This document outlines Netflix's culture of freedom and responsibility. It discusses that Netflix values high performance over loyalty or effort. The document emphasizes that Netflix aims to attract and retain "stunning colleagues" who embody nine key values: judgment, communication, impact, curiosity, innovation, courage, passion, honesty, and selflessness. It explains Netflix gives employees freedom but expects responsibility in return. Those who do not meet performance standards are let go, to make way for higher performers. The goal is to sustain success over many generations by maintaining a culture of excellence.
2. Reference Guide on our
Freedom & Responsibility
Culture
These slides are meant for reading,
rather than presenting
2
3. Freedom & Responsibility
Applies to our
Salaried Employees
Our hourly employees are important,
but have more structured job roles
3
4. Culture: what gives Netflix
the best chance of
continuous success
for many generations
of technology and people?
4
5. 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
5
7. Enron Had A Nice-Sounding
Value Statement with 4 Values
⢠Integrity
⢠Communication
⢠Respect
⢠Excellence
Enron headquarters
7
Their 4 values were chiseled in
marble in the main lobby, but
had little to do with the real
values of the organization
8. The real company values,
as opposed to the
nice-sounding values,
are shown by who gets
rewarded, promoted, or let go
8
9. Real company values are the
behaviors and skills
that we particularly value
in fellow employees
9
11. 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
11
Judgment
12. 12
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
13. 13
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
14. 14
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
15. 15
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
16. 16
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
17. 17
Passion
You inspire others with your
thirst for excellence
You care intensely about Netflix'
success
You celebrate wins
You are tenacious
18. 18
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
19. 19
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
20. 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
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
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
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
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
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 20
21. âYou question actions
inconsistent with our valuesâ
Part of the Courage value
Akin to the honor code pledge:
âI will not lie, nor cheat, nor steal, nor tolerate those who doâ
All of us are responsible for value consistency
21
22. Values reinforced in hiring,
in 360 reviews, at comp review, in
exits, and in promotions
22
23. 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
23
24. Imagine if every person at Netflix
is someone you
respect and learn fromâŚ
24
25. 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
25
27. But, unlike many companies,
we practice âadequate performance
gets a generous severance
package.â
27
28. Weâre a team, not a family
Weâre like a pro sports team,
not a kidâs recreational team
Coachesâ job at every level of Netflix
to hire, develop and cut smartly,
so we have stars in every position
28
29. The Keeper Test Managers Use:
âWhich 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. The Keeper Test Managers Use:
âWhich 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?
30
The other people should get a generous severance now,
so we can open a slot to try to find a star for that role
31. Honesty Always
To avoid surprises, you should periodically
ask your manager: âIf I told you I were
leaving, how hard would you work to
change my mind to stay at Netflix?â
31
33. 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
33
34. Hard Work â Not Directly Relevant
⢠Itâs about effectiveness â not effort â even
though effectiveness is harder to assess than
effort
⢠We donât 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
â especially under deadline
34
35. Brilliant Jerks
⢠Some companies tolerate them
⢠For us, the cost to teamwork is too high
⢠Diverse styles are fine â as long as person
embodies the 9 values
35
36. 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
36
37. Why are we so manic on
high performance?
Great Workplace is
Stunning Colleagues
37
38. 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
38
39. The Rare Responsible Person
⢠Self motivating
⢠Self aware
⢠Self disciplined
⢠Self improving
⢠Acts like a leader
⢠Doesnât wait to be told what to do
⢠Never feels âthatâs not my jobâ
⢠Picks up the trash lying on the floor
⢠Behaves like an owner
39
41. Our model is to increase
employee 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
41
46. Growth Shrinks Talent Density
in Most Firms
% High Performance Employees
Complexity
46
47. Chaos Emerges
% High Performance Employees
Chaos and errors spikes here â business
has become too complex to run
informally with this talent level Complexity
47
48. Process Emerges to Stop the Chaos
Procedures
No one loves process, but
feels good compared to the
pain of chaos
48
50. Strong Near-Term Outcome
⢠A highly-successful process-driven company
â With leading share in its market
â Minimal thinking required
â Few mistakes made â very efficient
â Few curious innovator-mavericks remain
â Very optimized processes for its existing market
50
51. Then the Market ShiftsâŚ
⢠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
51
52. Seems Like Three Bad Options
1. Stay creative by staying small
2. Try to avoid rules as you grow, suffer chaos
3. 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
52
53. A Fourth Option
⢠Avoid Chaos as you grow with Ever More High
Performance People â 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
53
54. The Key: Increase Talent Density
faster than Complexity Grows
% High Performance Employees
Business Complexity
54
55. Increase Talent Density
⢠Top of market compensation
⢠Attract hi-value people through
freedom to make impact
⢠Be demanding about high
performance culture
% High Performance Employees
55
56. Minimize Complexity Growth
Business Complexity
⢠Few big products vs many small ones
⢠Eliminate distracting complexity (barnacles)
⢠Value simplicity
56
57. With the Right People,
Instead of a
Culture of Process Adherence,
Culture of
Freedom and Responsibility,
Innovation and Self-Discipline
57
59. Freedom is not absolute.
Like âfree speechâ
there are some
limited exceptions to
âfreedom at workâ
59
60. Two Types of Necessary Rules
1. Prevent irrevocable disaster
â E.g. Financials produced are wrong
â E.g. Hackers steal our customersâ credit card info
1. Moral, ethical, legal issues
â E.g. Dishonesty, harassment are intolerable
60
61. Mostly, Though, Rapid Recovery is
the Right Model
⢠Just fix problems quickly
â High performers make very few errors
⢠Weâre 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
â Yes, in manufacturing or medicine, butâŚ
â Not so in creative environments
61
62. âGoodâ vs âBadâ Processes
⢠âGoodâ processes help talented people get more done
â Web site push every two weeks rather than random
â Spend within budget each quarter so donât have to
coordinate every spending decision across departments
â Regularly scheduled strategy and context meetings
⢠âBadâ processes try to prevent recoverable mistakes
â Get pre-approvals for $5k spending
â 3 people to sign off on banner ad creative
â Permission needed to hang a poster on a wall
â Multi-level approval process for projects
â Get 10 people to interview each candidate
62
63. Rule Creep
⢠âBadâ processes tend to creep in
â Preventing errors just sounds so good
⢠We try to get rid of rules when we can, to
reinforce the point
63
64. Example: Netflix Vacation Policy
and Tracking
Until 2004 we had the standard
model of N days per year
64
65. MeanwhileâŚ
Weâre all working online some nights
and weekends, responding to emails at
odd hours, and taking an afternoon
now and then for personal time.
65
66. An employee pointed outâŚ
We donât track hours worked per day
or per week, so why are we tracking
days of vacation per year?
66
67. We realizedâŚ
We should focus on what people get done,
not how many hours or days worked. Just
as we donât have an 9-5 day policy, we donât
need a vacation policy.
67
69. Netflix Vacation Policy
and Tracking
âthere is no policy or trackingâ
âThere is also no clothing policy at Netflix, but no one has
come to work naked lately.â â Patty McCord, 2004
Lesson: you donât need detailed policies for everything.
69
71. 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.
71
73. âAct in Netflixâs Best Interestsâ
Generally MeansâŚ
1. Expense only what you would otherwise not
spend, and is worthwhile for work.
2. Travel as you would if it were your own money.
3. Disclose non-trivial vendor gifts.
4. Take from Netflix only when it is inefficient to
not take, and inconsequential.
â âtakingâ means, for example, printing personal
documents at work or making personal calls on work
phone: inconsequential and inefficient to avoid
73
74. Freedom and Responsibility
⢠Many people say one canât do it at scale
⢠But since going public in 2002, which is
traditionally the beginning of the end for
freedom, weâve increased talent density and
employee freedom substantially.
74
75. 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
75
76. 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
76
77. "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
77*translation uses âpeopleâ instead of âmenâ to modernize
78. The best managers figure out how
to get great outcomes by setting the
appropriate context, rather than by
trying to control their people
78
79. Context, not Control
Context
⢠Strategy
⢠Metrics
⢠Assumptions
⢠Objectives
⢠Clearly-defined roles
⢠Knowledge of the stakes
⢠Transparency around
decision-making
Control
⢠Top-down decision-making
⢠Management approval
⢠Committees
⢠Planning and process valued
more than results
Provide the insight and understanding to enable sound decisions
79
80. Exceptions
⢠Control can be important in emergency
â No time to take long-term capacity-building view
⢠Control can be important when someone is
still learning their area
â Takes time to pick up the necessary context
⢠Control can be important when you have the
wrong person in a role
â Temporarily, no doubt
80
81. Managers: When one of your
talented people
does something dumb,
donât blame them.
Instead,
ask yourself what context
you failed to set.
81
82. Managers: When you are tempted
to âcontrolâ your people, ask
yourself what context you could set
instead
Are you articulate and inspiring
enough about goals and strategies?
82
83. Good Context
⢠Link to company/functional goals
⢠Relative priority (how important/how time sensitive)
â Critical (needs to happen now), orâŚ
â Nice to have (when you can get to it)
⢠Level of precision & refinement
â No errors (credit cards handling, etcâŚ), orâŚ
â Pretty good / can correct errors (website), orâŚ
â Rough (experimental)
⢠Key stakeholders
⢠Key metrics / definition of success
83
85. Investing in Context
This is why we do new employee
college, and why we are so open
internally about strategies and results
85
86. 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
86
87. Three Models of Corporate Teamwork
1. Tightly-Coupled Monolith
2. Independent Silos
3. Highly Aligned, Loosely Coupled
87
88. 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
88
89. 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
â e.g. GE: aircraft engines and Universal Studios
89
91. Highly Aligned, Loosely Coupled
⢠Highly Aligned
â Strategy and goals are clear, specific, broadly understood
â Team interactions are on strategy and goals rather than tactics
â Requires large investment in management time to be
transparent and articulate and perceptive and open
⢠Loosely Coupled
â Minimal cross-functional meetings except to get aligned on
goals and strategy
â Trust between groups on tactics without previewing/approving
each one â groups can move fast
â Leaders reaching out proactively for ad-hoc coordination and
perspective as appropriate
â Occasional post-mortems on tactics necessary to increase
alignment
91
93. 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
93
94. Pay Top of Market is Core to
High Performance Culture
One outstanding employee gets more done
and costs less than two adequate
employees
We endeavor to have only
outstanding employees
94
95. Three Tests for Top of Market
for a Person
1. What could person get elsewhere?
2. What would we pay for replacement?
3. What would we pay to keep person?
â If they had a bigger offer elsewhere
95Confidential
96. Takes Great Judgment
⢠Goal is to keep each employee at top of
market for that person
â Pay them more than anyone else likely would
â Pay them as much as a replacement would cost
â Pay them as much as we would pay to keep them
if they had higher offer from elsewhere
96
97. Titles Not Very Helpful
⢠Lots of people have the title âMajor League
Pitcherâ but they are not all equally effective
⢠Similarly, all people with the title âSenior
Marketing Managerâ or âDirector of
Engineeringâ are not equally effective
⢠So the art of compensation is answering the
Three Tests for each employee
97
98. Annual Comp Review
⢠Hiring is market-based at many firms, but at
Netflix we also make the annual comp review
market-based
â Applies same lens as hiring
⢠Essentially, rehiring each employee each year,
for purposes of comp
â At annual comp review, manager has to answer
the Three Tests for the personal market for each
of their employees
98Confidential
99. No Fixed Budgets
⢠There are no centrally administered âraise
poolsâ each year
⢠Instead, each manager aligns their people to
market each year â the market will be
different in different areas
99
100. 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
â Depends in part on inflation and economy
â Still top of market, though, for that person
100
101. Compensation Not Dependent
on Netflix Success
⢠Whether Netflix is prospering or floundering,
we pay at the top of the market
â 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
101
102. Bad Ideas
⢠Manager sets pay at Nth percentile of title-
linked compensation data
â The âMajor League Pitcherâ problem
⢠Manager cares about internal parity instead of
external market value
â Fairness in comp is being true to the market
⢠Manager gives everyone a 4% raise
â Very unlikely to reflect the market
102
103. 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
103
104. Versus Traditional Model
⢠Traditional model is good prior year earns a
raise, independent of market
â Problem is employees can get materially under- or
over-paid relative to the market, over time
â When materially under-paid, employees switch
firms to take advantage of market-based pay on
hiring
â When materially over-paid, employees are
trapped in current firm
⢠Consistent market-based pay is better model
104
105. Employee Success
⢠Itâs pretty ingrained in our society that the size of
oneâs raise is the indicator of how well one did
the prior year â but at Netflix there are other
factors too â namely, the outside market
⢠In our model, employee success is big factor in
comp because it influences market value
â In particular, how much we would pay to keep the
person
â But employee success is not the only factor in comp,
so the linkage of prior year performance to raise size
is weak
105
106. 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
â Talk with your manager about what you find
â Minor exception: interviewing with groups that
directly compete with Netflix, because their
motive is in part confidential information
106
107. Efficiency
⢠Big salary is the most efficient form of comp
â Most motivating for any given expense level
â No bonuses â just include in salary â so much simpler
â No free stock options â just big salary
â Great health plan options, but high employee co-pay
â No philanthropic match
â Instead, put all that expense into big salaries
â Give people big salaries, and the freedom to spend as
they think best
107
108. 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
108
109. 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
109
110. 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
110
111. 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 donât move up because they love
the game
111
112. Netflix Doesnât 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 didnât have
available to offer them
⢠If that is what the person prefers
112
113. Two Necessary Conditions
for Promotion
⢠Job has to be big enough
â We might have an incredible manager of something,
but we donât need a director of it because job isnât big
enough
⢠If the incredible manager left, we would replace with
manager, not with director
⢠Person has to be a superstar in current role
â Could get the next level job here if applying from
outside and we knew their talents well
â Could get the next level job at peer firm that knew
their talents well
113
114. 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
â Job big enough
â Superstar in current role
114
115. 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
â Mediocre colleagues or unchallenging work is
what kills progress of a personâs skills
115
116. Development
⢠Formalized development is rarely effective,
and we donât try to do it
â 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
â As long as they have stunning colleagues and big
challenges
116
117. Individuals should manage their own
career paths, and not rely on a
corporation for planning their
careers
Like retirement planning â safer as
individual responsibility
117
118. Individualâs economic security is
based upon their
skills and reputation
We try hard to consistently provide
opportunity to grow both
118
119. 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
119
120. Why is culture important?
What is our culture trying to
support?
120
121. Culture is How a Firm Operates
What practices give Netflix the best
chance of continuous success for many
generations of technology and people?
121
123. Need a culture that supports
rapid innovation and
excellent execution
123
124. Need a culture that supports
rapid innovation and
excellent execution
124
Both are required for
continuous growth
There is tension between these two
goals; between creativity and discipline
125. Need a culture that supports
effective teamwork of
high-performance
people
125
126. Need a culture that supports
effective teamwork of
high-performance
people
126
High performance people and effective teamwork
can be in tension also â stars have strong opinions
127. Need a culture that avoids the
rigidity, politics, mediocrity, and
complacency that infects most
organizations as they grow
127
128. This slide deck is our current best
thinking about maximizing our
likelihood of continuous success
128
129. Our culture is a work in progress
Every year we try to refine our
culture further as we learn more
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