- Work with Perks
- Posts
- Issue #3
Happy Friday!
What is Work with Perks?
A fun weekly newsletter looking into workplaces with cool perks. This week we’ll be highlighting Netflix and Otta.
Blue-chip companies
Netflix
I’m going to solve world hunger, but let me need to finish one more episode first.
One of the key factors behind Netflix’s successful disruption of the media industry has been its ability to attract and retain top talent.
Highlighted perks
Personal Top of Market Netflix famously pays Top of Market for each employee. That is, based on employee experience and skillset Netflix will strive to pay top of the market. On their website, Netflix states “if the market adjusts, we do not have to wait for an annual compensation event to make changes”.
This is a wild policy.
As incumbents invested heavily to move their traditional TV business onto a streaming platform, Netflix likely faced intense competition for talent. During that period, Netflix would have had to constantly adjust employee salaries.
Stock Option Program Employees have the option to receive their compensation entirely in cash or stock options. The 10-year stock options are fully-vested and remain with the employee even if they left Netflix.
10-year stock options are unusual. Being able to keep them even if you leave Netflix is unusual. Getting paid in all-options is highly unusual.
It’s an effective way to 1) attract talent and 2) incentivise actions that are in the long-term interest of the company.
Trust in Employees
Netflix’s policy for travel, entertainment and gifts: “act in Netflix’s best interest.”
Netflix doesn’t prescribe 9-5: “They believe in working smarter, not harder.”
Netflix’s parental leave policy is: "Take care of your baby and yourself." New parents generally take 4 - 8 months.
Netflix is focused on minimising red tape and administration. Trust is placed back in the hands of employees. This is awesome. The less red tape there is, the better.
Working with Top Talent
The best thing you can do for employees—a perk better than foosball or free sushi—is hire only ‘A’ players to work alongside them. Excellent colleagues trump everything else.
Reed Hastings | Netflix Co-founder and Co-CEO
The ability to make an outsized impact with smart colleagues is a highly sought-after environment.
Relatively unknown companies
Otta
What does the company do? Otta’s mission is to disrupt the job search process. Job descriptions are served up to users based on interests and skillset. There are salary ranges, management descriptions, company funding information and relevant articles. As more job seekers use Otta (currently there are thousands of applications sent per day), the platform is empowered to negotiate better experiences for candidates. For instance, job descriptions with salary ranges are displayed to candidates first.
Highlighted benefits
9-day fortnight The company is currently trialling 9-day fortnights. I highly recommend you read Otta CEO’s LinkedIn post explaining why they’re moving towards this model.
£1000 Self-care Allowance You can spend this on anything you feel is relevant. How good! I’m getting myself KFC wicked wings.
Universal Parental Leave 39 weeks of paid leave.
If you found this interesting, I’d appreciate it if you can send it to your mates!
Until next time!