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Their wordsThese layoffs came from a failure in strategy and customer experience. Netflix’s strategy for the last two decades has been to create/provide a high volume of TV shows and movies, using algorithms to dictate creative direction and selection. But this strategy stopped working several years ago when new competitors for people's viewing time – especially YouTube and TikTok – started redefining everything.
Their wordsLook, I have a lot of empathy for Netflix leadership. It is emotionally hard to change a strategy that has made you successful. They've known about the problem. But recognizing a problem and doing something about it are two different things.
Our reading
Companies that lay people off should take responsibility for their mistakes and apologize.
Their wordsHow companies conduct layoffs matters. Certainly it matters if they provide severance and other support. But taking responsibility for mistakes and apologizing matters too. When companies do NOT do that, then laid-off employees can feel like they did something wrong.
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