Hubert Joly, the former CEO of Best Buy, and Ole Rosgaard, the CEO of Greif, discuss the importance of company purpose, human-focused leadership, and the role of business in society. The conversation also touched on personal journeys and experiences in leadership roles.
The importance of rediscovering purpose in life and work
Hubert Joly, the former CEO of Best Buy, shared his journey of self-discovery and the importance of finding a purpose in life. He spoke about a few key moments in his life that shaped him as a leader, including a moment when he was asked to write about the philosophy of work, which led him to redefine his perspective on work.
“Thirty years ago, I remember being asked by a couple of friends who are monks to write an article about the philosophy and theology of work. Why do we work? Is work a punishment because some dude sinned in Paradise, or is work something we do so that we can do something else that’s more fun?” Joly said. This led him to conclude that work gives us an opportunity to do something good in the world.
Joly further shared his midlife crisis, when he was at the top of his career but not happy: “I was at the top of my first mountain…but yet I was not happy. I felt that the top of my mountain was dry; there was no joy.” This experience led him to refine his purpose in life, which is to do something good for someone else.
The need for businesses to have a noble purpose and to be a force for good
Hubert Joly emphasized the importance of businesses having a noble purpose. He believes that businesses can and should be a force for good and that people should be at the center of all business operations.
“Business is about the pursuit of a noble purpose…one of the imperatives in business is that you have the right teams properly motivated. A company is a human organization made of individuals working together and it’s inspiring to connect what we do at work with the impact we’re having in the world,” he said.
He also discussed the importance of businesses being a force for good in the world. “Business can be a force for good…business cannot be successful in isolation. If the city is on fire you cannot open the stores. If the planet is on fire, you cannot have a business. So we have to feel responsible for the greater good as business leaders and as businesses.”
The importance of leadership that inspires and brings out the best in people
Hubert Joly spoke about the significance of leadership and how it can inspire and bring out the best in people. He emphasized that the power of ‘human magic’ can be unleashed by creating an environment where others can be successful.
“One of the beliefs I have is that the role of leaders is to create an environment that can unleash that magic where the human beings working at the company can be the best version of themselves,” he said.
He also stressed the importance of leaders becoming role models and their actions translating the company’s purpose. “Actions speak louder than words, so it’s great to do a video, but what are the actions? How do leaders become role models, and how do their actions translate the purpose?” he asked.
WISDOM AND INSIGHTS:
- The importance of a company’s purpose and how it can inspire employees and drive business growth.
- The concept of ‘human magic’ in leadership involves creating an environment for others to be successful.
- The need for businesses to be a force for good in society, and not just focus on profit.
- The importance of feedback and self-improvement in leadership.
- The need for businesses to connect their actions with their stated purpose and values.
QUOTABLES:
- “The purpose of a company is not to make money it’s an imperative and it’s a result but don’t confuse an imperative and the ultimate goal of a business.”
- “It was not about me being the smartest person in the room but about creating the environment for others to be successful.”
- “Business can be a force for good, that’s what we want in our heart and also business needs to be a force for good given the multifaceted crisis we are experiencing.”
- “We have to feel responsible for the greater good as Business Leaders and as businesses.”
- “One of our roles as Leaders is to create an environment that can unleash that magic where the human beings working at the company can be the best version of themselves.”
