(Reuters) - In his book "No Rules Rules", Netflix co-founder Reed Hastings described a moment in 2001 when venture capital had dried up, forcing the company to lay off staff and retain only the highest performers. Hastings was surprised to find both morale and performance improved.
"This was my road to Damascus experience, a turning point in my understanding of the role of talent density in organizations," Hastings wrote. "The lessons we learned became the foundation of much that has led to Netflix's success."
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