In the world of business, creating a human-centered connection between employees and customers can lead to a near-miraculous turnaround. One such example is the transformation that Hubert Joly spearheaded at Best Buy in the 2010s. Joly, the former chairman and CEO of Best Buy, focused on customer service, aggressive price-matching, and new offerings like the Geek Squad, which resulted in tripling the company’s stock in 2013. This human connection was a key factor in Joly’s success, as detailed in his new book ‘The Heart of Business: Leadership Principles for the Next Era of Capitalism.’ The book, co-written with Caroline Lambert, aims to reverse the damage done by cutthroat leaders who prioritize profit over people.
Joly’s approach emphasizes the importance of leading from a place of purpose and humanity, rather than focusing solely on financial gains. By fostering a culture of empathy, compassion, and genuine care for customers and employees, Joly was able to create a transformative impact at Best Buy. The company’s stock price grew significantly under his leadership, showcasing the power of human-centered leadership in driving business success.
In his book, Joly outlines a guide for leaders to follow, emphasizing five key ingredients that include human connection, purpose-driven leadership, and empathy. He believes that changing the world starts with changing ourselves, and that a focus on humanity is essential in leadership.
At Harvard Business School, Joly is now working on a program for senior executives to unlearn traditional profit-focused lessons and embrace a more human-centered approach to business. By prioritizing the heart of business – people – Joly believes that companies can not only thrive financially but also make a positive impact on the world. His insights from Best Buy’s transformation serve as a blueprint for leaders looking to create meaningful change in their organizations.
