It’s important to note that Netflix’s culture of freedom is made up of three elements: <ul><li>building up talent density, </li><li>increasing candor, and </li><li>reducing controls.</li></ul>

Netflix Culture Of Freedom 

Consistent feedback helps turn good employees into great ones.

Increase Candor 

Talented people make one another more effective.

Talent Density 

In 2000, Netflix co-founders Reed Hastings and Marc Randolph tried to sell their company to Blockbuster for $50 million.“Of course, [Blockbuster] wasn’t interested. What did we possibly have to offer that they couldn’t do more effectively themselves?”

Netflix In 2000

By 2019, Netflix had over 167 million subscribers in 190 countries and its original film Roma won three Oscars. Why did it, and not Blockbuster, succeed?

Netflix’s Revenue Skyrocketed 

But as the world changed, it became clear that Netflix did have something different.In 2010, Blockbuster declared bankruptcy — they’d been unable to transition from DVD rentals to streaming.

Netflix Was A Game changer 

NETFLIX’S CULTURE PROMOTES FREEDOM AND RESPONSIBILITY AND HELPS EMPLOYEES INNOVATE AND ADAPTNetflix has what Hastings calls a “no rules rules” culture. They value “innovation over efficiency” and “people over process.”

Netflix Work Culture 

Highly successful and creative people can innovate better with more freedom.

Reduce Control 

This means employees are given free rein to pursue new ideas that they see as in the best interest of the company. This flexibility leads to new discoveries and allows Netflix to consistently reinvent itself in a rapidly changing world.

Freedom To Explore 

Best book I read in 2020. If you are looking for a book to help you with setting up and managing high performing teams, this is the book for you. How Netflix manages the team, vacation policy etc. you won’t be disappointed.

Netflix cofounder, Chairman, and CEO, Reed Hastings reveals for the first time the elite culture of one of the most unorthodox, creative, and successful tech companies in Silicon Valley history There's never before been a company like Netflix. Not just because it leads the media, technology, and entertainment industries alike; or because it generates billions of dollars of annual revenue, from 137 million users in 190 countries. Netflix is a revolutionary company because of a counterintuitive and radical management culture, which defies tradition and expectation. When Reed Hastings founded Netflix, he developed a corporate philosophy and a set of management principles, which would make Netflix the most innovative company in the world. This meant rejecting the conventional wisdom under which other companies operate. At Netflix, adequate performance gets a generous severance and hard work is irrelevant. At Netflix, you don't try to please your boss, you practice radical candor instead. At Netflix, employees never need approval, and the company always pay top of market. When Hastings first devised them, the implications of these principals were unknown, but over time they have inculcated flexibility, speed, and boldness throughout an outrageously successful organization. Drawing on hundreds of interviews with current Netflix employees and never-before-told stories from his own career, Hastings elaborates on these controversial principles at the heart of the Netflix psyche, which have generated results that are the envy of the business world. Just the last month, Netflix announced it had added seven million new users last quarter, and would invest a further three billion dollars in original programming, bringing the total for 2018 to thirteen billion. This is the full, fascinating, and untold story of a unique company taking over the world.

productivity

Productivity

business

Business

books

Books

The New York Times bestseller Shortlisted for the 2020 Financial Times & McKinsey Business Book of the Year Netflix cofounder Reed Hastings reveals for the first time the unorthodox culture behind one of the world's most innovative, imaginative, and successful companies There has never before been a company like Netflix. It has led nothing short of a revolution in the entertainment industries, generating billions of dollars in annual revenue while capturing the imaginations of hundreds of millions of people in over 190 countries. But to reach these great heights, Netflix, which launched in 1998 as an online DVD rental service, has had to reinvent itself over and over again. This type of unprecedented flexibility would have been impossible without the counterintuitive and radical management principles that cofounder Reed Hastings established from the very beginning. Hastings rejected the conventional wisdom under which other companies operate and defied tradition to instead build a culture focused on freedom and responsibility, one that has allowed Netflix to adapt and innovate as the needs of its members and the world have simultaneously transformed. Hastings set new standards, valuing people over process, emphasizing innovation over efficiency, and giving employees context, not controls. At Netflix, there are no vacation or expense policies. At Netflix, adequate performance gets a generous severance, and hard work is irrel­evant. At Netflix, you don’t try to please your boss, you give candid feedback instead. At Netflix, employees don’t need approval, and the company pays top of market. When Hastings and his team first devised these unorthodox principles, the implications were unknown and untested. But in just a short period, their methods led to unparalleled speed and boldness, as Netflix quickly became one of the most loved brands in the world. Here for the first time, Hastings and Erin Meyer, bestselling author of The Culture Map and one of the world’s most influential business thinkers, dive deep into the controversial ideologies at the heart of the Netflix psyche, which have generated results that are the envy of the business world. Drawing on hundreds of interviews with current and past Netflix employees from around the globe and never-before-told stories of trial and error from Hastings’s own career, No Rules Rules is the fascinating and untold account of the philosophy behind one of the world’s most innovative, imaginative, and successful companies.

Erin Meyer (born August 22, 1971) is an American author and professor based in Paris.[1] She is most known for writing the 2014 book, The Culture Map: Breaking Through the Invisible Boundaries of Global Business a study that analyzes how national cultural differences impact business.Meyer is a professor at INSEAD, an international business school with campuses in France, Singapore and Abu Dhabi. She regularly speaks about cross cultural management and global teamwork.

Erin Meyer

Reed Hastings is an accomplished writer whose work has resonated with readers around the world. Reed Hastings has published several books that explore a range of topics, from fiction to nonfiction, and has received critical acclaim for the ability to weave compelling narratives. Reed Hastings's writing style is known for its depth and authenticity, and has earned quite a loyal following of readers.

Increase Candor

Similar ideas to Increase Candor

Conclusions

Cultivate trust

Write consistent, structured feedback