Published on: 05 December 2022
According to Larry Fink, stakeholder capitalism is not “woke.” Someone who would completely agree is Hubert Joly, Former Chairman and CEO of Best Buy, who managed a massive turnaround at Best Buy, both in terms of scale and success. A few months ago we had a conversation with Joly that is still relevant today.
“Today we have no choice but to also think about the employees, society, the environment and make some kind of a declaration of interdependence.”
According to Joly, we are at the start of a new era in which organizations lead with purpose and humanity. In the conversation, he gives two very clear pieces of advice on how to turn around your own thinking to embrace stakeholder capitalism.
1) Consider work as a way to live a fulfilled and meaningful life, also for front liners and blue-collar workers, rather than a punishment.
2) For marketers specifically, let purpose guide your decisions, rather than profit or competitors. At Best Buy, they started partnering with its biggest competitor, Amazon. Find more pearls of wisdom by listening to the Humanizing Growth Series with Hubert Joly.
