In the months after the layoffs, Hastings expected morale to drop through the floor. Hastings and his HR chief agonized over who the “keepers” were, prioritizing the most creative and collaborative people. In 2001, after the dot-com bubble burst and venture capital funding evaporated, Netflix laid off one-third of its 120-person staff. Here are five takeaways from the new book, co-written with business professor and author Erin Meyer.
In the introduction to “No Rules Rules,” Hastings boils down Netflix’s competitive advantage over Blockbuster - which 20 years ago rejected his $50 million asking price for the then-fledgling DVD-by-mail startup - to three things: “a culture that valued people over process, emphasized innovation over efficiency, and had very few controls.” Those principles, he says, are the taproot from which its “no-rules rules” have sprung. See Also: Reed Hastings on New Book, Netflix’s Future and One of His Toughest ‘Keeper Tests’
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