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  • Los Angeles Times

    Netflix's success is built on a 'culture of candor,' its co-CEO argues in a new book

    by Wendy Lee, Los Angeles Times Sep 23, 2020 4 minutes

    Netflix teetered on financial ruin just 20 years ago, when co-founder Reed Hastings failed to sell his struggling DVD rental subscription business to Blockbuster, eventually forcing him to lay off 30% of his staff as the nation slid into recession.

    But, in Hastings' view, the cuts winnowed the staff and allowed the remaining stars to thrive. Creativity surged, and over time, managers were given the power to sign multimillion-dollar deals without high-level executive approval - giving them the opportunity to make risky bets to reap big rewards.

    The lesson helped to shape the distinctive culture of Netflix, where employee evaluations are brutally candid and average performances can be grounds for termination. "Adequate performance gets a generous severance package" is

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