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Despite the debates, Netflix's policies are a source of inspiration for many. Its CEO, Reed Hastings, defends his vision of management between freedom and individual responsibility, in a book published in 2020: The Rule? No rules!
Netflix brings together the 3 conditions for success To build a strong culture at the service of company performance : Management commitment, a shared vision, and finally the relentless desire to make it live.
In line with its corporate culture, here is theThe different strategies that Netflix has put in place to build loyalty (the first 3) and attracting new talent (the next 3).
Netflix's 3 strategies for retaining talent
1. Creating a stimulating environment
In order to retain its most talented collaborators, Netflix is banking on a stimulating environment, which allows each employee to feel constantly challenged.
Indeed, Netflix's corporate culture relies heavily on surpassing oneself and success. It is in this environment that employees are subject to the Keeper's Test by their managers.
This test was designed by Reed Hastings. This method makes it possible to Determine who to keep within the company.
He details it in his book: “If a person resigned tomorrow, would you try to change his mind? Or would you accept his resignation, perhaps with a bit of relief? If it's the second option, give him redundancy benefits now.”
While some consider this test to be a ruthless human resources method, it is now one of the pillars of its corporate culture.
2. Remove rules, processes, and controls
The second secret of Netflix is to have abolished traditional obligations as much as possible that an employee is required to meet within his company.
This is intended to retain talent within the company by guaranteeing them creativity, autonomy and lack of obstacles in the realization of their missions.
So there is no no more expense limits, various prior authorizations or even leave check. Each employee is free to do as they see fit.
Netflix assumes that employees spend company money as if it were their own money and therefore reasonably. This Culture is therefore essentially based on the freedom of each individual, but above all on responsibility..
3. Know when to let employees go
Wanting to keep employees in your company as long as possible is not part of Netflix's corporate culture.
And it's actually quite the opposite!
Indeed, being part of the “dream team”, as Netflix admits, is not for everyone.
“Many employees prefer job security and working in companies that are more oriented towards stability, seniority...”
In a Long note, Netflix details its corporate culture and explains to managers the different scenarios where it is necessary to retain an employee or not.
For example, If an employee plays the departure card to get a raise, You can let him go. However, in the event that an employee seems to want to leave the company because he no longer appreciates his colleagues, it is important to ask him how he would like to improve this and make sure to help him.
Netflix's 3 strategies for attracting new talent
1. To be the best, to attract the best
In order to continue to conquer the world by reinventing the way we watch video content, Netflix wants to attract top talent from all over the world.
To do this, the CEO and co-founder of Netflix reveals in his book “The rule? No rules”, the key principles of its management and its corporate culture.
In over 20 years, Netflix has now succeeded in making its company shine in the four corners of the world. thanks to his strong corporate culture and thanks to a permanent reinvention.
So Netflix became a global entertainment player who no longer needs to convince talents to join it, but quite the opposite.
2. A high remuneration policy
If with the health crisis that we are going through, the expectations of employees have evolved and are no longer the same at all, Remuneration remains a major criterion in attracting new talent.
“To attract and retain our valued employees, we apply the highest standards of compensation,” Netflix said in its Long note.
More specifically, Netflix admits to paying its employees at the best rates on the market, estimating the highest salary each employee could get at competing companies and offering them the maximum wage..
For this, Netflix aligns itself with the market every year and does not follow the “2% increase for the good ones, 4% increase for the best” model.
3. Offer jobs that make sense
Finally, the last element that makes Netflix a company that attracts talent today is the fact that it does not only offer jobs but vision And missions that make sense.
For more explanation, just as Netflix does to conclude its long note,
“Let Antoine de Saint-Exupéry, the author of The Little Prince, show us the way: If you want to build a boat, don't bring your men and women together to give them orders, to explain every detail, to tell them where to find everything. If you want to build a boat, give birth to a desire for the sea in the hearts of your men and women.”
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