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Reference Guide on ourFreedom & Responsibility Culture These slides are meant for reading,rather than presenting1Freedom & Responsibility Applies to ourSalaried EmployeesOur hourly employees are important,…
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  1. Reference Guide on ourFreedom & Responsibility Culture
    These slides are meant for reading,
    rather than presenting
    1
  2. Freedom & Responsibility Applies to ourSalaried Employees
    Our hourly employees are important, but have more structured job roles
    2
  3. Culture: what gives Netflix the best chance of continuous success for many generations of technology and people?
    3
  4. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    4
  5. Lots of companies have nice sounding value statements
    5
  6. Enron Had A Nice-Sounding Value Statement with 4 Values
    Enron headquarters
    Integrity
    Communication
    Respect
    Excellence
    6
    Their 4 values were chiseled in marble in the main lobby, but had little to do with the real values of the organization
  7. The real company values, as opposed to the nice-sounding values, are shown by who gets rewarded, promoted, or let go
    7
  8. Real company values are thebehaviors and skillsthat we particularly valuein fellow employees
    8
  9. We Particularly Value in our Colleagues these Nine Behaviors and Skills…
    9
  10. You make wise decisions (people, technical, business, and creative) despite ambiguity
    You identify root causes, and get beyond treating symptoms
    You think strategically, and can articulate what you are, and are not, trying to do
    You smartly separate what must be done well now, and what can be improved later
    10
    Judgment
  11. 11
    You listen well, instead of reacting fast, so you can better understand
    You are concise and articulate in speech and writing
    You treat people with respect independent of their status or disagreement with you
    You maintain calm poise in stressful situations
    Communication
  12. You accomplish amazing amounts of important work
    You demonstrate consistently strong performance so colleagues can rely upon you
    You focus on great results rather than on process
    You exhibit bias-to-action, and avoid analysis-paralysis
    Impact
    12
  13. 13
    You learn rapidly and eagerly
    You seek to understand our strategy, market, subscribers, and suppliers
    You are broadly knowledgeable about business, technology and entertainment
    You contribute effectively outside of your specialty
    Curiosity
  14. 14
    You re-conceptualize issues to discover practical solutions to hard problems
    You challenge prevailing assumptions when warranted, and suggest better approaches
    You create new ideas that prove useful
    You keep us nimble by minimizing complexity and finding time to simplify
    Innovation
  15. 15
    You say what you think even if it is controversial
    You make tough decisions without excessive agonizing
    You take smart risks
    You question actions inconsistent with our values
    Courage
  16. 16
    You inspire others with your thirst for excellence
    You care intensely about Netflix' success
    You celebrate wins
    You are tenacious
    Passion
  17. 17
    You are known for candor and directness
    You are non-political when you disagree with others
    You only say things about fellow employees you will say to their face
    You are quick to admit mistakes
    Honesty
  18. 18
    You seek what is best for Netflix, rather than best for yourself or your group
    You are ego-less when searching for the best ideas
    You make time to help colleagues
    You share information openly and proactively
    Selflessness
  19. Judgment
    You make wise decisions (people, technical, business, and creative) despite ambiguity
    You identify root causes, and get beyond treating symptoms
    You think strategically, and can articulate what you are, and are not, trying to do
    You smartly separate what must be done well now, and what can be improved later
    Impact
    You accomplish amazing amounts of important work
    You demonstrate consistently strong performance so colleagues can rely upon you
    You focus on great results rather than on process
    You exhibit bias-to-action, and avoid analysis-paralysis
    Communication
    You listen well, instead of reacting fast, so you can better understand
    You are concise and articulate in speech and writing
    You treat people with respect independent of their status or disagreement with you
    You maintain calm poise in stressful situations
    Innovation
    You re-conceptualize issues to discover practical solutions to hard problems
    You challenge prevailing assumptions when warranted, and suggest better approaches
    You create new ideas that prove useful
    You keep us nimble by minimizing complexity and finding time to simplify
    Curiosity
    You learn rapidly and eagerly
    You seek to understand our strategy, market, subscribers, and suppliers
    You are broadly knowledgeable about business, technology and entertainment
    You contribute effectively outside of your specialty
    Courage
    You say what you think even if it is controversial
    You make tough decisions without excessive agonizing
    You take smart risks
    You question actions inconsistent with our values
    Honesty
    You are known for candor and directness
    You are non-political when you disagree with others
    You only say things about fellow employees you will say to their face
    You are quick to admit mistakes
    Selflessness
    You seek what is best for Netflix, rather than best for yourself or your group
    You are ego-less when searching for the best ideas
    You make time to help colleagues
    You share information openly and proactively
    Passion
    You inspire others with your thirst for excellence
    You care intensely about Netflix' success
    You celebrate wins
    You are tenacious
    We Want to Work with People Who Embody These Nine Values
    19
  20. “You question actions inconsistent with our values”
    Part of the Courage value
    Akin to the honor code pledge: “I will not lie, nor cheat, nor steal, nor tolerate those who do”
    All of us are responsible for value consistency
    20
  21. Values reinforced in hiring, in 360 reviews, at comp review, in exits, and in promotions
    21
  22. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    22
  23. Imagine if every person at Netflix is someone you respect and learn from…
    23
  24. Great Workplace is Stunning Colleagues
    Great workplace is not day-care, espresso, health benefits, sushi lunches, nice offices, or big compensation, and we only do those that are efficient at attracting stunning colleagues
    24
  25. Like every company, we try to hire well
    25
  26. But, unlike many companies, we practice “adequate performance gets a generous severance package.”
    26
  27. We’re a team, not a familyWe’re like a pro sports team, not a kid’s recreational teamCoaches’ job at every level of Netflixto hire, develop and cut smartly, so we have stars in every position
    27
  28. TheKeeper Test Managers Use:
    “Which of my people, if they told me they were leaving in two months for a similar job at a peer company, would I fight hard to keep at Netflix?
    28
  29. TheKeeper Test Managers Use:
    The other people should get a generous severance now, so we can open a slot to try to find a star for that role
    “Which of my people, if they told me they were leaving in two months for a similar job at a peer company, would I fight hard to keep at Netflix?
    29
  30. Honesty Always
    To avoid surprises, you should periodically ask your manager: “If I told you I were leaving, how hard would you work to change my mind to stay at Netflix?”
    30
  31. Isn’t Loyalty Good? What About Hard Workers?What about Brilliant Jerks?
    31
  32. Loyalty is Good
    Loyalty is good as a stabilizer
    People who have been stars for us, and hit a bad patch, get a near term pass because we think they are likely to become stars for us again
    We want the same: if Netflix hits a temporary bad patch, we want people to stick with us
    But unlimited loyalty to a shrinking firm, or to an ineffective employee, is not what we are about
    32
  33. Hard Work – Not Directly Relevant
    It’s about effectiveness – not effort – even though effectiveness is harder to assess than effort
    We don’t measure people by how many evenings or weekends they are in their cube
    We do try to measure people by how much, how quickly and how well they get work done – especially under deadline
    33
  34. Brilliant Jerks
    Some companies tolerate them
    For us, the cost to teamwork is too high
    Diverse styles are fine – as long as person embodies the 9 values
    34
  35. Why are we so manic on high performance?
    In procedural work, the best are 2x better than the average.
    In creative work, the best are 10x better than the average, so huge premium on creating effective teams of the best
    35
  36. Why are we so manic on high performance?
    Great Workplace is Stunning Colleagues
    36
  37. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    37
  38. The Rare Responsible Person
    Self motivating
    Self aware
    Self disciplined
    Self improving
    Acts like a leader
    Doesn’t wait to be told what to do
    Never feels “that’s not my job”
    Picks up the trash lying on the floor
    Behaves like an owner
    38
  39. Responsible People Thriveon Freedom, and are Worthy of Freedom
    39
  40. Our model is to increaseemployee freedom as we grow,rather than limit it, to continue to attract and nourish innovative people,so we have better chance of long-term continued success
    40
  41. Most Companies Curtail Freedom as they get Bigger
    Bigger
    Employee Freedom
    41
  42. Most Companies Curtail FreedomAs They Grow to Avoid Errors(sounds pretty good to avoid errors)
    42
  43. Desire for Bigger Positive Impact Creates Growth
    Growth
    43
  44. Growth Increases Complexity
    Complexity
    44
  45. Growth Shrinks Talent Density in Most Firms
    Complexity
    % High Performance Employees
    45
  46. Chaos Emerges
    Chaos and errors spikes here – businesshas become too complex to runinformally with this talent level
    Complexity
    % High Performance Employees
    46
  47. Process Emerges to Stop the Chaos
    Procedures
    No one loves process, butfeels good compared to the
    pain of chaos
    47
  48. Process-focus Drives More Talent Out
    % High Performance Employees
    48
  49. Strong Near-Term Outcome
    A highly-successful process-driven company
    With leading share in its market
    Minimal thinking required
    Few mistakes made – very efficient
    Few curious innovator-mavericks remain
    Very optimized processes for its existing market
    49
  50. Then the Market Shifts…
    Market shifts due to new technology or new competitors or new business models
    Company is unable to adapt quickly, because the employees are extremely good at following the existing processes, and process adherence is the value system
    Company generally grinds painfully into irrelevance, due to inability to respond to the market shift
    50
  51. Seems Like Three Bad Options
    Stay creative by staying small
    Try to avoid rules as you grow, suffer chaos
    Use process as you grow to drive efficient execution of current model, but cripple creativity, innovation, flexibility, and ability to thrive when market inevitably shifts
    51
  52. A Fourth Option
    Avoid Chaos as you grow with Ever More High Performance People – not with Rules
    Then you can continue to run informally with self-discipline and avoid chaos
    The run informally part is what enables and attracts creativity
    52
  53. The Key: Increase Talent Density faster than Complexity Grows
    % High Performance Employees
    Business Complexity
    53
  54. Increase Talent Density
    % High Performance Employees
    Top of market compensation
    Attract hi-value people through freedom to make impact
    Be demanding about high performance culture
    54
  55. Minimize Complexity Growth
    Few big products vs many small ones
    Eliminate distracting complexity (barnacles)
    Value simplicity
    Business Complexity
    55
  56. With the Right People, Instead of a Culture of Process Adherence, Culture of Freedom and Responsibility, Innovation and Self-Discipline
    56
  57. Is Freedom Absolute?
    Are all rules & processes bad?
    57
  58. Freedom is not absolute.Like “free speech” there are somelimited exceptions to “freedom at work”
    58
  59. Two Types of Necessary Rules
    Prevent irrevocable disaster
    E.g. Financials produced are wrong
    E.g. Hackers steal our customers’ credit card info
    Moral, ethical, legal issues
    E.g. Dishonesty, harassment are intolerable
    59
  60. Mostly, Though, Rapid Recovery is the Right Model
    Just fix problems quickly
    High performers make very few errors
    We’re in a creative-inventive market, not a safety-critical market like medicine or nuclear power
    You may have heard preventing error is cheaper than fixing it
    Yes, in manufacturing or medicine, but…
    Not so in creative environments
    60
  61. “Good” vs “Bad” Processes
    “Good” processes help talented people get more done
    Web site push every two weeks rather than random
    Spend within budget each quarter so don’t have to coordinate every spending decision across departments
    Regularly scheduled strategy and context meetings
    “Bad” processes try to prevent recoverable mistakes
    Get pre-approvals for $5k spending
    3 people to sign off on banner ad creative
    Permission needed to hang a poster on a wall
    Multi-level approval process for projects
    Get 10 people to interview each candidate
    61
  62. Rule Creep
    “Bad” processes tend to creep in
    Preventing errors just sounds so good
    We try to get rid of rules when we can, to reinforce the point
    62
  63. Example: Netflix Vacation Policy and Tracking
    Until 2004 we had the standard model of N days per year
    63
  64. Meanwhile…
    We’re all working online some nights and weekends, responding to emails at odd hours, and taking an afternoon now and then for personal time.
    64
  65. An employee pointed out…
    We don’t track hours worked per day or per week, so why are we tracking days of vacation per year?
    65
  66. We realized…
    We should focus on what people get done, not how many hours or days worked. Just as we don’t have an 9-5 day policy, we don’t need a vacation policy.
    66
  67. Netflix Vacation Policy and Tracking
    “there is no policy or tracking”
    67
  68. Netflix Vacation Policy and Tracking
    “there is no policy or tracking”
    “There is also no clothing policy at Netflix, but no one has come to work naked lately.” – Patty McCord, 2004
    Lesson: you don’t need detailed policies for everything.
    68
  69. Another Example of Freedom and Responsibility…
    69
  70. Most companies have complex policies around what you can expense, how you travel, what gifts you can accept, etc. Plus they have whole departments to verify compliance with these policies.
    70
  71. Netflix Policies for Expensing, Entertainment, Gifts & Travel:
    “Act in Netflix’s Best Interests”
    (5 words long)
    71
  72. “Act in Netflix’s Best Interests” Generally Means…
    Expense only what you would otherwise not spend, and is worthwhile for work.
    Travel as you would if it were your own money.
    Disclose non-trivial vendor gifts.
    Take from Netflix only when it is inefficient to not take, and inconsequential.
    “taking” means, for example, printing personal documents at work or making personal calls on work phone: inconsequential and inefficient to avoid
    72
  73. Freedom and Responsibility
    Many people say one can’t do it at scale
    But since going public in 2002, which is traditionally the beginning of the end for freedom, we’ve increased talent density and employee freedom substantially.
    73
  74. Summary of Freedom & Responsibility:As We Grow, Minimize Rules.Inhibit Chaos with Ever More High Performance People.Flexibility is More Important than Efficiency in the Long Term
    74
  75. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    75
  76. "If you want to build a ship, don't drum up the people to gather wood, divide the work, and give orders.  Instead, teach them to yearn for the vast and endless sea."-Antoine De Saint-Exupery,  Author of The Little Prince
    76
    *translation uses ‘people’ instead of ‘men’ to modernize
  77. The best managers figure out how to get great outcomes by setting the appropriate context, rather than by trying to control their people
    77
  78. Context, not Control
    Provide the insight and understanding to enable sound decisions
    Context
    Control
    Strategy
    Metrics
    Assumptions
    Objectives
    Clearly-defined roles
    Knowledge of the stakes
    Transparency around decision-making
    Top-down decision-making
    Management approval
    Committees
    Planning and process valued more than results
    78
  79. Exceptions
    Control can be important in emergency
    No time to take long-term capacity-building view
    Control can be important when someone is still learning their area
    Takes time to pick up the necessary context
    Control can be important when you have the wrong person in a role
    Temporarily, no doubt
    79
  80. Managers: When one of your talented peopledoes something dumb,don’t blame them.Instead, ask yourself what contextyou failed to set.
    80
  81. Managers: When you are tempted to “control” your people, ask yourself what context you could set instead
    Are you articulate and inspiring enough about goals and strategies?
    81
  82. Good Context
    • Link to company/functional goals
    • Relative priority (how important/how time sensitive)
    • Critical (needs to happen now), or…
    • Nice to have (when you can get to it)
    • Level of precision & refinement
    • No errors (credit cards handling, etc…), or…
    • Pretty good / can correct errors (website), or…
    • Rough (experimental)
    • Key stakeholders
    • Key metrics / definition of success
    82
  83. Why Managing Through Context?
    High performance people will do better work if they understand the context
    83
  84. Investing in Context
    This is why we do new employee college, and why we are so open internally about strategies and results
    84
  85. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    85
  86. Three Models of Corporate Teamwork
    Tightly-Coupled Monolith
    Independent Silos
    Highly Aligned, Loosely Coupled
    86
  87. Tightly-Coupled Monolith
    Senior management reviews and approves nearly all tactics
    Lots of x-departmental buy-in meetings
    Keeping other groups in agreement has equal precedence with pleasing customers
    Mavericks get exhausted trying to innovate
    Highly coordinated through centralization, but very slow, and slowness increases with size
    87
  88. Independent Silos
    Each group executes on their objectives with little coordination
    Work that requires coordination suffers
    Alienation and suspicion between departments
    Only works well when areas are independent
    e.g. GE: aircraft engines and Universal Studios
    88
  89. The Netflix Choice
    Tightly-Coupled Monolith
    Independent Silos
    Highly Aligned, Loosely Coupled
    89
  90. Highly Aligned, Loosely Coupled
    Highly Aligned
    Strategy and goals are clear, specific, broadly understood
    Team interactions are on strategy and goals rather than tactics
    Requires large investment in management time to be transparent and articulate and perceptive and open
    Loosely Coupled
    Minimal cross-functional meetings except to get aligned on goals and strategy
    Trust between groups on tactics without previewing/approving each one – groups can move fast
    Leaders reaching out proactively for ad-hoc coordination and perspective as appropriate
    Occasional post-mortems on tactics necessary to increase alignment
    90
  91. Highly-Aligned Loosely-Coupled teamwork effectiveness is dependent on high performance people and good contextGoal is to be Big and Fast and Flexible
    91
  92. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    92
  93. Pay Top of Market is Core toHigh Performance Culture
    One outstanding employee gets more done and costs less than two adequate employees
    We endeavor to have only outstanding employees
    93
  94. Three Tests for Top of Market for a Person
    What could person get elsewhere?
    What would we pay for replacement?
    What would we pay to keep person?
    If they had a bigger offer elsewhere
    94
    Confidential
  95. Takes Great Judgment
    Goal is to keep each employee at top of market for that person
    Pay them more than anyone else likely would
    Pay them as much as a replacement would cost
    Pay them as much as we would pay to keep them if they had higher offer from elsewhere
    95
  96. Titles Not Very Helpful
    Lots of people have the title “Major League Pitcher” but they are not all equally effective
    Similarly, all people with the title “Senior Marketing Manager” or “Director of Engineering” are not equally effective
    So the art of compensation is answering the Three Tests for each employee
    96
  97. Annual Comp Review
    Hiring is market-based at many firms, but at Netflix we also make the annual comp review market-based
    Applies same lens as hiring
    Essentially, rehiring each employee each year, for purposes of comp
    At annual comp review, manager has to answer the Three Tests for the personal market for each of their employees
    97
    Confidential
  98. No Fixed Budgets
    There are no centrally administered “raise pools” each year
    Instead, each manager aligns their people to market each year – the market will be different in different areas
    98
  99. Annual Comp Review
    Some people will move up in comp very quickly because their value in the marketplace is moving up quickly, driven by increasing skills and/or great demand for their area
    Some people will move down or stay flat because their value in the marketplace has moved down or stayed flat
    Depends in part on inflation and economy
    Still top of market, though, for that person
    99
  100. Compensation Not Dependent on Netflix Success
    Whether Netflix is prospering or floundering, we pay at the top of the market
    i.e., sports teams with losing records still pay talent the market rate
    Employees can choose how much they want to link their economic destiny to Netflix success or failure by deciding how much Netflix stock or stock options they want to own
    100
  101. Bad Ideas
    Manager sets pay at Nth percentile of title-linked compensation data
    The “Major League Pitcher” problem
    Manager cares about internal parity instead of external market value
    Fairness in comp is being true to the market
    Manager gives everyone a 4% raise
    Very unlikely to reflect the market
    101
  102. When Top of Market Comp Done Right...
    Nearly all ex-employees will take a step down in comp for their next job
    We will rarely counter with higher comp when someone is voluntarily leaving because we have already moved comp to our max for that person
    Employees will feel they are getting paid well relative to their other options in the market
    102
  103. Versus Traditional Model
    Traditional model is good prior year earns a raise, independent of market
    Problem is employees can get materially under- or over-paid relative to the market, over time
    When materially under-paid, employees switch firms to take advantage of market-based pay on hiring
    When materially over-paid, employees are trapped in current firm
    Consistent market-based pay is better model
    103
  104. Employee Success
    It’s pretty ingrained in our society that the size of one’s raise is the indicator of how well one did the prior year – but at Netflix there are other factors too – namely, the outside market
    In our model, employee success is big factor in comp because it influences market value
    In particular, how much we would pay to keep the person
    But employee success is not the only factor in comp, so the linkage of prior year performance to raise size is weak
    104
  105. Good For Each Employee to Understand Their Market Value
    It a healthy idea, not a traitorous idea, to understand what other firms would pay you, by interviewing and talking to peers at other companies
    Talk with your manager about what you find
    Minor exception: interviewing with groups that directly compete with Netflix, because their motive is in part confidential information
    105
  106. Efficiency
    Big salary is the most efficient form of comp
    Most motivating for any given expense level
    No bonuses – just include in salary – so much simpler
    No free stock options – just big salary
    Great health plan options, but high employee co-pay
    No philanthropic match
    Instead, put all that expense into big salaries
    Give people big salaries, and the freedom to spend as they think best
    106
  107. Optional Options
    Employees can request to trade salary for stock options, if they wish
    The options are fully vested, granted monthly, and cost employees in pre-tax salary approximately half of what such an option would cost in the open market
    Options ultimately valuable only if Netflix stock climbs over the next 10 years
    Investing in Netflix stock or stock options lets one participate in Netflix success or failure at whatever level is comfortable for employee
    107
  108. Seven Aspects of our Culture
    High Performance
    Values are what we Value
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    108
  109. In some time periods, in some groups, there will be lots of opportunity and growth at Netflix
    Some people, through both luck and talent, will have extraordinary career growth
    109
  110. Baseball Analogy: Minors to Majors
    Very talented people usually get to move up, but only true for the very talented
    Some luck in terms of what positions open up and what the competition is
    Some people move to other teams to get the opportunity they want
    Great teams keep their best talent
    Some minor league players keep playing even though they don’t move up because they love the game
    110
  111. Netflix Doesn’t Have to be for Life
    In some times, in some groups, there may not be enough growth opportunity for everyone
    In which case we should celebrate someone leaving for a bigger job that we didn’t have available to offer them
    If that is what the person prefers
    111
  112. Two Necessary Conditions for Promotion
    Job has to be big enough
    We might have an incredible manager of something, but we don’t need a director of it because job isn’t big enough
    If the incredible manager left, we would replace with manager, not with director
    Person has to be a superstar in current role
    Could get the next level job here if applying from outside and we knew their talents well
    Could get the next level job at peer firm that knew their talents well
    112
  113. Timing
    If manager would promote employee to keep them if employee were thinking of leaving, manager should promote now, and not wait
    Both tests still have to be passed
    Job big enough
    Superstar in current role
    113
  114. Development
    We develop people by giving them the opportunity to develop themselves, by surrounding them with stunning colleagues and giving them big challenges to work on
    Mediocre colleagues or unchallenging work is what kills progress of a person’s skills
    114
  115. Development
    Formalized development is rarely effective, and we don’t try to do it
    E.g. Courses, mentor assignment, rotation around a firm, multi-year career paths, etc.
    High performance people are generally self-improving through experience, observation, introspection, reading and discussion
    As long as they have stunning colleagues and big challenges
    115
  116. Individuals should manage their own career paths, and not rely on a corporation for planning their careers
    Like retirement planning – safer as individual responsibility
    116
  117. Individual’s economic security is based upon their skills and reputation
    We try hard to consistently provide opportunity to grow both
    117
  118. Seven Aspects of our Culture
    Values are what we Value
    High Performance
    Freedom & Responsibility
    Context, not Control
    Highly Aligned, Loosely Coupled
    Pay Top of Market
    Promotions & Development
    118
  119. Why is culture important? What is our culture trying to support?
    119
  120. Culture is How a Firm Operates
    What practices give Netflix the best chance of continuous success for many generations of technology and people?
    120
  121. Continuous Success = Continuous growth in revenue, profits & reputation
    121
  122. Need a culture that supports rapid innovation andexcellent execution
    122
  123. Need a culture that supports rapid innovation andexcellent execution
    123
    Both are required for
    continuous growth
    There is tension between these twogoals; between creativity and discipline
  124. Need a culture that supportseffective teamwork of high-performance people
    124
  125. Need a culture that supportseffective teamwork of high-performance people
    125
    High performance people and effective teamworkcan be in tension also – stars have strong opinions
  126. Need a culture that avoids the rigidity, politics, mediocrity, and complacency that infects most organizations as they grow
    126
  127. This slide deck is our current best thinking about maximizing our likelihood of continuous success
    127
  128. Our culture is a work in progressEvery year we try to refine our culture further as we learn more
    128

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