Netflix Reveals The Formula That Led To Its Success

For the past 20 years, Netflix has steadily taken over the home entertainment industry. It went from a struggling DVD-to-home mailing company to an entertainment powerhouse that produces its own big-budget shows and movies in addition to its large library of third-party releases. Netflix co-founder Reed Hastings attributes the company’s success to three areas: building talent density, increasing candor and reducing controls. 

Hastings was forced to lay off a third of his staff during the dot-com burst in 2001. This left him with the highest-performing employees who truly loved their jobs. He encouraged these fantastic employees to openly speak their minds so they could make the best possible decisions to boost business and loosened his control by creating a more relaxed environment that would inspire innovation. Previous procedures delayed action, so he threw the rule book out and creativity began to surge. By gathering the best possible staff – and allowing them the freedom to do what they did best – Netflix’s stock and popularity grew to unprecedented levels, where they remain to this day. 

THE REAL REASON YOUR TEAM ISN’T READY TO WORK

The pandemic caused many employers to allow their employees to work remotely. As we enter the second winter during COVID-19, fewer people have returned to the workplace, and many wonder if they will ever return to the pre-pandemic work environment. The truth is that the virus has caused many uncertainties for people.

There’s no telling if there will be more mandates in the future that will cause employees to stay working remotely. Many have changed how they handle childcare and would need time to make new arrangements if asked to return to work. Microsoft recently dealt with this, announcing a “return to work” date for its employees to eliminate any uncertainties. The company wants to find ways to ease people’s minds before bringing them back into the workplace. The more comfortable your employees are, the better they will perform and the more likely they will be to stay with the company.

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