with Operational Transparency [not-audio_url] [/not-audio_url]

Duration: 26:07
Ryan Buell, associate professor at Harvard Business School, says the never-ending quest for operational efficiency is having unintended consequences. When customers don’t see the work that’s being done in back offices, o…
Fixing Tech’s Gender Gap [not-audio_url] [/not-audio_url]

Duration: 24:41
Reshma Saujani, founder of Girls Who Code, is on a mission to get more young women into computer science. She says the problem isn't lack of interest. Her non-profit organization has trained thousands of girls to code, a…
How Innovative Companies Help Frontier Markets Grow [not-audio_url] [/not-audio_url]

Duration: 26:09
Efosa Ojomo, global prosperity lead at the Clayton Christensen Institute, argues that international aid is not the best way to develop poor countries, nor are investments in natural resource extraction, outsourced labor,…
How to Cope With a Mid-Career Crisis [not-audio_url] [/not-audio_url]

Duration: 25:52
Kieran Setiya, a philosophy professor at MIT, says many people experience a mid-career crisis. Some have regrets about paths not taken or serious professional missteps; others feel a sense of boredom or futility in their…