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How Best Buy Rescued Itself from a Slow Death

The year was 2012, and everything seemed to be going wrong for Best Buy. The CEO had just resigned after admitting to an improper relationship with a female employee. Employee engagement seemed to be at an all-time low. And Best Buy stores were bleeding money--as customers came to test products they wanted, only to buy them online from Amazon at a cheaper price. Best Buy was dying a slow death.

But fast forward to today, and the company is thriving: The stock price is surging and workers seem happier than ever. So, how did Best Buy do it? Hubert Joly, the new CEO, focused on people and practiced humility. In his first months on the job, Joly did something great: He visited Best Buy stores (and even worked at a store for a week), giving him the chance to speak directly to front line employees.

Based on their feedback, Joly:

Fixed broken systems

Restored a beloved employee discount program

Invested in employee training

The measures seem to have worked. A survey showed 78 percent of employees would recommend working at Best Buy to a friend, and Joly enjoys a 92 percent employee approval rate.

Justin Bariso, “Amazon Almost Killed Best Buy. Then, Best Buy Did Something Completely Brilliant” Inc.com (3-4-19)

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