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

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.”