How rich is Reed Hastings?
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After his encounters at Pure, Hastings was concerned with all the issues of increase. If developing an amusement business was his public target, his private aim was to develop an organization that could grow fast without losing its entrepreneurial spirit along the way. Netflix was a testbed for his theories. As Netflix grew, the firm started getting noticed for its progressive management practices—the effects of the culture Hastings was investigating—called “Freedom and Responsibility.” Netflix is proven to pay wages which are usually much greater than usual to bring the finest talent and is among the few businesses where workers can select per annum just how much of the settlement they need in cash vs. stock. “We are unafraid to cover high,” says Hastings. Other inventions comprise their treatment of workers who do not fulfill expectations. “At most firms, typical performers get a typical raise,” says Hastings. “At Netflix, they get a generous severance package,” because that way supervisors do not feel overly guilty to let typical performers go. The organization also acquired notoriety for removing sick and holiday time for workers, and instead letting them handle this time off independently. Over time his private demonstration codified right into a Powerpoint slide deck that has been broadly shared internally, reviewed and tweaked by top management, and refined actively. It laid out Hastings’ firmly held beliefs about workers and management. As of October 31, 2013 the deck was seen more than 5.5 million times.