Netflix has a brilliant strategy when it comes to retaining top talent. Here's what they do...
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Written by Netflix Co-founder and CEO and a business professor, "No Rules Rules" provides insight into the effort necessary to build and maintain a strategic culture in a new company. For Netflix, the focus is on being innovative and enabling the company to move and adapt on the fly to expand and stay ahead of competitors. Although this specific cultural approach is unsuitable for many industries, it provides some great ideas that can be adapted to many organizations. It also shows just how culture and business success are connected and how one reinforces the other when executed well. Fundamentally, this approach focuses on identifying and retaining "star employees", making open feedback a daily requirement and reduction in process and red tape in the organization. An interesting read. #Netflix #BusinessCulture #Innovation #Adaptability #BusinessSuccess #culture #culturechange #talent #alignmentmatters #feedback #transparency
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🤔 Bits and Pieces 💡 "Your most valuable asset isn’t your employees. It’s the right employees." Case Study: Netflix Netflix focuses on hiring and retaining top talent and provides them with freedom and responsibility, which drives their success and fosters a high-performance culture. #TalentManagement #EmployeeRetention #HighPerformance
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𝐑𝐞𝐝𝐞𝐟𝐢𝐧𝐢𝐧𝐠 𝐒𝐮𝐜𝐜𝐞𝐬𝐬: 𝐏𝐚𝐭𝐭𝐲 𝐌𝐜𝐂𝐨𝐫𝐝’𝐬 𝐂𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐚𝐭 𝐍𝐞𝐭𝐟𝐥𝐢𝐱 Netflix's transformation from a struggling DVD rental service to a global streaming giant didn’t just happen by chance. A key factor in this success was the cultural revolution led by Patty McCord, Netflix’s former Chief Talent Officer. Here’s how she reshaped the company’s culture and set the stage for its meteoric rise. 𝟏. 𝐇𝐢𝐠𝐡-𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐓𝐞𝐚𝐦𝐬: McCord believed in building a team of top performers. At Netflix, mediocrity wasn’t an option. The company prioritized excellence, ensuring that only the best talent thrived. 𝟐. 𝐂𝐚𝐧𝐝𝐨𝐫 𝐚𝐧𝐝 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲: McCord emphasized radical candor and transparency. Feedback was continuous and direct, fostering an environment of trust and alignment. This approach encouraged open dialogue and rapid improvement. 𝟑. 𝐅𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐰𝐢𝐭𝐡 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Netflix broke away from rigid corporate structures. Employees were given flexibility in managing their work but were held fully accountable for their results. This balance empowered employees to take ownership of their responsibilities. 𝟒. 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬 𝐅𝐞𝐞𝐝𝐛𝐚𝐜𝐤: McCord eliminated the traditional annual performance review, replacing it with continuous feedback. This change allowed for real-time improvements and kept employees engaged and motivated. 𝟓. 𝐋𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐕𝐚𝐥𝐮𝐞𝐬: At Netflix, company values weren’t just words—they were embedded in every action. McCord ensured that these values guided everything from hiring to decision-making, creating a strong and coherent organizational identity. Patty McCord’s cultural revolution at Netflix wasn’t just about making the company more efficient—it was about creating an environment where innovation and excellence could thrive. Her approach serves as a powerful reminder of the impact that the right culture can have on a company’s success. There is an excellent interview of Patty McCord on how the culture at Netflix was created. Do check it out. #netflix #hr #culture #tech
How NETFLIX Created Their Culture
https://www.youtube.com/
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Founder of The LeaderShift Project, helping leaders and teams get their "shift" together! Executive Leadership Consultant and Coach, Speaker, Author, and Podcast host
Netflix is known for having an extremely healthy culture that empowers its people. But that doesn’t mean it’s a walk in the park to work there. Co-founder Reed Hastings advocates for the “Keeper Test,” which is a periodic assessment managers should make, asking themselves one of two questions: 1️⃣ “If X wanted to leave, would I fight to keep them?” 2️⃣ “Knowing everything I know today, would I hire X again?” I agree with Hastings for several reasons: ➡️ This approach ensures top talent remains the lifeblood of the company, which is THE ultimate competitive advantage. ➡️ It assures that our top performers don’t become disillusioned when poor performers are kept on. ➡️ It encourages a culture of giving and receiving feedback early and often. How else can leaders answer the questions accurately and performers know where they stand? To be clear, this mandate is given with explicit instructions that it is LONG TERM performance that matters. As in any healthy culture, honest mistakes and failure derived from innovation are not treated punitively, but rather as learning and growth opportunities. If I were ever going to move back into corporate America, Netflix is the kind of company at which I’d love to work.
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After spending two decades in the CPG / FMCG industry, I've seen my fair share of corporate cultures. But what truly fascinates me is the culture of excellence at Netflix. They've cultivated an environment where high talent density isn't just a goal; it's a reality. They've embraced a culture of candor, granting freedom and responsibility in equal measure, which is both refreshing and effective. What stands out to me is how they empower every employee to make decisions. This empowerment, coupled with a commitment to open communication, really resonates with me. At Netflix, they don't just fill positions; they invest in the most effective individuals, ensuring that every team member is part of a 'dream team.' Their dedication to honesty, continuous feedback, and the relentless pursuit of excellence is something I admire. By constantly refining their culture, Netflix has set a high bar for performance, one that I find both inspiring and aspirational in my own professional journey. #culturetransformation #netflix #corporateculture
How Netflix builds a culture of excellence | Elizabeth Stone (CTO)
lennysnewsletter.com
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I was trying to grow my reading habit, though I started already and thinking to let others know the takeaways. I was reading "No Rules Rules" from Reed & Erin. Starting as a humble DVD rental shop, #netflix 's transformation into a global powerhouse is truly remarkable. The book was mostly talked about their inside culture and here is the few remakable point: Talent Density Triumphs: Netflix's success hinges on exceptional talent. Trust Breeds Innovation: Empowering employees fosters a culture of innovation. Competitive Compensation Matters: Top-tier pay attracts and retains the brightest minds. Consistent Rewards Fuel Creativity: Regular raises over bonuses motivate and reward creativity. High-Performance Team Dynamics: Netflix operates as a team of motivated achievers. #NoRulesRules #WorkplaceCulture
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Writer | Business Analyst | HDFC Bank Credit Cards | Ex-Standard Chartered Bank | Formula1 Enthusiast |
Big data is powerful, but big data plus big ideas is transformational.
What Netflix understands about business that many companies are still trying to figure out.
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Passionate Marketing and Hospitality Professional | MBA IIM Sirmaur | Ex Amex GBT Egencia | Ex Royal Orchid Group
Just read an insightful article by Harvard Business Review on how Netflix continues to revolutionize the entertainment industry. The piece dives deep into their innovative strategies and resilient company culture. A must-read for anyone interested in how to stay ahead in a rapidly changing market. Key takeaways: 🛠️ Customer-Centric Approach: Netflix’s unwavering focus on customer experience. 🌟 Culture of Freedom and Responsibility: How Netflix empowers its employees to drive innovation. 📊 Data-Driven Decisions: The role of analytics in their strategic planning. #Innovation #Leadership #BusinessStrategy #Netflix #HBR #CustomerExperience #CompanyCulture #DataDriven
What Netflix understands about business that many companies are still trying to figure out.
Everything I Know About Business I Learned from Netflix
hbr.org
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Good sunday short read.. Thoughts i got from this article and would like to take for my own work philosophy 1. You say what you think, even if it is uncomfortable 2. You are willing to be critical of the status quo 3. You make tough decisions without agonizing 4. You are able to be vulnerable, in search of truth
What Netflix understands about business that many companies are still trying to figure out.
Everything I Know About Business I Learned from Netflix
hbr.org
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« Big data is powerful, but big data plus big ideas is transformational. Netflix is a technology juggernaut whose analytics, algorithms, and digital-streaming innovations have changed how customers watch movies and TV shows. But this technology has always been in service of a unique point of view — building a platform that shapes what customers watch, not just how they watch. The company has vast amounts of data on the viewing habits of its 125 million subscribers, from which movies and TV shows they liked or disliked to how long they watched an individual episode or how much they binged a new series. This powerful data system creates a rich social system that influences the movies and shows members see, based in part on which shows they’ve liked in the past what other subscribers see and like. Here’s how Reed Hastings explained it in 2005, when the company had just 3.5 million subscribers. “It’s possible to totally misunderstand Netflix,” he told me. “The real problem we’re trying to solve is, How do you transform selection so that consumers can find a steady stream of [entertainment] they love? We give everyone a platform to broaden their tastes.” This point of view has driven Netflix from the beginning, and it underscores the power of original ideas in business success. The core takeaway: Technology matters most when it is in the service of a compelling strategy. It’s always dangerous to try to learn too much from the performance of a single organization — even the most successful companies are bound to experience setbacks and disappointments. (It wasn’t all that long ago, after all, that GE was considered a model of world-class management.) Still, as more and more of us turn to Netflix for entertainment, the company bears watching as a source of insights about the future of business and work. » To See the Future of Competition, Look at Netflix | HBR | 2018 🔗 https://lnkd.in/e8T79UAf How Netflix Reinvented HR | HBR | 2014 🔗 https://lnkd.in/epR5zYgB #Netflix Culture's Manifesto ”As he has since our first culture deck was written in 2009, Antoine de Saint-Exupéry, the author of The Little Prince, shows us the way: If you want to build a ship, don't drum up the people to gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and endless sea.” 🔗 https://lnkd.in/eyVDdynr
What Netflix understands about business that many companies are still trying to figure out.
Everything I Know About Business I Learned from Netflix
hbr.org
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