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Case in the News, Netflix: Flex to the Max 1.
What are the main principles behind Reed Hastings’s approach to managing? There are five principles that guide the human resources at Netflix: •
Pay higher salaries: Higher-than-average salaries and tying bonuses and raises to the market, not a pool—can make stars less likely to bolt. Money is no object in hiring. •
Provide compensation choice: Employees are more likely to excel if they can pick how much of their compensation they get in stock rather than cash. •
Foster Talant Hunters: Encouraging everyone to hire and recommend the people they’ve loved working with most during their careers creates an intense, fun workplace. •
Let them go: Give employees a decent chunk of cash and show them the door. And don’t surprise them. The laid-off leave with their dignity. •
Limit Rules: They reduce error. But they also stymie innovation. At Netflix, employees are responsible for their choices, even in how much vacation to take
How do they affect Netflix’s organizational culture?
Netflix’s organization culture focuses mainly on three things Transparency, High Performing and Accountability. This mean •
Netflix had happy employees but focus on getting the best from people by establishing context, not controlling the people or outcomes •
Netflix rearrangement employees base on what they can do best. When employees fail, ask themselves what they could have done better to set the right context, insight and guidance •
Put people in teams and groups. Group interactions are focused on strategy and goals and people will learn from each other. Groups will move faster to tactical development and execution in a climate of trust (to get the work done) vs. audit. •
Pay accordingly. Their goal is to keep each employee at the top of market for that person. •
It is okay for employees to test the job market and validate their worth with the caveat that you...
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