I don’t have to tell you that Netflix is a revolutionary company. They changed the way we watch movies and TV. They set the bar for company culture. They transformed the hiring manager and recruiter relationship. And now, they may have unwittingly become the precursor to the next big thing in staffing: blockchain.
The Birth of an Industry Icon
As Netflix’s former CTO, Patty McCord had a humble mission: to reinvent their company culture. She was to create a workplace where “fully formed adults” could thrive. At the core of her plan lay freedom and responsibility. The freedom for employees to make their own decisions, and the responsibility of making them wisely. The culture overhaul wasn’t about extravagant perks just to attract talent; it was about changing company values from the inside out. McCord wanted to redefine how employees function within the company ecosystem. And she did. Netflix set the standard for innovative company culture, creating one that prioritizes honesty, adaptability, and responsibility over everything else.
This new company infrastructure afforded Netflix the ability to make a slew of changes. They were able to scale from a humble DVD rental service to a global content-streaming provider. Their culture allowed them to find not just top talent, but top talent that wanted to stick around for the long-haul. As with any rapidly growing company, Netflix’s need for candidates became urgent. Naturally, they decided to change the way they recruit people, too.
Netflix’s New Vision for Recruiting Culture
The recruiting industry is historically compartmentalized. VMSs, MSPs, recruiters, and hiring managers all hold keys to different segments of the hiring process. Hiring managers and recruiters often have strained relationships, with a primary focus on numbers rather than working together toward a common goal. It all makes recruiting feel more like a series of transactions and less like the collaborative matchmaking service it should be. Netflix once again sought to implement a culture change, and once again, they hit the ball out of the park. Their version of recruiting looks something like this:
- Hiring managers and recruiters call the shots. When most companies scale, they end up turning over the recruiting process to an MSP. Hiring managers are relegated to simply passing on requisitions for recruiters to fill. Recruiters become commodified, no longer holding any power over the hiring decision. At Netflix, hiring managers and recruiters are in complete control of the hiring process - no third parties, no hiring committees, no middlemen.
- Honesty is sacred. Open communication has been ingrained in Netflix’s company culture from the start, so it’s no surprise that it’s part of their recruiting model as well. Hiring managers and recruiters have a healthy feedback loop at Netflix; hiring managers offer regular performance critiques, and recruiters help hiring managers learn to communicate with their candidates. Recruiting is treated as a consultative process where both parties are invested in each other’s success.
- Accessibility and transparency produce better hires – and more scalability. There are no gatekeepers in the hiring process at Netflix. The recruiting team has access to the information and resources they need to find top-quality talent, and hiring managers are always waiting in the wings to help. There’s a flow to the hiring process that’s rarely seen elsewhere. Furthermore, hiring managers and recruiters genuinely care about each other and their candidates. It’s a true partnership that leads to better hires and rapid scalability.
Netflix is the Blueprint; Blockchain is the Tool
So, how does all of this relate to blockchain? Well, it turns out that Netflix’s recruiting culture closely aligns with the core tenets of blockchain technology. The bitcoin craze last December sparked quite a bit of interest in blockchain, and for good reason. On the surface, it’s simply a new technology. But if you look deeper, you’ll find that it’s driven by entirely new way of thinking that could very well change the way we work. Sounds an awful lot like Netflix’s journey, right? Now, imagine a talent ecosystem inspired by the Netflix recruiting model and powered by blockchain:
- A digital platform serves as the shared, distributed “ledger” that records actions and tracks people in the talent ecosystem, removing the need for intermediaries. The hiring process is no longer segmented and delayed by gatekeepers.
- The ledger streamlines the process by making information available to everyone in real-time. For example, recruiters could easily access a candidate’s work history or see where they are in the hiring pipeline. Hiring managers could quickly upload requisitions for approval before broadcasting it to recruiters in the chain. Req-to-hire times could be cut down from weeks to days – or even hours.
- Transparency enables better hires and creates a more consultative environment. The ledger not only records the history of an asset but all future transactions as well. There’s a tremendous amount of insight to be found. Hiring managers and recruiters could use this data to vet candidates, provide recommendations on rates and other metrics, and forecast talent needs. Recruiters, at long last, become de-commodified.
- Smart contracts allow for automated procurement processes. Approvals, RTRs, applications, offer letters, MSAs, and countless other tasks could be set to execute as smart contracts when triggered. This would save money and free up time for everyone involved, even candidates.
- The talent ecosystem becomes infinitely scalable. Significant cost-savings, increased visibility, airtight security, and streamlined workflows allow clients of any size to benefit from blockchain technology. Integration is seamless, whether for a corporate enterprise or a small business.
If You Build It…
Picture it: a recruiting platform that’s inspired by Netflix’s transparent and collaborative culture, and built on an innovative framework that embodies those very ideals – it’s a beautiful vision, isn’t it? The reality of this futuristic talent ecosystem may sound far-fetched, but I assure you, it’s not. A handful of companies have already begun adopting blockchain technology or funding blockchain startups. The recruiting industry has been needing an overhaul for a very, very long time – perhaps we’re finally about to have our Field of Dreams moment.