Investor’s Business Daily Seitz, Patrick
As Netflix continues to grow, it plans to keep focusing on its “high performance” corporate culture. This includes valuing innovation, hiring outstanding employees, paying robust salaries, and giving staff the autonomy to do their jobs. Individuals performing at average levels are remove, although they receive generous severance packages. The Netflix work culture statement was developed by CEO Reed Hastings and Netflix Chief Talent Officer Patty McCord after the firm realized it would have to achieve more with less people in the wake of the tech bubble burst in 2000, says Steve Swasey, vice president of corporate communications for Netflix. The company feels that high-performance employees can do the work of two or more average workers, while in creative or inventive areas, the best workers are believed to be tenfold better than the average. Netflix managers rely on a “keeper test” to determine which employees they want to keep–managers ask themselves, “Which of my people, if they told me they were leaving for a similar job at a peer company, would I fight hard to keep at Netflix?” Examples of good processes at Netflix include informing others when software is being updated, spending within budget, and having regularly scheduled strategy and context meetings, while bad processes include mandatory pre-approvals for spending more than $5,000 or needing three people to approve a banner ad design.
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Social media can be an important collaborative/communication component to transfer training and its skills.