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

by Hubert Joly, Caroline Lambert (with)

A remarkable turnaround by a leader with a remarkable philosophy: Find your noble purpose. Put people at the center. Unleash human magic.

"It was Fall in Minnesota. It was getting cold and we were supposed to die." This is how Hubert Joly describes the early, dark days as CEO of Best Buy, a job most thought he was crazy to accept. Amazon was tearing a disruptive path through retail, but in the face of that existential threat Joly did something remarkable: he saved Best Buy and remade it into a thriving company rated as one of the most desirable businesses to work for.

Having recently stepped down as Chairman and CEO, Joly is ready to share the leadership principles that underpinned the resurgence of Best Buy and that he believes are at the heart of business: pursue a noble purpose, put people at the center, unleash human magic, and treat profit as an outcome.

There was a time when many would call this a soft philosophy. But times are changing. Best Buy and 180 other companies signed the momentous Business Roundtable statement in support of stakeholder capitalism. The Covid-19 pandemic further pushed many businesses to lead from a place of purpose and with humanity. The changes underway are not a revolt, but a revolution. And Joly provides concrete advice on how to implement principles that can serve as beacons for the next era of capitalism.

Joly himself was transformed from a hard-charging, deeply analytical McKinsey consultant to a leader who believes in what he calls human magic. He will share how so much of what he initially learned about management is either dated, incomplete, or simply wrong—including how to turn around a business, develop and implement a strategy, mobilize an organization, and what it takes to be a great leader.

The leadership principles Joly lays out worked at Best Buy. They can also contribute to the necessary re-foundation of business and capitalism around purpose and humanity.

Genres: Business, Leadership, Nonfiction, Management, Buisness, Entrepreneurship, Audiobook

256 pages, Hardcover

First published May 4, 2021

About the author

Hubert Joly is the former Chairman and Chief Executive Officer of Best Buy Co., Inc. who has been recognized as one of the top 100 CEOs in the world by the Harvard Business Review, one of the top 30 CEOs in the world by Barron's and one of the top 10 CEOs in the U.S. by Glassdoor.

During his time at Best Buy he led a company transformation in which customer satisfaction and employee engagement went up dramatically, the company's carbon footprint went down by more than 50%, and Best Buy's share price went from a low of $11 to a high around $90.

His upcoming book, "The Heart of Business - Leadership Principles for the Next Era of Capitalism," takes the reader inside the mind of a CEO who leads with a remarkable philosophy: Find your noble purpose. Put people at the center. Unleash human magic.

Joly is a member of the board of directors of Johnson & Johnson and Ralph Lauren Corporation, a vice chairman of the Business Council, an executive advisor at World50, a member of the International Advisory Board of HEC Paris, a Trustee of the Minneapolis Institute of Art and a senior lecturer at the Harvard Business School.

He is a knight in the French Legion of Honor and the French National Order or Merit.

Reviews

[Sattar Shayesteh Far · Rating 4 out of 5]

«قلب تپنده‌ی کسب‌وکار»، بهترین کتاب سال به انتخاب بلومبرگ، کتاب پرفروش از نگاه وال‌استریت ژورنال و کتاب برتر از نگاه فایننشال تایمز بوده است. هوبرت جولی، نویسنده‌ی کتاب و مدیرعامل سابق فروشگاه‌های زنجیره‌ای بست‌بای در این کتاب با بیان تجارب خود به ما یاد می‌دهد چطور با پیروی از اصول (رهبری هدفمند) کسب‌وکارمان را متحول کنیم. تأکید او بر این است که به جای تمرکز صرف بر سود، تمرکزمان را بر هدف و کشف معنا در کسب‌وکار بگذاریم، کارکنان‌مان را در اولویت بگذاریم و به آن‌ها کمک کنیم تا معنای کارشان را بیابند. او یادمان می‌دهد چطور محیطی خلق کنیم که در آن بتوان جادوی انسانی را آزاد کرد، نه تمام ذی‌نفعان سود رساند و سود را نتیجه‌ی کار در نظر گرفت، نه هدف آن. به باور او، هدف استراتژی شکست رقبا نیست، بلکه هدف تبدیل شدن به بهترین نسخه‌ی خودمان در راستای منافع تمام ذی‌نفعان است. توانایی رهبری هدفمندانه و مبتنی بر انسانیت را راز موفقیت در عصر جدید می‌داند. فلسفه‌ی او ما را به فکر وا‌می‌دارد که به چرایی کارمان دوباره بیندیشیم و شرکت‌مان را سازمانی انسانی متشکل از افراد ببینیم که در کنار هم در پی تحقق هدفی مشترک‌اند

[Alireza Hejazi · Rating 4 out of 5]

Based on the author’s knowledge and professional experience, this book shares the leadership values that may be considered as the essence of business. It exemplifies the kind of leadership that corporate leaders should strive for: pursuing a noble cause, putting people first, unleashing human magic, and treating benefit as a result. The book offers concrete guidance on how to put such values into practice so that they can serve as beacons for the next age of capitalism. It informs readers of what is out of date, incomplete, or simply incorrect about management and leadership. It teaches how to turn a company around, create and execute a vision, mobilize an organization, and what it takes to be a successful leader. The leadership concepts discussed in the book help to redefine business and capitalism around meaning and humanity. The book’s primary audience is business leaders.

[Hannamari · Rating 3 out of 5]

I like and agree with the key message of putting people and purpose first in leading a business. A lot of the leadership and business literature nowadays is talking about this theme from one angle or another, and I believe there’s something there. However, this book did not manage to switch on any new lights in my head or stir up any new ideas within this theme. Rather this book further solidified the importance of purpose-driven, humaine leadership and told some interesting stories from the authors own experience at Best Buy.

[Michal Meško · Rating 4 out of 5]

Hm. Vždy ma poteší, ak z úst lídra veľkej korporácie počujem, že fungovanie firiem sa musí zmeniť, a najmä sa musí zmeniť tá dekády stará chiméra, že hlavným cieľom podnikania je vytvárať zisk. Bývalý CEO Best Buy opisuje nielen zaujímavý príbeh transformácie firmy pred krachom, ale otvorene nás sprevádza aj svojou osobnou transformáciou, z klasického “zisk-zisk-zisk” produktu konzultačnej firmy na lídra s oveľa komplexnejším pohľadom na život - aj podnikanie. Hoci sa zdá, že v mnohých zmenách išli aj tak len po povrchu (oproti firmám, ktorých príbehy nájdeme napríklad v knihe Reinventing Organizations), určite si zaslúži rešpekt pokúsiť sa urobiť takýto obrat mindsetu vo firme so 125.000 zamestnancami. Uvítal by som viac konkrétnych príkladov, ako jednotlivé situácie riešili, prišla mi plytšia ako napríklad Catmullova Creativity, Inc. alebo Igerova The Ride of a Lifetime (obe silno odporúcam), ale ako inšpirácia aj tak za prečítanie stojí.

[Sean Rodriguez · Rating 5 out of 5]

Biggest takeaway from this book is that every company should get rid of stupid policies...

I was first recommended this book by a TikTok account @Tycoonist. Next, I listened to the Ford Foundation Podcast: EVENT: Darren Walker and Hubert Joly discuss “The Heart of Business". Loved the content and storytelling surrounding this book so much that I ordered it.

Highly recommend this book to anyone in a leadership role or who is striving to become a leader within their company. Many companies are focused on quarterly earnings and financial reports that have a consolidated snapshot of a company, but they forget a lot about one thing: Human Connections. I've seen companies solely focus on their target goals and financial reports that they have forgotten about their own employees (internal stakeholders who are the heart and soul of the company) that turnover has been rampant.

This book highlights a turnaround story in Hubert Joly's life and his personal evolution through his leadership. This book was finished in the midst of Covid-19, so there are plenty of key takeaways leaders/readers can pick and pull to improve themselves.

[Yousif Al Zeera · Rating 2 out of 5]

It wasn't too bad, but I expected more from it. The plus is that the author, Hubert Joly, is a respected business leader who has been recognized as one of the top CEOs in the world by several institutions, including the Harvard Business Review. Among his various successes, he is most famous for his time as CEO of Best Buy, leading a company transformation when it was on the brink of bankruptcy (facing Amazon, the almighty giant). He managed to dramatically increase customer satisfaction and employee engagement, reduce the company's carbon footprint by more than 50%, and raise the share price from a low of $11 to a high of around $90.

He talks about his business story and his philosophy for managing companies. The style of writing might not be engaging, but it offers a lot of needed wisdom for managers looking to find more sustainable approaches to success. He wholeheartedly believes in putting people at the center—before anything else (financials, customers, processes, etc.). People at the center. Always.

[Mojtaba Akhbari · Rating 4 out of 5]

Enjoyed reading this light and easy book but its human magic and 5B's integrated with leading teams within a purposeful leadership style. It is a fantastic book for any company that is redesigning its workforce or is going through a turn around. In the era of everything AI, leaders need to be more purposeful in building organizations with a human centric focus.

My best take aways memorable quotes were:
the longest journey you will ever take is the 18 inches from your head to your heart.
Finding your purpose at the convergence of what you love, what you are good at, what the world needs and what you can get paid for.
I think, therefore I am.
The best teams are A teams, not a collection of A players.
Do you have friends at work?
Delegation and autonomy lead to human magic only when people are both skilled and motivated.
Think about the metric by which your life will be judged and make a resolution to live every day so that in the end, your life will be judged a success.
To be a thermostat, rather than a thermometer.
If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.
The best leaders don't climb to the top, they are carried to the top.

[Natesh · Rating 5 out of 5]

The book is as much about Best buy as it is about purposeful leadership. Hubert Joly synthesizes all the lessons he learnt from his successful career at the helm of various companies. He clearly lays out what today's leaders need to focus on. I personally loved the concepts of human magic, stakeholder management and purpose of work. The initial few parts on the philosophy of work also dive into interesting territory, borrowing from various philosophers and religious works. Much recommended, but not a page turner. This book requires introspection after every chapter.

[Greg Janicki · Rating 4 out of 5]

4.5. Generally not a fan of CEO-authored leadership books— too much event-specific story; no meat. This one is different. Yes, certainly some stores, but a good helping of data/research support for the central argument: purpose-focused organizations work.

[Azim Tejani · Rating 4 out of 5]

All companies should have a noble purpose? I need to think about that some more.

[Joshua Bowen · Rating 5 out of 5]

Wonderful story of leading change from a leader with a heart that I desire to replicate. Just a really encouraging read to be authentic and care.

[Shilpa · Rating 4 out of 5]

Hubert has very well captured, analyzed his experiences and also has converted them
Into key learnings which anyone can leverage and implement in a daily life whether you work in a corporate or anywhere. Purpose and people define almost everything.

[Isaure Badre · Rating 5 out of 5]

A post Covid must read

The heart of business is a journey. A professional and a personal one. That leads us from McKinsey at the time of the triumph of Milton Friedman in the 80’s to the turn around of Best Buy in the 2010’s when people are coming first and lead the turnaround. We all a role and a say. Purpose it is ! Merci.

[Poppy · Rating 4 out of 5]

Easy-to-read. I always find books that were written by successful CEOs easy to read and understand. They always have ways of explaining things in simple terms. So I think this is one of the good indicators for deciding if the book is good. (and the CEO!)
(But define “successful.” For me, it’s people who can turn situations from bad to good or good to better, earn respect from their staffs and leave the company in better shape than before.)

The first half of the book is not like usual boring business books which tell you step-by-step approach for making your company better. But rather, the CEO’s own experience and lessons he learned along the way even though he was already at the top job. It highlights even as the highest-level person in the company, there’re still things you can learn, develop, and progress collectively. The real-world case studies make the book so much more enjoyable.

The latter half of the book, less relatable to me as most discussed Best Buy as a big corporate, which is totally opposite from my own business.

I like how systematically the book was written. The author always explained at the beginning of each part, what it will be about. Then, explanation of each topic with bullet points, followed by details on each bullet point. And summed it up of what we learned so far including things from what we learned in previous chapters, to keep us focus on overall picture. It might sound repetitive, but for a person who easily forget things mentioned just 3 seconds ago, this is a productive way for me to learn!

[Michelle]

Read excerpt on WSJ 4/24/2021 - Joly joined Best Buy without prior experience. He spent the first few days in the store understanding the business and focused on solving only two problems.

[Judith Ortiz · Rating 5 out of 5]

Extraordinario libro ! Cada capítulo cierra con preguntas de reflexión que te mueven a la acción.

[Ietrio · Rating 1 out of 5]

Capitalism has died back in the 19th century. 20th century was the time of mass produced killings and unprecedented expansion of the Total State. But here is a witch doctor that will do the rain dance and his tailor made suit and show that Capitalism is all about doing what the people in power want. If you want to find out more, get yourself a copy of The Vampire Economy: Doing Business Under Fascism.

[Tammy Cook · Rating 5 out of 5]

Hubert Joly is a former CEO who makes an excellent case for leadership that puts people first. He follows up with practical management strategies that place the human heart at the forefront of business. Mr. Joly shows us how people who feel valued as individuals are good for business. He disputes the old worn-out notion that work is naturally meant to be a drag except for those lucky few who are at the top of the food chain. I hope this book finds its way into the hands of business students and managers who care about making life better for everyone.

[Greg · Rating 5 out of 5]

Joly’s contribution, while I’m sure controversial in some circles for some of his statements around the purpose of businesses, is I believe essential to creating purpose built organizations…and in many ways to future company success. His controversial statements start early in the book. “Purpose and human connections constitute the very heart of business. And I believe they should be at the heart of the necessary and urgent refoundation of business now under way. Capitalism as we have known it for the past few decades is in crisis. More and more people hold the system responsible for social fractures and environmental degradation. Employees, customers, and even shareholders expect much more from corporations than a blind pursuit of profit. Disengagement at work is a global epidemic.” There is a lot to unpack in this statement, but whatever your feelings on the general claims about modern capitalism, I believe that what follows in the book is excellent advice for how the modern enterprise can achieve both the “classical” and “modern” goals. In short, finding purpose for individuals at work, and in a people first strategy, is essential.

He starts by talking about the concept of work. Many people think of work as a task best avoided, and certainly unfulfilling. He traces this back to the ancient Greeks. “The concept of work as a curse dates as far back as Greek antiquity, goes all the way to the Industrial Revolution and still impacts how society tends to think and feel about work today. It may have started with Zeus punishing Sisyphus to an eternity of pointless labor, pushing a large boulder up a steep hill just to watch it roll back down. Ancient Greeks viewed work as demeaning, getting in the way of the ideal of a life dedicated to contemplation and the acquisition of knowledge. Romans took a similar view. And the French word for work—travail—comes from a Latin word for a torture device.” However, Joly proposes a different model. He finds inspiration in the poem by Khalil Gibran dedicated to work:
“Always you have been told that work is a curse and labour a misfortune.
But I say to you. That when you work you fulfill a part of earth’s furthest dream, assigned to you when that dream was born.
And in keeping yourself with labour you are in truth loving life,
And to love life through labour is to be intimate with life’s inmost secret.”
Ultimately, work, when driven by purpose, represents a life fulfilled. His Venn diagram for “why we work” is a masterful image, and one that simply shows the intersection of personal and group competencies and goals. It is a wonderful picture of finding “purpose.” Similarly, his graphic on the purposeful human organization is an image that easily communicates how a noble purpose unites various people in an organization.

Throughout the rest of the book there are pearls of wisdom based on Joly’s experience. Some of my favorites:

Page 37: Quote by Alfred de Musset in “Confession of a Child of the Century”: “Perfection does not exist. To understand it is the triumph of human intelligence; the desire to possess it is the most dangerous kind of madness.”
 
Page 38: Quote by Father Samuel to Hubert Joly: “You cannot love others and develop a relationship with them if you do not first accept that you are imperfect and vulnerable, and need help.”
 
Point on page 58: If you play to immediate shareholder returns, you risk managing “to a certain number.” Implications of this is that you “risk missing the opportunity to play offense during downturns.”

Page 79: Quote by Admiral Hyman G. Rickover, U.S. Navy: “The Devil is in the details, but so is salvation.”
 
Page 104: Advice by Jean-Marie Descarpentries: “In a turnaround, the first priority is (1) to grow the top line, then (2) go after nonsalary expenses, and (3) optimize costs associated with employee benefits. If 1 + 2 + 3 is not enough, then, and only then, should cutting jobs where it makes sense be considered. This keeps people at the center of the purposeful human organization.”
 
Page 162: Idea by Howard Rankin, who drove Best Buy’s Diversity & Inclusion program. “A ‘reverse’ mentor program that paired Best Buy executives with employees who would mentor them to help broaden their understanding of differences.
 
Page 177: On distributed teams, “It was an emergency situation, which meant that we had to work together, act fast, stay synced, and keep information flowing. All that required having people in the same place at the same time. A patient dying on the table is best served by a medical team all in the room.”
 
Page 177: “Delegation and autonomy lead to human magic only when people are both skilled and motivated.”
 
Page 193: On helping people to take calculated risks: “The key is to protect the downside and to take calculated, reversible gambles.”
 
Page 195: Quote by Cardinal John Henry Newman: “Growth is the only evidence of life.”
 
Page 224: Motto on the statue of Curt Carlson: “Illegitimi non carborundum” – loosely translated as “Don’t let the bastards grind you down.”

Near the end, Joly finishes with essential wisdom for any leader in a modern organization. “Today’s leaders have to be purposeful, be clear about whom 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.” As a summary, I could not agree more.

See my other reviews here!

[Varun · Rating 2 out of 5]

A blog, not a book.

More like a blog post than a book.
Nothing new here. Refashioning the purpose of business, of work, and of capitalism via purpose, mission, and people. Have heard the story before.

[Tamadur Almahdi · Rating 4 out of 5]

“Always start with people; always end with people; and generate human energy”.

In “The Heart of Business,” Hubert Joly, former Chairman and Chief Executive Officer of Best Buy, shares lessons learned from his successful experience in turning around Best Buy by putting people first instead of going into destructive cost-cutting.
Advocating for purposeful leadership, creating a sense of urgency with optimism, and transforming what seemed like a dead organization back in 2012 which was predicted to go out of business, into a purpose-driven company. A place its employees loved, its customers adored, its products were sustainable and ultimately share price went from $11 to $90.

In his book, Hubert talks about the importance of leading by putting human relationships at the core of business operations.
On his first day as CEO of BestBuy, starting with people ــ instead of meeting with fellow executives ــ he went to the nearest BestBuy store to learn from the liners. He started to walk around, get to know the team, ask as many questions as he can, and observe sales associates as they were handling potential clients. People working closely with the customers would know for sure what’s really going on. By spending a considerable time doing this, he was able to put together a nice list of both employee and customer frustrations. Growth opportunities if I may say.

“Renew Blue” turning around BestBuy
Instead of following the “conventional corporate turnaround playbook “of closing stores, or turning away employees, he did the following:
Grow the top line: these are the low-hanging fruits. For example revamping their online shopping experience, allowing direct shipping from their local stores, and inventing the store within a store concept for them to boost revenues. ​​He highlights that money is an outcome of making a business work, you need it to sustain the organization. It’s not, however, the purpose behind why we do business. Every business must have a bigger purpose.
Decreasing non-salary costs: by looking deep into what was causing them to lose even more money. One of the interesting findings was the costly broken TV screens. Where they looked for different approaches on how to design more damage-proof TVs with stronger packaging, providing tutorials on how to store them which ultimately lead them to save millions.
Ending with people: Improving employee benefits and creating wellness programs. When people feel happy and satisfied, they would bring their best selves to work. Which will reflect on business objectives.

Unleashing human magic
Each and every one of us has a purpose, the ultimate driver, the reason behind why we do what we do. Whether it’s putting a smile on someone’s face every day, making the world a little kinder than we found it, advocating for women’s rights, or transforming healthcare altogether.
The companies we admire don’t just sell unique products or services. Instead, they stand for BIG dreams and have compelling missions of impacting lives and reshaping our world.
For a group of people to work really well together and to unleash the human magic within them ــ from Hubert’s perspective and my very own humble experience ــ it’s very important for them to have an aligned purpose that also aligns with the whole purpose behind the existence of an organization.
Getting everyone aligned on the same purpose, focusing on people, business, and finally finances (in this particular order), they would start monthly business reviews by first discussing employees, then customers, and finally financials. There was also a dramatic change when it comes to assessing performance, changing key performance indicators from mainly focusing on finances and rankings into becoming obsessed with employee net promoter scores, satisfaction surveys, environmental impact, and diversity achievements which would lead to the ultimate return on investment later on.

“The future is created by the optimists.”
Hubert highlights how during the turnaround, they celebrated every win at any chance they got, no matter how small it was. In townhalls and with investors, they were actively searching for good news to share and turn into announcements. Without sugarcoating challenges, they made sure they highlighted what was going well.
Life is crazy and we never really know. We don’t choose our circumstances and sometimes the next challenge is waiting for us just around the corner as we’re still trying to catch our breath. We do however have control over how we feel and react to those challenges.
As a leader, it is very important to choose how you show up each day. It takes a great deal of courage to look beyond the challenges. To look for opportunities, to inspire, radiate hope, trust others, and always have confidence in a better future.

[Benjamin C · Rating 5 out of 5]

A great book recommended by my CEO to all HODs when he came on board. "Heart of Business" challenges the conventional purpose of profit-maximizing businesses to refocus on their employees in service to customers and societal contribution. The book is concise and well-structured into 4 parts, making it an easy read.

Part 1: Work is not a curse or something you do to enable you to do something else; it can (and should) be part of our search for meaning and fulfillment as humans.
- Traditionally, work is viewed as a burden and a means to an end. It is often considered as a necessary evil.
- We can instead treat work as an essential element of our humanity - a way to find fulfillment in life. Work should be love made visible.
- Each of us gets to choose our purpose, and we get to consider how our work is connected to that purpose. Doing so infuses us with energy, drive, and direction.

Part 2: Instead of focusing on maximizing shareholder value, the purpose of a company has to be to contribute to the common good and serve all its stakeholders in a harmonious fashion.
- Although profit is vital, it is an outcome of good management and not a purpose in itself. By being the singular focus of the business, it is antagonizing customers and employees and is dangerous.
- Three imperatives of all businesses: People => Business => Finance
- Need to put employees at the heart of the organization with a noble purpose being the driver that mobilizes them.
- When a business is in critical condition, its people are the key to a successful turnaround. The first priority is to start with people, grow the top line, then go for non-salary expenses, optimize employee benefits, before (and only as a last resort) cutting jobs.

Part 3: Work environments need to be energizing for individuals to put in irrational performance (or human magic as the author calls it).
- By creating an environment where everyone at the company is energized in support of a great cause, these ingredients drive engagement, and when coupled with a sound strategy, result in extraordinary performance.
- Need to go beyond traditional carrot-and-stick incentive approaches which are extrinsic motivators and short-lived. Intrinsic motivators such as drive and engagement are more powerful and sustainable.
- 5 ingredients listed: (a) connecting dreams/purpose, (b) developing human connections, (c) fostering autonomy, (d) achieving mastery, and (e) nurturing growth and a sense of endless possibilities.

Part 4: Principles of purposeful leadership - today's leaders need to be purposeful, be clear on who they serve, be conscious of what their true role is, be driven by values, and be authentic.
- Employees are more inspired by vulnerable leaders than those who project unreasonable strength and perfection because we relate and bond through our imperfections. How we choose to lead matters.

[Elías González Rogel · Rating 5 out of 5]

¡Qué buen libro, caray! Recientemente leí el manifiesto, actualizado en 2019, de la prestigiosa asociación: "Business Roundtable" que agrupa a los CEO's de las 181 empresas más importantes de EUA. En él sostienen que generar valor únicamente para los accionistas ya no es suficiente, y afirman que las empresas serán castigadas si no toman conciencia y acción para cuidar a sus empleados, clientes, proveedores y comunidades, además de sus accionistas. Este libro trata precisamente de ello.

Hubert Joly, el ex Director General francés que lideró el turnaround y relanzamiento de Best Buy entre 2012 y 2019, propone un cambio notable: poner a las personas en el corazón de la empresa. Para lograrlo, sugiere tres pasos:

Primero, encontrar tu noble propósito. En el ámbito personal, cambiando nuestra noción del trabajo de un "mal necesario" al de una herramienta que nos permite darle darle sentido a nuestras vidas para alcanzar la felicidad, la plenitud y la trascendencia. En el ámbito de las empresas, definiendo un propósito noble que inspire a los colaboradores en beneficio de la humanidad y del planeta.

Segundo, poner a las personas en el centro de la empresa, en lugar de privilegiar a las utilidades que, aunque son indispensables, resultan de hacer lo correcto: Para lograrlo sugiere que las empresas deben convertirse en organizaciones humanas compuestas por individuos que trabajan para lograr un propósito noble compartido. Es decir, la verdadera razón de ser o "raison d'être" de cada empresa.

Tercero, liberar la "magia humana": Crear un ambiente que promueva la motivación, libertad y energía para que las personas alcancen un nivel de desempeño irracionalmente bueno. Propone que el desarrollo y motivación de los empleados llevará a la satisfacción y lealtad de los clientes y esto resultará en la generación de riqueza: "People --> Business --> Finance."

El autor sugiere que el capitalismo, como lo conocemos, está en crisis y cada vez más personas lo responsabilizamos de la fractura social y la degradación del medio ambiente. Asegura que la lucha mundial por los derechos humanos y la reciente pandemia de COVID-19 han acelerado la necesidad de replantearnos este sistema. Afortunadamente, las empresas y las escuelas de negocios podemos y debemos ser una fuerza de bien en esta lucha.

Joly, H. (2021). The Heart of Business. Leadership Principles for the Next Era of Capitalism. Boston, Massachussets, USA: Harvard Business Review.

[Dave S · Rating 4 out of 5]

I learned about Hubert Joly through a podcast called "How I Built This." Joly's episode was eye-opening. As a serial 'rebuilder' of struggling businesses, Joly brings light to how employees and stakeholders, instead of Venture Capitalists or Wall Street, could drive and sustain growth in a business

A Frenchman and an ex-McKinsey partner, Joly shows how one can combine shareholder capitalism and KPI-driven management with employee happiness and a pursuit for greater goods. Having laid out his 'rebuilding' experiences at EDS and Best Buy, Joly presents a simple leadership principle for the next era of capialism: "People -> Business -> Finance." At EDS, Joly made management incentives to be aligened first with people (e.g., turnover, engagement, timeliness of performance appraisals), second with business (e.g., customer satistfaction & churn), and then finance/ P&L. He recollects how the new incentive scheme served as a loudspeaker to fortify his emphasis on people

The book abounds with examples from Best Buy where Joly served as a CEO between 2012 and 2019. People want to find meaning through work, Joly believes, and he presented how Best Buy has sought to build an environment where employees are encouraged to share & achieve their dreams (e.g., a Best Buy employee in Boston who sought to have her own apartment), develop human connections (Joly wondered why we rarely make best friends at work), enjoy autonomy (e.g., empowering employees to frequently change E-Commerce sites based on data, not based on the CEO's gut), and nurture professional skills without a fear of failing

By refocusing his business around employees in service to customers and common good, Joly offers a way to make capitalism more democratic and sustainable. While I gave 4 stars for the lack of 'wow' moments, I would recommend "The Heart of Business" to anyone who are fascinated by the idea of 'people-first business' and its capacity to generate a greater good

[Jon-David · Rating 2 out of 5]

Includes some good advice that will make me think differently about how I lead my small team at work, such as by pointing back to our company values in everything we're doing as a team and in the decisions we make. I wish it focused more on that advice, particularly in the first half, instead of turning Milton Friedman's arguments into a straw man to defeat.

Friedman is mentioned several times. The author doesn't seem to understand Friedman's arguments, which is for companies should be seeking to increase shareholder value. Each time he refutes this argument the author goes on to explain why his way of doing business is better for increasing shareholder value. Starting to see the problem with that logic?

He encourages listeners to focus on people not profits, because then you'll make more money (shareholder value will go up). So far he's aligned with Friedman.

He also criticizes accountants for using accounting tricks to hide poor performance and how it hurts the value of the company. His conclusion is that Friedman is therefore wrong... but it's obvious that those actions hurt shareholder value and are thus not what Friedman espoused. This was the author's most direct attempt to refute Friedman's position, but there was actually no controversy between them two other than that the author wants to be known not as a CEO of a major company in pursuit of profits, but as someone who tried to make the world better for people. By his own telling he did a good job at that goal, but there's nothing there to dispute with Friedman about.

Removing all virtue-signalling references to Friedman in his book would've made it more honest, accessible to people of all beliefs, and more convincing that he actually believes what he says.

[ReadingMama · Rating 3 out of 5]

Hubert Joy is a former CEO of the Best Buy company and also one of the most successful businessmen who turned a dying business to a newer level of success His basic strategies come down to the following and I added my own answers next to it.
Find your noble purpose : Shine HIS light around me
Put people at the center: Friends, family and colleagues
Unleash human magic: What can I learn and attribute at ADD

Past few days, my experiences here have been quite interesting and I evaluate myself as a sister, employee, and a visitor. I am amazed at people’s kindness, always willing to help. There are many disgusting angels all around us. At the Embassy today, the postal office was not what I anticipated. They were not selling postage and even labels I had to print using the US Postal service webpage. After a lengthy logging in process, I thought I was finally ready to print out, yet none of my credit cards were accepted, including PayPal. There were definitely issues. Yet, there were two ladies willing to help me, sacrificing their lunch time, one even willing to put her own credit card numbers (which still did not work). In the end, another embassy employee whom I met earlier, volunteered to mail the package on my behalf. Those strangers who helped me left a strong impression of the U.S. Embassy and that’s what I call Human Magic. I want to be a part of it.

Reading Hubert’s experiences, I am still suffering from the imposter’s syndrome and not sure if I can ever be a great leader; yet knowing my purpose and putting people in the center, I will exercise whatever leadership opportunity that comes my way.

[Erica · Rating 3 out of 5]

I picked this book up on the advice of a professional mentor and...I'm proud of myself that I finished it. For a business self-help book, it was good. Easy to digest chapters, made some strong points and asked interesting questions for reflection at the end. It is, however, still a business self-help book, so it was repetitive, full of naval gazing and a little blind to its shortcomings. Joly quotes Brene Brown extensively and reminded me I needed to pick back up her book, which was so full of truth I had to digest slowly.

Hubert Joly is a very effective turn-around CEO, and in this book he outlines his philosophy on how he went about doing that in a few different places, focusing on the remarkable turn around of Best Buy in 2012. I do think Joly is an inspiring leader, and I appreciate his focus on people and the purpose of an organization. He gave me a lot to consider on what to bring to my own business practices. His writing style is clear, and he gives sufficient detail to take really high-minded goals down into practice. I thought the section devoted to diversity and inclusion was...sparse, especially when he admits this is a large problem that faced Best Buy during his tenure. Overall, it was a decent read, and a quick one.

[broken.tsuba · Rating 3 out of 5]

This is a very simplistic book on leadership, nothing groundbreaking here. It may serve as an introduction if you’re just getting into leadership but there are much better books for that. I rate this as average because it’s suitable for most of the population to read and maybe get a couple pointers from, but anyone serious about leadership will get little out of it.

I should mention one disappointment that I don’t care about but others might: the book uses Best Buy in most of their examples and markets that as a focal point, however, they use this trending format of “state principle, give example, and reinforce.” That’s great for me because I don’t have to waste time reading bs to get the point but because there is a running narrative here it gets disjointed and you can’t feel the power achieved though all the principles applied to get them there. Best Buy’s turnaround could have been made into such an interesting narrative if they told it straight through and allowed the reader to glean the principles from the story instead of being handed to them in bites. It would have been much more compelling, uplifting, and empowering.

[Lazar · Rating 2 out of 5]

Očekivao sam da dobijem mnogo konkretnije savete. Ono što bih izdvojio je princip koji autor provlači kroz celu knjigu - PROFIT NIJE JEDINO MERILO. Ukoliko se vodimo samo profitom na kratkom roku može nam doneti dobar profit, ali dugoročno donosi propast. Ukoliko želimo dugoračan uspeh moraju se zadovoljiti sve strane - akcionari, radnici, menadžment, potrošači itd. Ono što Hubert Joly karkteriše kao dobrog lidera je njegova usmerenost na zaštitu životne sredine, njegove reakcije na raseljavanje milion migranata iz SAD-a u vidu tužbi i zastupanju oštećenih (migranata od kojih 97% radi legalno i/ili redovno pohađa školu). Izdvojio bih i njegovu usmerenost na racionalizaciju troškova od kojih se 2/3 nisu odnosile na plate i traganju za smislom. Dobar lider je inkluzivan lider zato se bavio nejednakostima polova i radnicima druge boje kože. Najveću besplatnu reklamu Best Bay-u dao je odlukom o izmeni polise osiguranja, kako bi jedna transrodna osoba mogla da pokrije troškove estetskih operacija. Na pitanje zašto je to uradio, autor odgovara zato što je to pitala. Time je poslao jasnu poruku svim zaposlenim da ne postoji pitanje koje se ne sme postaviti, a što je i moj zaključak.

[Shobhit · Rating 4 out of 5]

The turnaround story of best buy. I liked how leaders like Hubert are questioning the Industrial Age management practices and challenging older views of capitalism. The book resonated with me a lot and gave me words to put down my thoughts.

Money is not the sole motivation for employees. Purpose of a company is not “just” profit making. These days we hear of impact startup and all when entrepreneurs is motivated by social cause. But then isn’t social problems removed sustainably when the company does it in economically profitable way? Why have another way? Why greed controls some management and then governments have to think of imposing carbon tax, sewage tax and all.

Another great idea is that not all turnaround means job cut as first step. Purpose is what drives humans and should be found in organizations too.

Is mental peace so less in world these days? I end of hearing Wim Hoff or Hubert talking of meditation as suggested in India’s ancient scriptures. Maybe world needs to grow now in mind rather than just material world or comfort.