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Abstract
Hubert Joly, former CEO of Best Buy and orchestrator of the retailer's spectacular turnaround, unveils his personal playbook for achieving extraordinary outcomes by putting people and purpose at the heart of business. In 'The Heart of Business', Joly shares the philosophy behind the resurgence of Best Buy: pursue a noble purpose, put people at the center of the business, create an environment where every employee can blossom, and treat profit as an outcome, not the goal. This approach is easy to understand, but putting it into practice is not so easy. It requires radically rethinking how we view work, how we define companies, how we motivate, and how we lead. Part two, chapters 4-7, examines why the traditional view that the primary purpose of business is to maximize shareholder value is wrong, dangerous, and ill-suited to today's environment. Chapter 4 discusses how younger generations are concerned with how current business systems and capitalism are harming the planet and contributing to excessive waste. We need to rethink how our economic system works. Profit does not take into account the impact of a business on the rest of society and as such is not a good measure of performance. The chapter ends by asking what the purpose of a company is, and sets up the fact that framing the answer to this question will help us reinvent capitalism. Visit TheHeartofBusiness.org to learn more. Proceeds from the sales of The Heart of Business will be donated to the Best Buy Teen Tech Centers. This chapter is excerpted from 'The Heart of Business: Leadership Principles for the Next Era of Capitalism’.
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Abstract
Hubert Joly, former CEO of Best Buy and orchestrator of the retailer's spectacular turnaround, unveils his personal playbook for achieving extraordinary outcomes by putting people and purpose at the heart of business. In 'The Heart of Business', Joly shares the philosophy behind the resurgence of Best Buy: pursue a noble purpose, put people at the center of the business, create an environment where every employee can blossom, and treat profit as an outcome, not the goal. This approach is easy to understand, but putting it into practice is not so easy. It requires radically rethinking how we view work, how we define companies, how we motivate, and how we lead. Part two, chapters 4-7, examines why the traditional view that the primary purpose of business is to maximize shareholder value is wrong, dangerous, and ill-suited to today's environment. Chapter 4 discusses how younger generations are concerned with how current business systems and capitalism are harming the planet and contributing to excessive waste. We need to rethink how our economic system works. Profit does not take into account the impact of a business on the rest of society and as such is not a good measure of performance. The chapter ends by asking what the purpose of a company is, and sets up the fact that framing the answer to this question will help us reinvent capitalism. Visit TheHeartofBusiness.org to learn more. Proceeds from the sales of The Heart of Business will be donated to the Best Buy Teen Tech Centers. This chapter is excerpted from 'The Heart of Business: Leadership Principles for the Next Era of Capitalism’.
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