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Hubert Joly: The new capitalism formula – purpose first, people at the center, then profits

Strategy & leadership, 2021-08, Vol.49 (3), p.11-17 [Peer Reviewed Journal]

Brian Leavy. ;Emerald Publishing Limited 2021 ;ISSN: 1087-8572 ;EISSN: 1758-9568 ;DOI: 10.1108/SL-04-2021-0038

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  • Title:
    Hubert Joly: The new capitalism formula – purpose first, people at the center, then profits
  • Author: Leavy, Brian
  • Subjects: Capitalism ; Corporate profits ; Employees ; Joly, Hubert ; Leadership
  • Is Part Of: Strategy & leadership, 2021-08, Vol.49 (3), p.11-17
  • Description: Purpose An interview with Hubert Joly, former CEO of Best Buy. His new book is the articulation of key leadership principles for the next era of capitalism, and how to put them into practice, in both the best and hardest of times. Design/methodology/approach Joly believes “Work is a quest for meaning. Maximizing profit does not answer that quest.” His “purpose first” approach enabled the acclaimed turnaround of the company during his 2012-to-2019 tenure Findings Best Buy’s purpose was ‘to enrich our customers’ lives through technology. Practical implications According to Joly, “When we ask Best Buy employees what drives them, no one ever says ‘shareholder value.’” Originality/value Joly is a CEO who believes in and practices the approach that it is critical for leaders to understand what drives the individuals around them–and how it connects to the purpose of the organization. He believes business is fundamentally about purpose, people and human relationships. When common purpose aligns with individual searches for meaning, it can unleash a kind of human magic that results in outstanding performance.
  • Publisher: Chicago: Emerald Publishing Limited
  • Language: English
  • Identifier: ISSN: 1087-8572
    EISSN: 1758-9568
    DOI: 10.1108/SL-04-2021-0038
  • Source: ProQuest Central
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