There's a major culture shift inside Netflix. Insiders describe less 'candor' and more 'fear-based' decisions.
Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories.
On the agenda today:
- Netflix insiders describe a culture shift to "fear-based" decision-making.
- The way you get paid is about to see a massive change.
- Inside the hyper-competitive, paranoid quant battle between rival trading firms.
- Here's how super savers set aside an extra $1,000 a month.
But first: Josée Rose, the executive editor for business at Insider, takes us behind the scenes of our major new report on the food crisis unfolding around the world. So without further ado…
There's a global food crisis unfolding, and Insider spent the past few months unpacking what this means for consumers, executive editor Josée Rose writes.
This week we published our Food Crisis package, revealing struggles around the world with rising costs, as well as growing, selling, and buying food.
The series zooms in on Singapore's street food markets, orange groves in Florida, Japanese fish markets, and Spanish tapas restaurants to show how the food crisis is wreaking havoc on local economies, changing cultures, and in some cases has the potential to trigger civil unrest.
"If you worry about domestic politics, if you worry about environmental matters, if you worry about immigration matters, if you worry about diplomacy in the military, you should be paying attention to the food crisis, because it is lurking in the background, pushing those things," Chris Barrett, an economist and food-policy expert at Cornell University, told Insider.
There are 16 pieces in all, including a main analysis piece, broader stories on climate change and fertilizer, and 13 stories on shortages of different food staples. Even if you're well-fed, you should be worried about our food supply.
Now, on to this week's top stories.
Insider spoke with current and former Netflix employees, creators, producers, and other Hollywood stakeholders who said that as the company faces fresh challenges, its culture is undergoing changes.
Many described execs who are spread thinner than ever, a creative environment driven by "fear-based" decision-making, tighter budget oversight, and concern that layoffs on certain teams have disproportionately affected people of color.
Salaries have long been determined based on where workers live. But with much of the country continuing to work remotely, a new phenomenon is emerging.
As companies routinely hire for remote roles in cities and towns far beyond their headquarters, white-collar salaries across the country are getting tantalizingly close to those in San Francisco — meaning workers from Minneapolis to St. Louis could start earning big-city bucks.
At major trading firms, paranoia and competition for top-tier talent have fueled an escalating race to lock up employees in quant trading — where billions in profits are up for grabs.
Many quant professionals have grown frustrated with the restrictions, former employees tell Insider. Are these intellectual-property safeguards, or thinly veiled employee-retention measures?
As a senior investing reporter for Insider, Kathleen Elkins has heard a lot of money-saving hacks: a Google employee who lives in a truck parked at his company parking lot; a YouTuber who leads a simple and minimalist lifestyle; a couple who lives on their side-job income.
Thanks to tips picked up from super savers, Elkins has found ways to boost her own savings — and she shares them here.
This week's quote:
"Most people are not OK. Founders are especially not OK."
—Seven Seven Six investor and partner Katelin Holloway, on startup founders' mental health.
More of this week's top reads:
- Some workers are scamming their employers by outsourcing their work to other people.
- Ezra Miller was a rising star, but allegations of grooming, abuse, and erratic behavior are threatening their once promising Hollywood career.
- Burned by big losses, crypto investors are going to court.
- Fresh layoffs hit Popshop Live as it struggles to attract new funding.
- Billionaire Richard Branson shares why he forgave an employee who stole from his company.
- Oracle insiders describe the "complete chaos" from layoffs and restructuring while employees brace for more.
Curated by Matt Turner. Edited by Sarah Belle Lin, Jordan Parker Erb, and Lisa Ryan. Sign up for more Insider newsletters here.
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