Read Online The Heart of Business: Leadership Principles for the Next Era of Capitalism By Hubert Joly
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Ebook About A Wall Street Journal BestsellerNamed a Financial Times top titleHow to unleash "human magic" and achieve improbable results.Hubert Joly, former CEO of Best Buy and orchestrator of the retailer's spectacular turnaround, unveils his personal playbook for achieving extraordinary outcomes by putting people and purpose at the heart of business.Back in 2012, "Everyone thought we were going to die," says Joly. Eight years later, Best Buy was transformed as Joly and his team rebuilt the company into one of the nation's favorite employers, vastly increased customer satisfaction, and dramatically grew Best Buy's stock price. Joly and his team also succeeded in making Best Buy a leader in sustainability and innovation.In The Heart of Business, Joly shares the philosophy behind the resurgence of Best Buy: pursue a noble purpose, put people at the center of the business, create an environment where every employee can blossom, and treat profit as an outcome, not the goal.This approach is easy to understand, but putting it into practice is not so easy. It requires radically rethinking how we view work, how we define companies, how we motivate, and how we lead. In this book Joly shares memorable stories, lessons, and practical advice, all drawn from his own personal transformation from a hard-charging McKinsey consultant to a leader who believes in human magic.The Heart of Business is a timely guide for leaders ready to abandon old paradigms and lead with purpose and humanity. It shows how we can reinvent capitalism so that it contributes to a sustainable future.Book The Heart of Business: Leadership Principles for the Next Era of Capitalism Review :
Covid has taught us that we need real contact with each other. Joly didn't need Covid to teach him what this means for business as he brings it front and center in every page of his book.Best Buy's (BB) CEO Hubert Joly has written a compelling book which may open the eyes of those focused on a more traditional business approach.When Joly joined BB in July 2012, the company was limping downhill. Its share price languished around $11, company financial indicators were going south, and BB stores had inconsistent and lackluster customer service. A failing company’s board of directors often hires an outsider CEO to make tough decisions and cut staff. An outsider won't have relationships or affection for the staff like long time leaders. When BB hired a French CEO, Hubert Joly, from outside the tech or retail world (he headed travel business Carson), I assumed it was to close stores, cut employees and pump-up profitsBut instead of closing stores and firing thousands of people, Joly took a different approach - one he describes in “The Heart of Business.” Joly’s personal and business journey transitioned from a philosophy of numbers and ‘only results matter’ to leading via a more human first approach. Or as an industrial psychologist taught me early in my CEO career, “focus on people and results will follow.” In fact, Joly began his BB CEO stint by working at a corporate store, traveling and talking to scores of employees.“The Heart of Business” is not just another business book. It describes a personal journey, the transformation of Joly, BB and even the business community from a shareholder value model to a larger model focusing on empowerment and societal change. It includes research and results bolstering the case of why engaged employees, a diverse workforce and a bigger mission are better than focusing only on revenue and profitability.We learn about strategic changes, from how and why BB shook up retail by dumping sales spiffs and commissions to how suppliers get retail floor space to why its legendary founder Dick Schulze was brought back. But the main message is Joly's thesis that every business needs a noble purpose to inspire employees.He says employees are a "source" not a "resource" and each is an individual with hopes, dreams and aspirations which should be heard. He describes changing corporate policy on how health care benefits were expanded to include transgender needs based on listening to concerns of only one employee. He talks about the importance of creating trust and a team environment necessary for success. And he changed performance evaluations to focus on human metrics first, followed by business metrics like customer satisfaction and lastly, financial performance. Joly describes five key ingredients to shift to an employee focused environment:-Connecting the individual's search for meaning with the company's noble purpose,-Developing authentic human connections,-Fostering autonomy,-Growing mastery, and-Nurturing a growth environment.Each gets a chapter and Joly easily slides in examples, stories, research and results to make his case that motivation comes from purpose and relationships rather than purely from money.Even for Chicago school economic purists focused only on profitability, this book will give practical tips to motivate people, develop teams and deal with real life human challenges.BB stock jumped tenfold since Joly took over as CEO. He not only pushed the frontiers of business leadership, but he did it with a coherent set of ethical principles that go beyond traditional financial measures. This book is a must reads it will make any business leader more effective and any person better. I needed the reality check. Until I read Hubert’s book, I didn’t realize that I’ve spent the last 14 months in grief: the sudden loss of my mother, the change of relationship with my father, the long pause of pre-COVID freedoms, the inability to participate in theatre, the loss of my family’s ability to live life “normally”, and loss of a clear path at work.It’s all real. I don’t feel bad about the grief. And, of course, there are countless things for which I’m grateful - a resilient and beautiful wife, children that continue to amaze me, wonderful friends, a supportive team at work, and a new home that I would never have believed I could provide to my family.What I realized, though, is that I’ve let the grief hold sway over gratitude...and I’ve lost my sense of purpose. What am I about now? What is my purpose? Praise God that I know my eternal purpose; but what is my vocation?I’m grateful for and inspired by Hubert’s unapologetic vulnerability to expose blind spots and walk alongside him in his journey and where it has led him. You will not regret reading this book. It is one that will, I hope, spur action. As you can see by all the markers, I’ve quite a bit to go back to and contemplate!I just have it to my daughter to read, who has dreams of owning her own business someday.Time to adjust perspective, be real, and get on with it knowing the huge value in playing the long game. 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