Hubert Joly

The Heart of Business: Leadership Principles for the Next Era of Capitalism

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Purpose and human connections constitute the very heart of business.

Purpose helps create an expansive mindset and a sense of possibility.

Humanity is what binds the personal to a collective purpose.

Human magic, in the context of a sound strategy, is what leads to irrational performance.

HUBERT JOLY

#UnleashingHumanMagic

The best way to do this? Articulate the purpose in simple, human terms. Terms that everyone can relate to and that speak to their heart. Terms that make it clear how they can write themselves into the story.
This is how you can start #UnleashingHumanMagic! Read More

What does it take to articulate a clear, compelling, impactful corporate purpose?
My view: it takes a combination of head and heart as you look for it at the intersection of what the world needs, what you are uniquely good at, what people at the company are passionate about and how to make money.
What does it take to make it real and inspiring for everyone at the company? Read More

I was interested to read James Surowiecki's recent article, "What's gone wrong at Boeing." James blames the merger with McDonnell Douglas for distorting Boeing's originally engineering-centric culture into one more openly dollars-driven.
“Putting profit over product has been bad for Boeing’s products. The irony now painfully apparent is that it’s been bad for Boeing’s profits too.”
This is consistent with my view that it is "People -> Business (meaning products and customers) - > Finance", not the other way around. Read More

Who we put in positions of power is one of the most important decisions we make! In deciding who to put into power I believe it is important to identify and emphasize two key leadership attributes:
- Ensuring prospective leaders wield purpose-driven leadership
- The ability to continuously learn and adapt to evolving circumstances
What criteria do you use to select leaders? Are these criteria aligned with the environment you're operating in? Read More

When we enlist others in a shared and significant endeavor, and create the conditions where everyone can contribute their character and creativity, we unleash human magic!! Each individual within the company becomes fired up and works together to achieve more than they ever thought possible. This is good for business because human magic results in irrational—irrationally good—performance!! Read More

To thrive in this chaotic new world, organizations need leaders with inner strength, character, and a moral compass. Recently, my colleagues, Thomas Buberl, Bill George, Nitin Nohria, and I met with a group of CEOs of major international companies. Our focus was to discuss how to lead in the context of the multiple, intersecting crises the world is facing — from geopolitical conflicts to environmental disasters, deepening political and social fractures, disrupted value chains, and disruptive technological change. Our conclusion: leaders need to aim higher than simply withstanding or responding to these seemingly never-ending shocks. Leaders must instead ensure their team and their organizations can thrive in this new environment. Read More

Fatigue and burnout are real challenges in today's uncertain world. My suggestion? Embrace the role of a Chief Energizing Officer. Be a thermostat, not a thermometer. Be transparent about challenges. Celebrate wins. Stay with it. In a future full of uncertainty, our duty as leaders is to create energy and help our teams thrive. What are you doing to be an energizing leader? What could you do bring more energy to your team? Read More

A company's purpose can only fully come to life in a corporate culture that supports it! Just look at Netflix’s promise to “entertain the world" and its strategy of constant reinvention. Bringing this vision to life depends on a strong corporate culture of freedom (with responsibility!). Cofounder Reed Hastings determined early on that the success of the company depended on great engineering and creative talent, and that this talent would thrive only if unburdened from too many rules. And look where they are today! Read More

We know better than this!!
Investing in and caring for people is the key to doing great things for customers which leads to creating shareholder value.
It is People -> Business - > Finance.
Do you agree? Read More

On a scale of 1-10, how relatable is this teddy bear? The recent TIME article I pulled it from explores our so-called era of "The Great Exhaustion," which requires little explanation. As leaders and individuals, our first responsibility is to take care of ourselves so that we can take good care of others around us. Read More

You cannot choose circumstances when leading a team, but you can control your mindset. Your mindset determines whether you generate hope, inspiration and energy around you—or bring everyone down. So, choose well! When you choose to view people as the source of the solution, rather than the problem, you create space to support their potential rather than punish their failings. This mindset shift is key on the path to #UnleashingHumanMagic. Just like the fairy Tinkerbell in the children's book Peter Pan, to unleash magic, you must first believe it exists! 😉 Read More

International Women's Day is a reminder that gender equality is not a women's issue—it's a human rights issue. It's about creating a world where every individual, regardless of gender, has the opportunity to thrive and succeed. When we take collective action, we create greater impact faster. I’m particularly excited by the efforts of organizations like Girls Who Code, which works to close the gender gap in the tech sector by teaching programming and computer science to young women. Read More

I was inspired last week by the leaders who participated in the latest edition of our Leading Global Businesses program at Harvard Business School. The world needs great, purposeful, human leaders. It's an absolute privilege to be part of their journey. Together, we explored our life story, our crucibles, our values and our leadership purpose. We worked on what it takes to lead globally and succeed in emerging markets. We explored the practical implications of leading in the age of AI, in a time of crises, and how to unleash human magic in support of a noble purpose. Read More

That’s me with my dear brother Philippe (on the left). Can you tell that we would eventually become the CEO of Best Buy and a senior executive at Danone? Of course not! Because you aren’t born a leader. You become one. It took me many years to realize that the notion of the born leader, the superhero with innate abilities, is a myth. In reality, most of the attributes often associated with “innate” leadership—from strategic thinking to eloquence—can be learned, often by...
- An executive coach pointing out your flaws
- A colleague pointing out a truth so clearly and succinctly you never forget it
- A frontline employee showing you how much you have to learn about the lives of people not like you -
... and many, many more of life's wise teachers! Read More

The world we live in presents many challenges that leaders have to deal with. But even the most challenging situations offer opportunities. And as leaders, it's our responsibility to identify pain points and make sure we take action. Here's the key though – we won't find these opportunities by sitting behind a desk. Can you step into this new year by going out, listening to customers and front liners, and discovering pain points and unmet needs that you and your team can address? Read More

As obvious as it sounds, many people still believe that saying “I don’t know” is viewed as weakness. I remember as a teenager, one of my parents’ friends, who was a businessman, asked me a question. I cannot remember the question, but I remember saying to him: “I don’t know.” He looked at me and said: “Young man, I hope you will never say that in the business world, because this is admitting a weakness, and you should never do this! This will limit your potential.” I have wrestled with perfectionism, but even back then, this made no sense to me. If I did not know, well, I did not know! What was wrong with that? I could always learn and find out. I was not pigeonholing myself by saying I am not good at math, or I am not a visual thinker. I was not saying I cannot know. I just did not know. Read More

One of the most powerful books I have ever read is Viktor Frankl’s Man’s Search for Meaning. Life, for him, is not a quest for pleasure or for power. It is instead a quest for meaning, which ultimately is the path to fulfillment and happiness. And, according to him, one can find meaning in three possible places: work, love, and courage. In truth, they often converge. Doing something significant through work often involves caring for others and overcoming adversity. You can care about people in any job. And you can bet that whatever job you're in, you'll likely face adversity! Read More

When leaders at the Ralph Lauren Corporation sought to put the founder’s clear and unflinching vision and values into words, CEO Patrice Louvet wanted to cast a wide net. Over the course of a year, the team in charge of the process held conversations in stores around the world and sought input and feedback from cross-functional focus groups, long-term employees, and, of course, founder Ralph Lauren himself. How wide are you casting your net to define your company's noble purpose? Read More

Addressing the pandemic of disengagement isn't about more corporate jargon and company-branded posters. It's about actually connecting with the dreams and desires of individuals and creating a company purpose that feels meaningful to them. Ask yourself:
1. Is it personal? Can it be translated into real, relatable human stories that they can relate to?
2. Is it practical? Can they understand and own it, all the way down to its practical day-to-day implications for their job?
3. Is it meaningful? Does it make a difference in their life in a way that matters to them?
If not, you'd better roll up your sleeves.
You've got some work to do. Read More

When I started as CEO of Best Buy, I spent my first week on the job working in one of our stores in Minnesota to learn from our frontliners what we needed to change to be successful. As a new CEO, I learned so much from our frontliners in that store. My job was easy: show up, ask questions, make good notes, and do as I was told! This also sent the clear signal that we were going to focus on better serving our customers — and that we would do it through the intelligence of our employees. How are you staying connected to the frontliners in your organization? Read More

One of my New Year's resolution is to make sure I am fully present in the moment. Related to this, I have learned about the importance of capturing moments that matter, because they are so meaningful. Capturing them can amplify their effect as it brings out meaning! Whether that’s celebrating your team’s wins or acknowledging the challenges they have overcome in a way that represents who you and your organizatiin are when you are at your best. In the words of the wise and wonderful Ferris Bueller, "Life moves pretty fast, if you don't stop and look around once in a while, you might miss it." How are you ensuring you are sufficiently present and are paying attention to moments that matter? Read More

The hardest and simplest thing we can do on our journey to becoming who we want to be is to take the first step.
Who are you hoping to become this year? What first step can you take to start your journey?
#UnleashingHumanMagic Read More

For many years, I was expecting others to be impossibly perfect, while ignoring my own vulnerabilities. This severely limits human relationships—and therefore collaboration, effective teamwork and leadership. The truth is, employees are more inspired by vulnerable leaders than leaders who project unreasonable strength and perfection, because we relate and bond through our imperfections. Have you found this, too? Read More

Should businesses take a stand on societal issues? This is one of the most challenging matters for companies and their leaders today. Remaining silent and doing nothing is not always the right answer. And yet, engaging can lead to backlashes. I was honored to discuss practical steps companies and leaders can take to tackle this issue with Brian Kenny on the Harvard Business Review Cold Call podcast. Read More

Why do we work? For power? Fame? Glory? For money? Or is it to be useful? To make a difference in the world? Or because we have to, so that we can do something else?
How we each answer this question influences our attitude towards work and how invested we are willing to be. Work can be part of our search for meaning and our fulfillment as human beings. If we each shift the way we consider the nature of work from a burden to an opportunity, then we can start transforming business. Read More

During my time as CEO of Best Buy, few moments were as meaningful and impactful as when Hurricane Maria devastated Puerto Rico. Our team sprang into action and, by pulling together, we supported about 300 employees with emergency supplies. Over time, we helped our people piece their lives back together. That we were open for business a mere three months after Maria was a case study in resilience and purpose. Within a year, all three stores and our distribution facility on the island were open again. Remarkably, our year-on-year sales in each of those locations soared 10 to 15 percent. Read More

In business ➡️ Meaning > Mean ! This starts with every individual’s own sense of purpose and how or whether that aligns with the company’s purpose. And meaning doesn't have to come from intrinsically ""noble"" activities. Read More

When I ask CEOs in the new CEO workshop we run at Harvard Business School to rate the importance of having and living a great corporate purpose to the success of their company, their average response is 9 out of 10. But when I ask them how effectively their company’s purpose is coming to life today, their average rating is only 6 out of 10! This highlights that there is often a big gap between a company’s purpose and the reality for employees. Unless you figure out how to close this gap, your company will fail to deliver on its potential. Read More

Some food for thought 🤔 In March 2020, shortly after I announced that I would be stepping down as Executive Chairman of Best Buy, I received a message from an in-home advisor in California. Arnie thanked me for articulating throughout my years at Best Buy the value of being yourself, serving others and finding your purpose. He told me it had helped him, not only at work, but more generally in life. His words of gratitude touched me very deeply. They also made me realize that being clear about these beliefs had touched more people than I realized. What are your core beliefs? How are you communicating them to your team? How is this working? #UnleashingHumanMagic Read More

Have any of these strategies been effective at your company? Share your stories and top takeaways so we can learn together!👇 Learn more about my biggest takeaways from the practices of leading organizations in my latest Harvard Business Review article. Read More

I'll be honest: I’m still working on being more vulnerable. I’m rather private by nature, and I grew up believing that professional and personal life should be kept separate. But, in these uncertain times, we don’t need people to act like superheroes; we need people to lead from the heart. Being vulnerable might feel uncomfortable, but it’s essential. Read More

Here are eleven new books I am particularly excited about and that I personally endorsed in 2023. They can take you on a reading journey that will help shape your leadership, amplify your impact, and unleash your potential!
Read More

We are making progress: In 2019, only 22% of CEOs surveyed by Brandpie stated they used purpose for setting the direction of the business. Fast-forward to 2023, and things had changed: 89% of surveyed CEOs affirm that their business has a stated purpose and 63% agree that purpose helps them to make strategic business decisions.
But there is work to be done!! Past reports conducted by Brandpie highlighted a lack of buy-in and support as major obstacles to purpose implementation. This year, a new picture is emerging. For those that have a purpose, the core challenges are now primarily around relevance and activation. Over half of respondents (51%) with a defined purpose said that making it relevant and activating it represented their biggest implementation challenge. Read More

How do you think CEOs rate the importance of having and living a great corporate purpose?
At our New CEO workshop at Harvard Business School, the average response is a resounding 9.1/10.
However, when asked how effectively their company's purpose is coming to life today, the average rating drops to around 6/10.
If purpose is so important, why does this gap exist? And how do we close it?
In my new article for Harvard Business Review, I lay out 5 key lessons to make a noble purpose come to life, and unleash human magic:
-Go slow to go fast
-Actions speak louder than words
-Make it real
-Make it simple
-Have human conversations Read More

I believed in the money-as-motivator system for much of my professional life 💸💰
Then in 2015, I came across an animation created around a Daniel Pink presentation on what motivates us. Pink cites a study conducted at the Massachusetts Institute of Technology that gave various mental puzzles and physical challenges to a group of students.
- To incentivize the students’ performance, three levels of cash prizes were offered, based on how well they did. When tasks involved even rudimentary cognitive skills, the larger reward led to poorer performance.
- Economists, psychologists and sociologists have replicated these results many times, and the more sophisticated and creative the task is, the more counterproductive incentives are! Read More

I was shocked when I read this!
A recent survey commissioned by Enrique Lores of HP indicates that only 27% of knowledge workers feel they have a healthy relationship with their work.
This should keep leaders up at night because it signals that something is fundamentally broken.
Behind these percentages are real people—employees of the world’s greatest companies—who want purpose, empowerment, and genuine connection to their work.
Leaders have the ability, and I would say the duty to address this and enable their employees to thrive, not merely survive!
And here is the good news: we know that companies that cultivate purposeful, human-centered cultures can unlock greater innovation, productivity, and performance. Read More

I've seen firsthand that a Noble Purpose is something employees can rally around AND customers profoundly relate to.
It becomes a guiding north star against which strategy is formulated, and every decision made and measured.
Does your company have a North Star that guides and inspires you? Are your customers inspired by it too? Read More

French CEO Jean-Marie Descarpentries once told me that, in his view, 98% of questions asked as either/or are better answered with “and.”
That was a huge break from what I was used to at the time, a world of binary decisions:
Should we focus on cost or revenues?
Cost, or quality?
Should we take care of our customers, or our employees, or our shareholders?
Should we partner with our vendors or compete?
Should we worry about the environment and the community or focus on profits?
Should we focus on the long term or short term?  Read More

This is something I have learned leading several turnarounds.
Saving a business should not center around “cut, cut, cutting” your headcount. There are important steps you need to take ahead of letting people go, such as:
- Growing the top line
- Reducing non-salary expenses
- Optimizing employee benefits
In my view, layoffs should be a last resort, not the first action you do in times of crisis.
What measures have you put in place during a crisis to safeguard the human lifeblood of your company? Read More

The way we lead has profound implications for people around us and how we do business. We cannot transform companies, and more generally capitalism unless we reflect on who we are as leaders!
You can start the journey of becoming a purpose-driven leader by asking yourself:
1. What is your purpose in life? How does it connect with the purpose of the company you work at? Do you know what drives people around you?
2. What are you doing to create an environment in which others can thrive and flourish?
3. Who are you serving? Yourself? Your boss? People on the front line?
4. What values define you?
5. Are you doing your best to be authentic, vulnerable, humble, empathetic, in one word: human? Read More

Feeling a case of the "Sunday Scaries" going back to work or starting the new academic year? I've been there! (That's me on the top row, two in from the left!)
Here is my #1 piece of advice:
Focus on the process, not the outcome.
And learn to LOVE the process.
This means taking each step day by day, hour by hour - or if you're really struggling, minute by minute - and focusing on what you're doing to get to where you want to go.
Are you sometimes having "Sunday scaries"? How are you handling them? Read More

Dear leaders…
Are you feeling: Trapped in your position? Stuck in your old ways? Like you aren’t reaching your full potential?
You’re not alone.
Hortense le Gentil has guided countless leaders through these very challenges!
Now, she is releasing a fabulous new book, The Unlocked Leader, to help YOU on this transformative journey.
My biggest take away from her book: by freeing ourselves from our mindtraps, we can unlock our full potential! Read More

People, like plants, don’t need micromanaging or constant pruning to grow to their full potential.
Instead, focus on whether you are creating a healthy work environment in which people can thrive.
#UnleashingHumanMagic Read More

I watched the US Open women’s final yesterday. While I was impressed by her tennis, I was most impressed by Coco Gauff the person. I feel that she is a very inspiring role model. Three things impress me about her:
1. She is incredibly centered. She seems to know who she is and to have great self awareness
2. You can feel that she deeply cares about relationships - her family, her team, and beyond
3. She is focused on being her best - vs. winning
I find her to be a great example of leading from the inside out. Read More

I'm thrilled to soon welcome another cohort of exceptional leaders from top-tier global organizations to Harvard Business School for the next installment of our Leading Global Businesses program.
In a world beset by unprecedented challenges, the role of business leaders has never been more crucial. It's an honor to support these professionals, helping them prepare to make a difference in their expanding roles.
My co-chair, Krishna G. Palepu, and I are finalizing the program details. We eagerly anticipate engaging with these leaders in the classroom. It is a privilege to be part of their journey. Read More

Do you think that the expectations of your company’s customers, employees, and shareholders have changed?
And if so, has your company changed with them?
#ReinventingCapitalism #UnleashingHumanMagic Read More

Work can be a place where we find meaning and pursue our life purpose. When this happens, this can be a powerful and beautiful source of fulfillment.
Are you fortunate enough to have found meaning in your work? Read More

🤔 In this Fortune article, I share 7 best practices for navigating the treacherous waters of the culture wars while staying true to one’s values. I argue you cannot and should not ignore societal issues relevant to your company and its stakeholders but must learn to navigate potential risks.
When and how do you think your company should engage in societal issues? Let's start a dialogue on effective leadership in today's complex world. What are your thoughts? Read More

This is particularly true in a turnaround.
Why? More decisions create momentum and energy which is much needed in this crucial moment.
It's important to accept that not all decisions will be good ones. If you know how to ride a bicycle, you also know that it is much easier to correct course when you pedal your way forward than when you stand still.
Are you willing and able to take decisive actions in pursuit of "good enough" or standing still in pursuit of impossible perfection? Read More

Is your company obsessed with the bottom line?
I, too, have worked for companies that were solely focused on profit (many years ago!). And it left me feeling uninspired.
Over time, this led to a sense of alienation. And ultimately, my resignation.
I am not for a second suggesting that we should ignore profits. Of course, companies must make money—or they do not survive!
But overall it's healthy to reject the conventional wisdom that we must be obsessed with the bottom line. The true bottom line is this: while profit is vital, it is an outcome, not a purpose in itself.
What factors other than profit define your company's purpose? Read More

Fulfillment and mastery do not come from working on your “weaknesses” but from bringing your unique genius to life, becoming the biggest, most beautiful version of yourself.
What is your unique genius? Are you fully embracing it?
#UnleashingHumanMagic Read More

My Summer Readings
1. Lessons from the COVID War, by the COVID crisis group, a team of experts who recently completed a postmortem of how we handled this crisis and lessons we can learn from it so that we are better prepared next time
2. The Life Cycle Completed, by Erik H Erickson, which does an amazing job of exploring the 9th stage of life, meaning old age. This book helped me profoundly as my 90-year-old father was experiencing some health issues this summer and as I tried my best to be a loving, helping son at his side and that of my 88-year old mother. I learned so much about humility, hope but also vulnerability and despair, and how to be simply present Read More

When I’m teaching emerging leaders how to define a business's Noble Purpose to tackle the world’s most burning challenges, I encourage them to reflect on these four questions inspired by the concept of Ikigai:
1. What does the world need?
2. What is your team passionate about?
3. What is the company good at?
4. What can you get paid for?
Most businesses start with number 4. This overlooks the vital piece of the puzzle capitalism has so far been missing in its collective fight for the future: #UnleashingHumanMagic.
Is your company's strategy built around a Noble Purpose or fixated on pursuing profit above all else? Read More

20th-century idea of leadership:
High-flying “heroes,” born to pursue fame, glory and money with their superior intellect and winning charisma.
Leadership today:
Human leaders who embrace their imperfections and bring out the best in the people they lead.
The model of the leader as a smart, powerful, super-hero is outdated.
Today’s leaders have to be purposeful, be clear about who they serve, be conscious of what their true role is, be driven by values and be authentic—the five “Be’s” of the purposeful leader.
How do you define your leadership? Read More

Dealing with climate change sometimes feels like such a daunting task!! And yet… this past weekend, I was truly inspired by the infectious enthusiasm and sense of urgency displayed by my children, nieces and nephews. As we were celebrating my father’s ninetieth birthday (love you dad!!), my son Stanislas and his wife Johanna led for the group a workshop developed by a local nonprofit called 2Tonnes.
The focus of the workshop—which is more like a board game—was to find ways for us to reach 2 tons of equivalent yearly CO2 emissions by 2050 per person, as per the Paris Accord.
So many great learnings from these three hours with my loved ones. Read More

Customers have high expectations of companies and will increasingly turn away from companies that do not meet their standards. When customers perceive a brand to be purpose-driven, they are:
4x more likely to purchase from the company 
6x more likely to protect the company in the event of a misstep or public criticism 
4.5x more likely to champion the company and recommend it to friends and family 
4.1x more likely to trust the company 
While companies should be thoughtful about their marketing, these facts are a strong encouragement to stay true to your True North. Read More

What would having a best friend at work have to do with performance?
It turns out… A lot!
Ultimately, people do not give their best because they are blown away by superior intellect. How much of themselves they invest in their work is directly related to how much they feel:
💛 Respected
💛 Valued
💛 Cared for
Which happens to be what friends do for each other! Read More

The feeling of fulfillment from work comes from doing good things for others—and in doing so, contributing to the common good. Not your company's stock price!
Remembering that and putting it into practice is how we connect to the souls of our employees, and ourselves, and make decisions as leaders that people really feel invested in.
How are you connecting to the souls of your employees beyond external measures like stock price? Read More

It is beautiful and exciting when a company can pursue a noble purpose and simultaneously:
👏🏻 Serve important needs in the world
👏🏻 Take care of its employees, who then take care of customers
👏🏻 Partner with its vendors
👏🏻 Serve and benefit the community
👏🏻 Strive to have a net positive impact on the planet
👏🏻 Generate profits for its shareholders Read More

When employees, from the CEO to front liners, genuinely understand and care about what customers need, and how they can best help them answer these needs, customers feel cared for. Delighting customers in this way is how “love brands”— brands that have built a strong emotional bond with their customers—are created, inspiring loyalty and trust. Read More

A survey of 500 CEOs by Fortune revealed the word, “empathy,” is most often used by CEOs as they describe how COVID changed their leadership style. What are you doing to become a more empathetic leader? How has it changed the culture of your business? Read More

Profit is of course an imperative, but it is a very imperfect measure of performance. Also, while it may be a result, is it really the ultimate purpose? Read More

Congratulations to the 2023 class and everyone in this class I had the pleasure of interacting with! My best wishes to you as you walk into the world. Be who you are, be the best version of yourself, go pursue your beautiful life purpose as the wonderful human being you are. I look forward to staying connected with as many of you as possible. Read More

The purpose of a company has to be to contribute to the common good and serve all its stakeholders in a harmonious fashion. This is what Lisa Earle McLeod calls a “Noble Purpose.”
In the architecture of a new approach to business, a Noble Purpose is the raison d’être of corporations, and people are at the center of everything they do. Read More

Great seeing Dr Kirstin Ferguson AM this morning in my office at Harvard Business School !! I love her book Head and Heart of course! It is coming out in the US in September! Leading both with our head and our heart is such a powerful idea!! Read More

I once heard Lloyd Blankfein, former CEO of investment bank Goldman Sachs say that, every day while shaving, he asked himself, “Is it today? Is it today that the world is going to realize that I am not competent for this job?” Here was one of the most successful bankers in the world, and he was doubting his own abilities. Most leaders I know—myself included—suffer from the same imposter syndrome. Read More

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