There was much to talk about on Best Buy’s Q2 conference call with analysts this morning: the incoming CEO Hubert Joly, the company’s struggling bottom line and much more.Another important issue that was brought by David Strasser from Janney Montgomery Scott was the state of employee morale — how do the actual workers feel?
“What’s the mood as you walk around the headquarters, and even more importantly, as you kind of visit stores?” asked Strasser. “I mean, how impaired do you think the mood is around the company and how hard is that going to be to get back or do you feel relatively comfortable there?”
Mike Mikan, the interim CEO who will maintain his temporary post at the helm of Best Buy until Joly takes over in September, admitted that there has been an effect. From a transcription by Seeking Alpha:
“Obviously, Best Buy has gone through — has had — we’ve had our challenges and the things that are playing out in the public marketplace is a distraction. I can’t say that it isn’t impacting the, I’ll call it, the engagement of employees.
That being said, everyone’s focused on improving business performance. And there’s a great passion and belief in the brand of Best Buy. And so for the most part, we believe that whether it’s in the stores or within the corporate campus here, that people are looking to the future and are excited about the prospects and we’re going to continue to stay focused at.
And I believe that with the announcement of a permanent CEO, that brings additional stability to the organisation and people feel good about that. So overall, we feel like we’re in a — in positive territory with respect to employee engagement.”‘
Is Mikan’s assessment correct?
If you work at Best Buy (at corporate, in-store, or elsewhere), shoot an email to [email protected] and let us know.
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