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  • October 28, 2021
  • Article
  • Harvard Business Review Digital Articles

Creating a Meaningful Corporate Purpose

By: Hubert Joly
  • Format:Electronic
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Abstract

Today, most company leaders believe that their companies’ larger purpose is to make a positive difference in the world—not just to maximize shareholder value. Defining a corporate why and making sure it guides decisions and operations has therefore become a cornerstone of doing business. According to author Hubert Joly, former chairman and CEO of Best Buy, Best Buy’s purpose has been central to the way the company has grown and evolved—and continues to. It’s what helped inspire previously discouraged and anxious employees and boosted the company’s share price about tenfold since 2012. Although the idea of a company guided by purpose is simple to understand, it is very hard to turn into reality. Joly presents five considerations that are critical for defining a powerful corporate purpose.

Keywords

Corporations; Purpose; Meaningfulness; Organizations; Mission and Purpose; Organizational Change and Adaptation

Citation

Joly, Hubert. "Creating a Meaningful Corporate Purpose." Harvard Business Review Digital Articles (October 28, 2021).
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About The Author

Hubert Joly

Marketing
→More Publications

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More from the Author
  • Thomas Buberl: Refounding AXA By: Hubert Joly, Mihir Desai and Amram Migdal
  • Why This Should Be Business Leaders’ ‘Finest Hour’ By: Hubert Joly
  • Deciding When to Engage on Societal Issues By: Hubert Joly and Amram Migdal
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