Hubert Joly

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

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Purpose and human connections constitute the very heart of business.

Purpose helps create an expansive mindset and a sense of possibility.

Humanity is what binds the personal to a collective purpose.

Human magic, in the context of a sound strategy, is what leads to irrational performance.

Hubert Joly

HUBERT JOLY

#UnleashingHumanMagic

Have any of these strategies been effective at your company? Share your stories and top takeaways so we can learn together!👇 Learn more about my biggest takeaways from the practices of leading organizations in my latest Harvard Business Review article. Read More

I'll be honest: I’m still working on being more vulnerable. I’m rather private by nature, and I grew up believing that professional and personal life should be kept separate. But, in these uncertain times, we don’t need people to act like superheroes; we need people to lead from the heart. Being vulnerable might feel uncomfortable, but it’s essential. Read More

Here are eleven new books I am particularly excited about and that I personally endorsed in 2023. They can take you on a reading journey that will help shape your leadership, amplify your impact, and unleash your potential!
Read More

We are making progress: In 2019, only 22% of CEOs surveyed by Brandpie stated they used purpose for setting the direction of the business. Fast-forward to 2023, and things had changed: 89% of surveyed CEOs affirm that their business has a stated purpose and 63% agree that purpose helps them to make strategic business decisions.
But there is work to be done!! Past reports conducted by Brandpie highlighted a lack of buy-in and support as major obstacles to purpose implementation. This year, a new picture is emerging. For those that have a purpose, the core challenges are now primarily around relevance and activation. Over half of respondents (51%) with a defined purpose said that making it relevant and activating it represented their biggest implementation challenge. Read More

Articulating this view early and often is important, so it can take root, grow throughout the organization, and create a fertile ground for everyone to flourish.
Do you agree with this view?
#UnleashingHumanMagic
Read More

How do you think CEOs rate the importance of having and living a great corporate purpose?
At our New CEO workshop at Harvard Business School, the average response is a resounding 9.1/10.
However, when asked how effectively their company's purpose is coming to life today, the average rating drops to around 6/10.
If purpose is so important, why does this gap exist? And how do we close it?
In my new article for Harvard Business Review, I lay out 5 key lessons to make a noble purpose come to life, and unleash human magic:
-Go slow to go fast
-Actions speak louder than words
-Make it real
-Make it simple
-Have human conversations Read More

I believed in the money-as-motivator system for much of my professional life 💸💰
Then in 2015, I came across an animation created around a Daniel Pink presentation on what motivates us. Pink cites a study conducted at the Massachusetts Institute of Technology that gave various mental puzzles and physical challenges to a group of students.
- To incentivize the students’ performance, three levels of cash prizes were offered, based on how well they did. When tasks involved even rudimentary cognitive skills, the larger reward led to poorer performance.
- Economists, psychologists and sociologists have replicated these results many times, and the more sophisticated and creative the task is, the more counterproductive incentives are! Read More

I was shocked when I read this!
A recent survey commissioned by Enrique Lores of HP indicates that only 27% of knowledge workers feel they have a healthy relationship with their work.
This should keep leaders up at night because it signals that something is fundamentally broken.
Behind these percentages are real people—employees of the world’s greatest companies—who want purpose, empowerment, and genuine connection to their work.
Leaders have the ability, and I would say the duty to address this and enable their employees to thrive, not merely survive!
And here is the good news: we know that companies that cultivate purposeful, human-centered cultures can unlock greater innovation, productivity, and performance. Read More

I've seen firsthand that a Noble Purpose is something employees can rally around AND customers profoundly relate to.
It becomes a guiding north star against which strategy is formulated, and every decision made and measured.
Does your company have a North Star that guides and inspires you? Are your customers inspired by it too? Read More

French CEO Jean-Marie Descarpentries once told me that, in his view, 98% of questions asked as either/or are better answered with “and.”
That was a huge break from what I was used to at the time, a world of binary decisions:
Should we focus on cost or revenues?
Cost, or quality?
Should we take care of our customers, or our employees, or our shareholders?
Should we partner with our vendors or compete?
Should we worry about the environment and the community or focus on profits?
Should we focus on the long term or short term?  Read More

This is something I have learned leading several turnarounds.
Saving a business should not center around “cut, cut, cutting” your headcount. There are important steps you need to take ahead of letting people go, such as:
- Growing the top line
- Reducing non-salary expenses
- Optimizing employee benefits
In my view, layoffs should be a last resort, not the first action you do in times of crisis.
What measures have you put in place during a crisis to safeguard the human lifeblood of your company? Read More

The way we lead has profound implications for people around us and how we do business. We cannot transform companies, and more generally capitalism unless we reflect on who we are as leaders!
You can start the journey of becoming a purpose-driven leader by asking yourself:
1. What is your purpose in life? How does it connect with the purpose of the company you work at? Do you know what drives people around you?
2. What are you doing to create an environment in which others can thrive and flourish?
3. Who are you serving? Yourself? Your boss? People on the front line?
4. What values define you?
5. Are you doing your best to be authentic, vulnerable, humble, empathetic, in one word: human? Read More

Feeling a case of the "Sunday Scaries" going back to work or starting the new academic year? I've been there! (That's me on the top row, two in from the left!)
Here is my #1 piece of advice:
Focus on the process, not the outcome.
And learn to LOVE the process.
This means taking each step day by day, hour by hour - or if you're really struggling, minute by minute - and focusing on what you're doing to get to where you want to go.
Are you sometimes having "Sunday scaries"? How are you handling them? Read More

Dear leaders…
Are you feeling: Trapped in your position? Stuck in your old ways? Like you aren’t reaching your full potential?
You’re not alone.
Hortense le Gentil has guided countless leaders through these very challenges!
Now, she is releasing a fabulous new book, The Unlocked Leader, to help YOU on this transformative journey.
My biggest take away from her book: by freeing ourselves from our mindtraps, we can unlock our full potential! Read More

People, like plants, don’t need micromanaging or constant pruning to grow to their full potential.
Instead, focus on whether you are creating a healthy work environment in which people can thrive.
#UnleashingHumanMagic Read More

I watched the US Open women’s final yesterday. While I was impressed by her tennis, I was most impressed by Coco Gauff the person. I feel that she is a very inspiring role model. Three things impress me about her:
1. She is incredibly centered. She seems to know who she is and to have great self awareness
2. You can feel that she deeply cares about relationships - her family, her team, and beyond
3. She is focused on being her best - vs. winning
I find her to be a great example of leading from the inside out. Read More

I'm thrilled to soon welcome another cohort of exceptional leaders from top-tier global organizations to Harvard Business School for the next installment of our Leading Global Businesses program.
In a world beset by unprecedented challenges, the role of business leaders has never been more crucial. It's an honor to support these professionals, helping them prepare to make a difference in their expanding roles.
My co-chair, Krishna G. Palepu, and I are finalizing the program details. We eagerly anticipate engaging with these leaders in the classroom. It is a privilege to be part of their journey. Read More

Do you think that the expectations of your company’s customers, employees, and shareholders have changed?
And if so, has your company changed with them?
#ReinventingCapitalism #UnleashingHumanMagic Read More

Work can be a place where we find meaning and pursue our life purpose. When this happens, this can be a powerful and beautiful source of fulfillment.
Are you fortunate enough to have found meaning in your work? Read More

🤔 In this Fortune article, I share 7 best practices for navigating the treacherous waters of the culture wars while staying true to one’s values. I argue you cannot and should not ignore societal issues relevant to your company and its stakeholders but must learn to navigate potential risks.
When and how do you think your company should engage in societal issues? Let's start a dialogue on effective leadership in today's complex world. What are your thoughts? Read More

This is particularly true in a turnaround.
Why? More decisions create momentum and energy which is much needed in this crucial moment.
It's important to accept that not all decisions will be good ones. If you know how to ride a bicycle, you also know that it is much easier to correct course when you pedal your way forward than when you stand still.
Are you willing and able to take decisive actions in pursuit of "good enough" or standing still in pursuit of impossible perfection? Read More

Is your company obsessed with the bottom line?
I, too, have worked for companies that were solely focused on profit (many years ago!). And it left me feeling uninspired.
Over time, this led to a sense of alienation. And ultimately, my resignation.
I am not for a second suggesting that we should ignore profits. Of course, companies must make money—or they do not survive!
But overall it's healthy to reject the conventional wisdom that we must be obsessed with the bottom line. The true bottom line is this: while profit is vital, it is an outcome, not a purpose in itself.
What factors other than profit define your company's purpose? Read More

Fulfillment and mastery do not come from working on your “weaknesses” but from bringing your unique genius to life, becoming the biggest, most beautiful version of yourself.
What is your unique genius? Are you fully embracing it?
#UnleashingHumanMagic Read More

My Summer Readings
1. Lessons from the COVID War, by the COVID crisis group, a team of experts who recently completed a postmortem of how we handled this crisis and lessons we can learn from it so that we are better prepared next time
2. The Life Cycle Completed, by Erik H Erickson, which does an amazing job of exploring the 9th stage of life, meaning old age. This book helped me profoundly as my 90-year-old father was experiencing some health issues this summer and as I tried my best to be a loving, helping son at his side and that of my 88-year old mother. I learned so much about humility, hope but also vulnerability and despair, and how to be simply present Read More

When I’m teaching emerging leaders how to define a business's Noble Purpose to tackle the world’s most burning challenges, I encourage them to reflect on these four questions inspired by the concept of Ikigai:
1. What does the world need?
2. What is your team passionate about?
3. What is the company good at?
4. What can you get paid for?
Most businesses start with number 4. This overlooks the vital piece of the puzzle capitalism has so far been missing in its collective fight for the future: #UnleashingHumanMagic.
Is your company's strategy built around a Noble Purpose or fixated on pursuing profit above all else? Read More

20th-century idea of leadership:
High-flying “heroes,” born to pursue fame, glory and money with their superior intellect and winning charisma.
Leadership today:
Human leaders who embrace their imperfections and bring out the best in the people they lead.
The model of the leader as a smart, powerful, super-hero is outdated.
Today’s leaders have to be purposeful, be clear about who 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.
How do you define your leadership? Read More

Dealing with climate change sometimes feels like such a daunting task!! And yet… this past weekend, I was truly inspired by the infectious enthusiasm and sense of urgency displayed by my children, nieces and nephews. As we were celebrating my father’s ninetieth birthday (love you dad!!), my son Stanislas and his wife Johanna led for the group a workshop developed by a local nonprofit called 2Tonnes.
The focus of the workshop—which is more like a board game—was to find ways for us to reach 2 tons of equivalent yearly CO2 emissions by 2050 per person, as per the Paris Accord.
So many great learnings from these three hours with my loved ones. Read More

Customers have high expectations of companies and will increasingly turn away from companies that do not meet their standards. When customers perceive a brand to be purpose-driven, they are:
4x more likely to purchase from the company 
6x more likely to protect the company in the event of a misstep or public criticism 
4.5x more likely to champion the company and recommend it to friends and family 
4.1x more likely to trust the company 
While companies should be thoughtful about their marketing, these facts are a strong encouragement to stay true to your True North. Read More

What would having a best friend at work have to do with performance?
It turns out… A lot!
Ultimately, people do not give their best because they are blown away by superior intellect. How much of themselves they invest in their work is directly related to how much they feel:
💛 Respected
💛 Valued
💛 Cared for
Which happens to be what friends do for each other! Read More

The feeling of fulfillment from work comes from doing good things for others—and in doing so, contributing to the common good. Not your company's stock price!
Remembering that and putting it into practice is how we connect to the souls of our employees, and ourselves, and make decisions as leaders that people really feel invested in.
How are you connecting to the souls of your employees beyond external measures like stock price? Read More

It is beautiful and exciting when a company can pursue a noble purpose and simultaneously:
👏🏻 Serve important needs in the world
👏🏻 Take care of its employees, who then take care of customers
👏🏻 Partner with its vendors
👏🏻 Serve and benefit the community
👏🏻 Strive to have a net positive impact on the planet
👏🏻 Generate profits for its shareholders Read More

When employees, from the CEO to front liners, genuinely understand and care about what customers need, and how they can best help them answer these needs, customers feel cared for. Delighting customers in this way is how “love brands”— brands that have built a strong emotional bond with their customers—are created, inspiring loyalty and trust. Read More

A survey of 500 CEOs by Fortune revealed the word, “empathy,” is most often used by CEOs as they describe how COVID changed their leadership style. What are you doing to become a more empathetic leader? How has it changed the culture of your business? Read More

Profit is of course an imperative, but it is a very imperfect measure of performance. Also, while it may be a result, is it really the ultimate purpose? Read More

Congratulations to the 2023 class and everyone in this class I had the pleasure of interacting with! My best wishes to you as you walk into the world. Be who you are, be the best version of yourself, go pursue your beautiful life purpose as the wonderful human being you are. I look forward to staying connected with as many of you as possible. Read More

The purpose of a company has to be to contribute to the common good and serve all its stakeholders in a harmonious fashion. This is what Lisa Earle McLeod calls a “Noble Purpose.”
In the architecture of a new approach to business, a Noble Purpose is the raison d’être of corporations, and people are at the center of everything they do. Read More

Great seeing Dr Kirstin Ferguson AM this morning in my office at Harvard Business School !! I love her book Head and Heart of course! It is coming out in the US in September! Leading both with our head and our heart is such a powerful idea!! Read More

I once heard Lloyd Blankfein, former CEO of investment bank Goldman Sachs say that, every day while shaving, he asked himself, “Is it today? Is it today that the world is going to realize that I am not competent for this job?” Here was one of the most successful bankers in the world, and he was doubting his own abilities. Most leaders I know—myself included—suffer from the same imposter syndrome. Read More

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

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