The most significant change is the company's agreement to post job openings in a transparent fashion, so that all store employees can see them, The Wall Street Journal reported.
"The selective tap on the shoulder is no longer going to be the way workers learn what other positions are available," said attorney James Finberg, who represented nine employees who sued the firm for discriminating against women, African-Americans and Latinos.
Best Buy also agreed to pay $290,000 to the plaintiffs and up to $10 million in attorney and court fees, the Journal said.
In a statement, Best Buy said the new policy would "enhance the equal employment opportunities of the thousands of women, African-Americans and Latinos employed by Best Buy nationwide."
The settlement is contingent on approval in a federal court.