Reed Hastings says he learned why companies aren’t families after laying off one-third of Netflix: ‘You would never lay off two of your kids’
Long before becoming a Hollywood mainstay with a market cap of over $315 billion, Netflix was struggling to stay afloat. After the dot-com bust, the then-DVD rental company was forced to make its first major round of layoffs in 2001, cutting roughly one-third of its workforce.
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Long before becoming a Hollywood mainstay with a market cap of over $315 billion, Netflix was struggling to stay afloat. After the dot-com bust, the then-DVD rental company was forced to make its first major round of layoffs in 2001, cutting roughly one-third of its workforce. For Netflix cofounder Reed Hastings, the experience drove home a lesson about how to think about a company: It may be a tight-knit team, but it isn’t a family. “People respect great teams, and they respect families and how we operate,” Hastings recently told Semafor.
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- What's the story?
- Long before becoming a Hollywood mainstay with a market cap of over $315 billion, Netflix was struggling to stay afloat. After the dot-com bust, the then-DVD rental company was forced to make its first major round of layoffs in 2001, cutting roughly one-third of its workforce.
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- 1 outlet, average source rating 6.0/10.
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- just now ago.
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Reed Hastings says he learned why companies aren’t families after laying off one-third of Netflix: ‘You would never lay off two of your kids’
Sources1TypeCoverageFortune