Netflix is cutting roughly 1,000 jobs, about 6% of its workforce, and CNBC reports that legal is one of the teams taking the hit, along with product, tech and HR. The Netflix layoffs arrive with a memo from the co-CEOs saying the business is strong and growing and the full year forecast is on track. Read that twice. Solid profits, a healthy company, and the legal department still gets trimmed.
Nobody in-house can treat good quarterly numbers as job security anymore. If you run a department, assume finance will ask what a 6% cut looks like on your side. Work out your answer now, before someone else writes it for you. And if you are an in-house counsel with a resume gathering dust, consider this your reminder to dust it.
“Netflix said on Wednesday it will lay off roughly 6% of its employees, or roughly 1,000 workers, according to a memo obtained by CNBC. The job cuts will largely impact the product, tech, legal and HR teams.”
