Best Buy has pledged over $44 Million towards a 5-year plan to address Diversity and Inclusion and other community efforts. Along with creating new career opportunities for youth, expanding college prep, and emerging talent, Best Buy is focusing on hiring BIPOC and women employees.
Among other positive effects of such a strategy and focus is its impact on the brand’s public perception. Creating a proof-in-the-pudding set of brand values will undeniably help foster more meaningful relationships with customers.
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“We know it’s incredibly important to our employees, customers, and communities to show that we are committed to doing all we can to further economic and social justice,” said Corie Barry, Best Buy CEO.
“In many ways, we have engaged in these issues for years — but now we’re being bold about our commitments to hold ourselves accountable for this work we’ve promised to do.”
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A recent Forbes article states that research conducted by Catalyst and DiversityQ finds: “Now, more than ever before, companies need an agile and diverse workforce, guided by inclusive leaders who can draw out their people’s fullest potential.”
It’s one of the results of the year we’ve all been through.
D&I isn’t just considered nice to have anymore. It’s up to business leaders and key stakeholders to make a systemic change – today – that prioritizes social justice and opens opportunities to all. And it is of absolute key importance to the business.
These goals play a part in how Best Buy hopes to attain its business goals by 2025. Together with various committees like the Employee Resource Groups (ERGs) and the Inclusion and Diversity Steering Committees (IDSCs) network, Best Buy will advance underrepresentation, technology inequities, and educational and career opportunities for those who need it most.
The consumer electronics giant plans to reach 30,000 teens from disinvested communities across the nation to further economic and social justice. The retailer also plans to create a 100 Best Buy Teen Tech Centers network to teach, develop, and invest in youth.
Additionally, Best Buy will create a scholarship fund for 400 high school interns from the Teen Tech Centers, along with 340 jobs across the company.
“We have spent the last several months making plans for how we can make meaningful impacts, including setting major company goals to address how we recruit, hire and retain our employees, and how we’re expanding opportunities for youth across the country,” said Barrie.
Up in Canada, Best Buy just announced its Retail Technology Strategy with NCR to provide flexible and convenient purchasing options that result in the most compelling customer experience.
“As we transition our POS platform, we are adopting a strategy and design that is focused on customer experience that will add significant incremental value to Best Buy’s in-store purchase offerings,” said Dave Evans, Best Buy Canada CTO and VP Technology.
Supporting Action on Climate Change
Other actions the brand is taking RN have to do with supporting climate change. Together with another 1300 organizations, Best Buy is signing the We Are Still In joint statement. The goal is to advance equitable climate solutions, build resilience to climate change, and so much more.
“We are a purposeful, values-driven company,” said Hugh Cherne, Best Buy Associate Director of Sustainability.
“Our decade-long CDP engagement has led to a deeper understanding of climate risks and opportunities, and it has reinforced our commitment to safeguard our communities’ well-being.”
More action plans on the matter from the Best Buy blog:
- “We set a science-based goal to reduce carbon emissions in our operations by 75% by 2030 (over a 2009 baseline).
- We recently signed onto The Climate Pledge, joining other leading companies committed to being carbon neutral by 2040.”
Overall, it’s pretty amazing to see this level of commitment from such a significant brand. We know customers will show their appreciation over time. And we can only wish more brands will go these routes.
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