Netflix has proved to be a recession-proof company, showing record growth from $19.99 a share in November 2008 to $75 a share in April 2010. Much of the credit can be pointed inwardly at their own employees who have helped drive the company’s growth through new technologies and customer satisfaction.
With more than 2,000 employees, Netflix has grown to a $1.36 billion business. Netflix’s success can be directly attributed to their solid HR department who value quality over quantity and embody the same values as they seek in their employees.
They reward responsibility with freedom and recognize what strategies keep top talent long-term. As they seek innovation from their employees, they also embrace innovative HR policies like their vacation policy and time tracking: there is none. Their philosophy is that work hours are not tracked between late nights and weekends worked or e-mails answered at odd hours, so why track vacation hours? So they eliminated vacation and tracking all together.
Contemporary ideas like that keep Netflix on the path towards major growth and success as they transition with new technologies. As Netflix continues to grow, they continue to minimize “rules,” which allows for more flexibility, a great social responsibility and a solid loyalty factor, which in turn creates long-term, top talent retention.
Netflix’s methods seem to be working for them and could really revolutionize how growing businesses can retain top talent while maintaining their small business feel. Emerging companies should take note of this methodology and see if it works for them.
Photo Credit: Mr.Thomas