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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

General Management
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More from the Author

    • February 2025
    • Faculty Research

    Lessons from the Magnificent Seven and Other Remarkable High Growth Companies

    By: Hubert Joly and Kayti Stanley
    • September 2024
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    Jamie Dimon’s 2024 Letter to JP Morgan’s Shareholders and the Role of Business in Society

    By: Hubert Joly
    • July 2024
    • Faculty Research

    Living up to Purpose and Performance at Parker Hannifin

    By: Hubert Joly, Alicia Dadlani and Martha Hostetter
More from the Author
  • Lessons from the Magnificent Seven and Other Remarkable High Growth Companies By: Hubert Joly and Kayti Stanley
  • Jamie Dimon’s 2024 Letter to JP Morgan’s Shareholders and the Role of Business in Society By: Hubert Joly
  • Living up to Purpose and Performance at Parker Hannifin By: Hubert Joly, Alicia Dadlani and Martha Hostetter
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