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Do they fire quickly based on culture fit or some performance measure?

Their culture is singularly focused on performance... so both.

Netflix employee here. We have a high performance culture, certainly, but it's not the singular focus. I have probably seen just as many people let go for their inability to work well with others as anything performance-related.

From our culture page:

"...there are no “brilliant jerks.” The cost to teamwork is just too high. Our view is that brilliant people are also capable of decent human interactions, and we insist upon that."

https://jobs.netflix.com/culture

When you say High performance culture, does it mean you have to work more than 8 hours a day? Is it butt-in-the-seat culture? if not, how do you measure performance? Would be great to know.

Was about to ask the same question. Performance measures vary between companies, sector, and management structures.

Netflix doesn't reward hard workers. They reward smart workers. If you get your job done in 5 mins, and take the rest of the day off, they will reward you with a 20% raise every year. If you work your ass off 16 hrs a day but don't get your work done, you will get laid off.

Keep in mind that "the job" I'm referring to is more complex that regular jobs, but they hire people that can do the job that they need them to.

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