TLP262: The Heart of Business

Hubert Joly is the former Chairman and CEO of Best Buy. He 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 United States in Glassdoor’s annual Employees’ Choice Awards. Hubert discusses his latest book, The Heart of Business, which dives into breaking old leadership paradigms, leading with purpose and humanity, and how we can use this to reinvent capitalism so that it contributes to a more sustainable future.

Key Takeaways

[3:40] The model of the leader is a superhero, who seems to know it all. However, no one wants to follow these guys anymore.

[5:20] The most important decision we make in business is who we put in power.

[7:00] Before you begin to lead others, you first need to define your purpose and what you’re hoping to achieve.

[8:15] If a leader doesn’t know, then it’s okay to admit that. That’s how you begin to connect with your team.

[9:10] In times of crisis, leaders can still show authenticity and regulate their emotions. Hubert shares an example of a crisis he faced at Best Buy.

[12:50] Reflecting back, Hubert can identify some key mistakes he has made throughout his career. One of these being with hyper-growth.

[14:35] When it came to reopening certain stores during COVID-19, Best Buy’s current CEO, Corie Barry, decided to create a list of principles.

[15:10] These principles allowed for critical teams to be empowered and to take action without waiting for permission.

[17:25] In Hubert’s latest book, the heart of the business needs to be more than a revenue machine, it needs to pursue a noble purpose.

[20:00] Leaders are very focused on being in the weeds of the business when they actually need to focus on the center of the business: the people.

[21:35] Best Buy was able to align its people on a noble purpose. Hubert shares a story of how he was able to connect selling electronics to a bigger mission.

[25:35] Don’t just use your brain. Use your heart, your soul, and your guts.

[28:45] Hubert was trained to create a plan, define the KPIs, measure it, and then put incentives in place. Guess what, people don’t like that too much! People do not like being told what to do.

[35:10] A lesson Hubert has learned in life is: A decision gets made by the decision-makers. You have to focus on what you can control. The good news is, there’s a lot you can control!

[38:50] Good leadership journey starts with reflection and the type of legacy we want to leave behind.

[41:55] When it comes to bringing more women to the table, if a leader says she’s not ready for the next big leap, we need to help change that outcome and bring more support to her.

[43:45] In Hubert’s book he has a call to action: It’s our job to create a better future. We each have a part to play.

The Leadership Podcast is sponsored by W.S. Darley & Company.

Founded in 1908, Darley remains a family owned and operated business, providing the highest quality equipment solutions to our country’s warfighters and firefighters.

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