The interview in the article in the url below with Hubert Joly (now a lecturer at Harvard Business School; until 2019, he was the CEO of Best Buy) is largely mundane. It is not that I question Joly's sincerity; it is just that he is not saying anything particularly interesting. But, there is a moment of eloquence that I found inspiring. It is in response to a question about re-shaping the culture of an organization – aligning interests across all stakeholders to produce meaningful action. When asked if there are any "specific actions you think companies should take" to produce this result, Joly replies:
"I would start with providing an attractive environment and set of opportunities for their employees. Raising the minimum wage is a very important trend, but it goes beyond pay. It is about benefits, taking care of your employees, including their mental health or their ability to vote. It is about a path to advancement, skills acquisition. It is about offering a growth environment, one where you feel you belong, one where you feel your manager is investing in you, one where you can connect what drives you with your work."
Essentially, he is prioritizing the firm's employees above all other stakeholders, which is consistent with the framework presented in Strategic CSR. I often tell my students – any organization that does not treat its employees as its most important stakeholder is dysfunctional to some degree. All stakeholders are important, and the goal of the firm should be to create value broadly, but it starts with employees. That has to be the path of least resistance toward a successful model of stakeholder capitalism.
The other notable element of the interview is reporting that there are "2 billion pounds of electronics recycled annually by Best Buy."
Take care
David
David Chandler
© Sage Publications, 2020
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On His To-Do List: Fixing Capitalism
By David Gelles
July 18, 2021
The New York Times
Late Edition – Final
BU5
