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Netflix, perhaps more than any other company, has challenged that idea, leveraging a tough economic environment to their advantage. Hiring the right talent has a multiplier effect. As Bezos recently wrote in his 2017 annual letter to shareholders, “high standards are contagious.” McCord echoes this point. “Motivation is about talent density and appealing challenges. We didn’t understand right away at Netflix that great colleagues and tough challenges to tackle were the strongest draws to working at the company.” Once you find the best talent, you have to enable them to tackle those problems.
How does an organization give the power back to the employee? McCord has an answer, by dismantling the excessive and useless processes that exist in most organizations. Netflix noticed many procedural practices in place today are remnants of 20th-century models no longer relevant to how business is conducted today. They gave up process in favor of returning the decision rights to the employees.
This touches on an undervalued aspect of talent management: systematically assessing the talent pool. Talent management today focuses much more heavily on recruiting talent and much less so on re-evaluating existing talent. One without the other leads to complacency. If you want to be Netflix-good, you have to do both. You have to be willing to give up the talent you had initially hired to face future challenges.
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