Netflix – “Fear-based culture”

Pros

Higher than market salary
Free lunches
Unlimited PTO

Cons

Fear-based, highly competitive culture driven by upper management. Mid-management is forced to follow the suit otherwise it will be their job on the line. Everyone is under pressure to deliver but nobody provides guidance as to what is expected. If you're a super-star you're supposed to figure it out on your own.
Zero tolerance to even small mistakes - you're expected to work as a perfect robot. If you made a mistake you're out immediately, no chance for correction.
Zero communications about your performance - it is all up to management to decide how you're doing. So you don't know whether you made or making mistakes.
Project management does not exist, hence no planning is happening, just loose email exchanges.
You don't feel as part of the team, there are virtually no teams, just people trying to prove something and keep their jobs. As a result many decisions are short-sited since they provide immediate credit, long-term decisions are usually on back-burner until all of a sudden they become critical and then it is all hands on deck.
You're expected to work long hours and weekends on regular basis.
Basically if you accepted an offer you're owned by Netflix.
Documentation is non-existent, people are secretive about knowledge transfer.
All in all Netflix's motto Freedom comes with Responsibility turns into the situation when company has freedom to do whatever it wants and employees have all responsibilities.

Advice to Senior Management

Trust and respect people. The fact that you pay high salaries and provide unlimited PTO does not mean that you own people's lives. Give people freedom for mistake, at least one. One mistake means nothing especially in first year of employment. Encourage planning.