One reason for Netflix’s ongoing success is the company’s culture.
In 2011, Netflix CEO, Reed Hastings, shared a 127-slide presentation called “Culture”, where the company´s values are explained; to the day it remains one of the great company documents of all-time.
Despite having almost no color or graphics or animations in all 127 slides, the slide-share presentation has been viewed more than 8 million times, been shared more than 20,000, and has had more than 400 comments posted, as it states the values as well as the culture of excellence and perseverance Netflix has adopted since its foundation in 1997 in Scotts Valley, California.
Netflix, who collected over 8.83 billion U.S. dollars in 2016 and employed approximately 4.7 thousand people, of which 4.5 thousand were in full-time, has been a great example of a startup capable of overcoming the odds and transforming into one of the leaders of the digital industry that has conquered a big part of every country in the world.
The string points of Netflix
These are some of the most important, and worth-remembering checkpoints in Netflix´s culture, a document Sheryl Sandberg, Facebook COO defined as “The most important document ever to come out of the Valley”:
- Hire only “A players”
- Logic and common sense work better than formal policies
- Get rid of formal reviews
- Get rid of under-performing employees immediately (no performance improvement plans)
- Hire people who already have great jobs
- Make sure every employee knows what “high performance” means