Posted on May 16, 2021 by Steve Kraus
Interesting article written on how the former CEO of Best Buy, Hubert Joy, used tenants of ESG in leading Best Buy’s turnaround. It’s got to be tied to the strategy and operation of the firm. It’s about putting “purpose and people” at the heart of the business. There is an art of developing a purpose. For Best Buy, it’s more than just selling electronics to users. It was “enriching their customers’ lives through technology by addressing key human needs in areas such as entertainment, productivity, communication, food, security, and health and wellness.” It creates the “spark or magic” in the culture of the firm. What does a Founder/CEO constantly need to do? Keep probing to understand what motivates his employees and connecting this motivation to the company’s unique purpose. The companies that are going to win won’t just use ESG factors; but they will drive the tenants through strategy and the culture of the firm.