Most of the entrepreneurship plans to adopt will always sound to be stupid, crazy, and uneconomical at the beginning, but later they turn out to be successful. Hasting is the current CEO, founder, as well as an American businessman running media rental service (Netflix). Mr. hasting is a dedicated manager who embraces innovativeness, mutuality as well as creative motives while running Netflix company. Over the years, he has significantly managed to portray innovative approaches through his tactics on compensation, personal time, formal reviews and travel policy, which has transformed the organizational performance of the company (Conclaves, 2019. Hasting is an all-rounded leader who believes and ensures delivery of highest standards services happens to all the customers.
Netflix is a company that recruits skilled personnel and offer them sovereignty to decide personal time off; where the managers and the employees calculate it out together hence, encouraging individual involvement in decision making. Also, Mr. hasting has eliminated the formal reviews to establish a direct conversation between the workers and the manager as part of upgrading the workplace interactions. He believes that having a workforce that feels like they are part of the company promotes organizational productivity as well as boosting staffs’ morale. Since 1997, its stock has progressively increased to more than 200 percent because of the positive staffs’ empowerment and concentration on its vision (Conclaves, 2019). As such, all the innovations such as Netflix transformation from its traditional corporate practices to the initial subscriber model has been successful due to the teamwork work culture within the company.
Openness to experience regards to the complexity of personal mental experience and life (Diener & Lucas, 2016). Also, it applies to intellectual imaginations. Mr. hasting appreciation and focus to innovativeness ensures initiation and adoption of highest quality services within the company. He often reviews all the projects plan to ascertain the standard of the projects. Hasting openness to experience also correlates to his willingness to try new projects and his capability to contemplate outside the box. Over the years, he has proven originality, insightfulness as well as preference for variety which align to the traits of openness (Fabrizi, Mallin & Michelon, 2014). As such, his ability to forecast and initiate live streaming services to the customer outlays hasting openness quality traits. Similarly, his creativity and vision not only giving directions to the staffs, but it also grants him a chance to participate and resolve problems when needed.
Conscientiousness refers to the tendency to sustain organizational perseverance. The level of honesty facilitates goal-oriented behaviors within the developed plan and the outlined rules (Diener & Lucas, 2016). Hasting upholds ability to think beyond the competitors has led to the achievement of planned development within the firm. He encourages his employees to pursue achievable goals based on the forethought and determinations. When an organizational operation fails, conscientiousness allows Mr. hasting to assemble his specialists to review the project plan and recommendation to solve the issues hindering operational excellence. Similarly, hasting competence on his leadership enables him to maintain and ensure delivery of all services within the specified time frames as well as accordance with the outlined subscription plan (Conclaves, 2019. As a CEO, his self-commitment and self- motivations has inspired all the staffs within the organization leading to the tremendous growth of the enterprise.
In Netflix company, organizational extraversion directly contributes to the operational success of the firm. Extraversion concerns with the firm’s workforce interactions, especially while seeking for opportunities (Diener & Lucas, 2016). Hasting changing of the approach of leadership to participative, where the workforce takes part in the strategic planning with full enthusiasm and energy ascertain the need for extraversion within the organization. As such, hasting is talkative with his staffs; thus, he eliminated formal reviews to encourage employee and manager’s relationship with the company (Conclaves, 2019. Hasting relies on the extraversion to help him obtain fulfilling initiatives and get referrals for productive up comings and projects.
“Most of the entrepreneurship plans to adopt will always sound to be stupid, crazy, and uneconomical at the beginning, but later they turn out to be successful.”
Agreeableness leaders value more benevolence as well as conformity than the pursuit of power, achievement, and self-pleasures. The desire to accomplish social obligation and fulfill obliged organizational norms motivates embracement of agreeableness. The concept revolves within the idea of honesty, compliance, and trust. Agreeable leaders are more tolerant and are likely inaugurate positive peer rapports, forgiveness, and model gratitude. Hasting validates a satisfactory agreeableness level as well as values of honesty among his skilled management staffs. Establishment of the customer, employee, and management open relationship worth every party without background consideration. As a result, Hasting has managed to inaugurate a friendly workforce environment where respect is guaranteed. As such, he has the trust on the staffs under him believing that their honest as well as moral, which has instigated self-sacrifice of the workforce to attain the success of the enterprise. Over time, hasting has initiated idea listing and getting suggestions from the employees instead of embracing the approach of scolding staffs with non-workable plans (Fabrizi, Mallin & Michelon, 2014). As such, he has initiated ways to ask the teams to research and make the outline projects excellent and workable. Hasting demonstrates the generous character and dedicated to the well-being and promotion of others.
Neuroticism relates negatively to the self-efficacy, individual focus as well as self-efficacy. It also links to lower motivation and inefficient job performances, which limits organizational goal-setting (Diener & Lucas, 2016). At this stage, individuals experience emotional reactivity and mood swings. Hasting is always zealous, and he often develops a constant urge to provide customer top quality which makes him fall to emotional reactivity. Although he overreacts in specific situations, he is also able to reevaluate most of the crisis and make reasonable decisions in the future. Also, while Netflix is undergoing radical circumstances, Hasting utilizes his position to counsel and advice the employees the need to continue focusing on solutions rather than problems facing the firm.
In 2005, Michael Patcher, a security stock analyst referred to Netflix as a “worthless piece of crap” objectively to kill the company’s markets shares. At that time, he positioned a price target of 3 dollars on stocks which was successfully trading at $11. As a result, all the stock traders and analysts suggested that Walmart, blockbuster, and amazon companies with their bases on customers and economies of scale they would outdo the existence of Netflix company. The specialist predicted the demise of the company. External pressures from investors, customers, and analysts overwhelmed the operational activities within the company. After five years of performance, CEO Hasting became the businessmen of the year. Not only being nominated number one but also Netflix became stock of the year, where its shares traded more than 200 percent in the same period. The company overlapped Apple, among other best-suggested companies.
To solve external pressures and other issues that faced Netflix to attain outstanding performance, Hasting built the company by use of risk-taking and hard-driving techniques. He developed a culture of being one step ahead of his competitors through creativity and innovativeness; for instance, streaming of content which marked Netflix success. Unlike the blockbuster which went bankrupt, Netflix CEO was not even afraid to transition the company’s business model through cannibalizing of its consumers. Also, he changed his leadership style to participative, where the company managed to solve underlying problems and still stay ahead on technological curve and competition (Conclaves, 2019. Company managers should develop initiatives and build workforce confidence to counter external pressure which may outdo the business.
Organizational leadership is one of the significant pillars for operational excellence of companies. The OCEAN five personality concept aligns leaders, and the business entities maintain and achieve attainable objectives. The openness to experience, extroversion, agreeableness, conscientiousness, as well as neuroticism concepts, are essential to exercise within the organization to boost the workforce relationship morale.
Conclaves, V. (2019). A Leadership Analysis of Netflix CEO, Reed Hastings | PSY 532: Foundations of Leadership (Dobbs). Retrieved from https://sites.psu.edu/leaderfoundationsdobbs/2018/09/21/a-leadership-analysis-of-netflix-ceo-reed-hastings/ )
Diener, E., & Lucas, R. E. (2016). Personality traits. No textbook series: Psychology. Champaign, IL: DEF. Retrieved from http://nobaproject. com/modules/personality-traits.
Fabrizi, M., Mallin, C., & Michelon, G. (2014). The role of the CEO’s incentives in driving corporate social responsibility. Journal of Business Ethics, 124(2), 311-326.
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