When you picture a successful organizational turnaround what words come to mind? If you are like most leaders, you think cut-throat, hard decisions, and layoffs. Enter in former CEO of Best Buy, Hubert Joly, a leader who orchestrated a successful turnaround with words and strategies like connecting dreams, developing human connections, and fostering autonomy.
In his talk on February 24, 2022, at The Global Leadership Summit: Special Edition, Hubert shared ways to be the kind of leader that is vulnerable and authentic, identifying where to start a turnaround process and how to create an environment that unleashes the human magic in your team and organization.
Enjoy these official notes from Hubert Joly’s session on Unleashing Human Magic.
Milestone 1: Understanding the purpose of a company.
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- The purpose of a company is not to make money.
- Three imperatives of business:
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- People
- Business (customers and products)
- Finances (the result of excellence)
Milestone 2: Exploring the philosophy and theology of work.
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- There is a view that work is punishment or what you do so that you can do something else fun.
- Work is part of our fulfillment as human beings.
Milestone 3: Reflecting on calling and purpose.
Milestone 4: Exploring how you can get better.
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- You get to decide what you want to get better at. If you can’t think of something, try humility.
- A coach can help you get positive momentum to get better every day.
Stepping into the Role of CEO at Best Buy
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- Hubert did not feel he was the right fit, but concluded the world needed Best Buy, and vendors needed Best Buy so they could showcase their products.
- The company had problems, but they were all self-inflicted.
- Hubert took a human-centric approach to solving Best Buys problems.
“Human-Centric” Turnaround
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- Listened to front-liner feedback.
- Asked: What’s working? What’s not? What can I do for you?
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- Front-liners know what is working or not working.
- If things are working, compliment front-liners. If they are not, look at the top.
- Created energy. Co-created the plan, celebrated early wins, and was transparent.
The Strategy of Purpose
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- A traditional approach is to work on the strategy.
- A human approach realizes everyone is human. We share the same kind of purpose in life: the golden rule.
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- Aim to create a business that employees, customers, and business partners love.
- “Work is love made visible.” – Kahlil Gibran
- Magic happens if we can connect what drives us personally with work and the purpose of the organization.
- Enrich lives through technology by addressing key human needs.
- Ensure that everyone in the organization can write themselves into the story.
- Treat each other and customers, as human beings and as inspiring friends.
Create an Environment of Belonging
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- The old approach of top-down management does not work anymore. No one likes to be told what to do. Motivation is intrinsic.
- Create an environment where everyone feels they belong, where they can be the best version of themselves.
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- Connect dreams. Be curious about your team member’s dream. As a leader it is your job to help them achieve their dream.
- Create connection. Create an environment for genuine, authentic human connections. “I am seen, therefore I am.”
- Foster autonomy.
- Create a learning environment (one person at a time).
What Business Needs
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- A re-foundation of business around purpose and humanity.
- To build companies anchored on a noble purpose.
- To embrace all stakeholders.
- To realize we cannot be successful in isolation.
- We need each other.
The Five “Be’s” of Purposeful Leadership
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- Be clear about your purpose, and the purpose of those around you.
- Be clear about your role. You don’t have to be the smartest person in the room.
- Be clear about who you serve.
- Be values-driven. Integrity is foundational.
- Be an authentic, vulnerable, humble, and empathetic leader.
Global Leadership Network
GLN Staff Writer | globalleadership.orgHubert Joly
Former Chairman & CEO | Best BuyGLS22 Special Edition Notes—Unleashing Human Magic
Published February 24, 2022TOPICS IN THIS ARTICLE
Change ManagementCharacterCollaborationCultureEmotional IntelligenceHuman ResourcesLeading OrganizationsManaging PeopleRelational IntelligenceStrategyWhen you picture a successful organizational turnaround what words come to mind? If you are like most leaders, you think cut-throat, hard decisions, and layoffs. Enter in former CEO of Best Buy, Hubert Joly, a leader who orchestrated a successful turnaround with words and strategies like connecting dreams, developing human connections, and fostering autonomy.
In his talk on February 24, 2022, at The Global Leadership Summit: Special Edition, Hubert shared ways to be the kind of leader that is vulnerable and authentic, identifying where to start a turnaround process and how to create an environment that unleashes the human magic in your team and organization.
Enjoy these official notes from Hubert Joly’s session on Unleashing Human Magic.
Milestone 1: Understanding the purpose of a company.
Milestone 2: Exploring the philosophy and theology of work.
Milestone 3: Reflecting on calling and purpose.
Milestone 4: Exploring how you can get better.
Stepping into the Role of CEO at Best Buy
“Human-Centric” Turnaround
The Strategy of Purpose
Create an Environment of Belonging
What Business Needs
The Five “Be’s” of Purposeful Leadership
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About the Author
Global Leadership Network
GLN Staff Writer
The Global Leadership Network is a community committed to learning from each other and using our influence to accomplish God’s purposes on earth. No matter where your influence is, when you commit to grow your leadership, everyone around you wins—businesses work for good, communities are transformed and churches thrive! Both global and diverse, our network includes partners in 1,400+ cities and 135+ countries. We are committed to deliver fresh, actionable and inspiring leadership content both at The Global Leadership Summit, and year-round through our digital platforms.
Hubert Joly
Former Chairman & CEO
During Hubert’s time at Best Buy, he and his team rebuilt the company into one of the nation’s favorite employers, a sustainable leader, and an innovator, dramatically increasing customer satisfaction and growing the company’s stock price 10-fold. His greatest achievement, however, may have been to make himself dispensable: he decided to step down as CEO in 2019 and as executive chairman in 2020, and pass the baton to a new generation of leaders. Hubert’s purpose in life is to make a positive difference on people around him and use the platform he has to make a positive difference in the world. Besides serving on the boards of Johnson & Johnson and Ralph Lauren, he now spends most of his time as a lecturer at Harvard Business School and supporting other leaders seeking to become the best versions of themselves and to lead with purpose and humanity. He is also actively invested in efforts to advance meaningful diversity and inclusion. Hubert has been recognized as one of the one hundred “Best-Performing CEOs in the World” by Harvard Business Review, one of the top thirty CEOs in the world by Barron’s, and one of the top ten CEOs in the U.S. in Glassdoor’s annual Employees’ Choice Awards. His latest book is the Wall Street Journal best-seller, The Heart of Business, which has been called one of the defining business books of this decade.