While Netflix has been one of the most desirable places to work over the past few years, a record decline in the company’s stock price following a massive subscriber loss appears to have shaken its employees’ confidence (via Bloomberg).
The streaming video giant’s shares have plunged to their lowest point in five years, erasing the value of many employees’ options. People who were sitting on tens or hundreds of thousands of dollars are left with nothing.
Citing current and former Netflix employees, the publication notes that more and more people are looking to leave the company right now than at any point in recent memory. The employees also asked leadership to issue new stock grants to make them whole for the losses this past week.
This challenge will only get harder now that the company is in cost-cutting mode. Bosses will be under even more pressure to deliver, and less willing to give their subordinates freedom to make mistakes. Netflix has said it isn’t going to hire as many people and will scrutinize spending.
Netflix is already restructuring teams in its engineering department to create levels, such as junior, senior, and so on, a move seen by many employees as an effort to cut costs.
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This is a nice opportunity to see how Netflix applies the principles they promoted in their acclaimed HR PowerPoint deck from a few years ago.
Principles from these tech companies always seem to be important only when they apply to others.
Bezos loves to support and promote climate regulations but flies around on a private jet and floats around on his mega-yacht. Pushes for labour laws but runs what some call a sweatshop. I don’t expect Netflix is any different.
Virtue signalling at the highest levels of hypocrisy.
Yes, it is easy to pontificate when you are at the top. Like Mike Tyson said “everybody has a plan until they get punched in the face”
That takes balls. Would they volunteer to return part of the grant if the stock performed better than expected?
How to fix Netflix Subscriptions tiers :
1. Offer a starting plan at 9.99$ that include 4K for a SINGLE screen.
2. Charge 3$ extra per months for any additional Screen, with a limit of 5 screens total under an account.
That will fix the issue of people that think it’s now too expansive, will attract more subscriptions. That will also “fix” the password sharing since each screen will net them 3$ more in revenue. 2 people sharing will pay 12.99$ (6.50$ each) for their single screen access, but that will include the 4K. Limiting the total to 5 screens will allow 5 people to pay a total of 22.99$ (4.60$ each). If an account sharer need 2 screen, then he pay 2 parts.
They are gonna be the worst streaming service soon if they. They need to give the consumers a break and ease up or Disney and Prime will overtake them. I like Netflix but It cost so much
FFS…there is a reason why those are called “stock options”: to incentivize employees to grow the company thus driving the stock price up and gaining money in the process.
They never got issued reserved stock they could sell the next day so Netflix owns them nothing to make them “whole”.
The fact that Netflix sux ballz is the employees’ failure, from top to bottom – there is a price to pay for that. Wait until the layoffs come around.