Netflix updated its 15-year-old CODE on company culture on Monday. Unlike the original 125 pages Slide Deck that the company popularized in 2009, the new version is much shorter — but that doesn't mean it's any less important, according to co-CEO Greg Peters.

A big change was in the company's famous “gatekeeper test,” which is a process laid out in its 2009 deck to determine whether a manager should keep or fire an employee.

of the original the test was: “If X wanted to leave, would I fight to keep them?”

The updated memo retains the original question but introduces an additional dimension: “Knowing everything I know today, would I hire X again?”

While it may seem shocking to be consistently rated this way, Netflix's new memo says the company will work with employees through short-term mistakes or new things they tried that didn't pan out.

Peters said threshold in an interview this week, the memo has a new section called the “dream team,” or a concept that explains what Netflix looks for top performers and the best person for each position.

It could mean the end of “hires personality” at the company. According to the memo, the “dream team” involves swapping out someone well-liked for someone who does the job better.

Common traits in a dream team include selflessness, creativity, and resilience.

“We're trying to be very clear that this is more of a sports team model than a family model,” Peters said. “We will be looking for the best player in every position.”

^{Greg Peters, co-CEO of Netflix. (Photo by Joan Cros/NurPhoto via Getty Images)}

Netflix collected over 1,500 points of feedback from its employees and created the memo updated over the course of a year.

The document is now 2264 words, thousands of words less than previous versions. It reintroduces concepts from the original 2009 deck that had been lost over the previous four updates, including making every employee feel a sense of personal responsibility to improve the company.

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Peters explained why Netflix's culture memo was important: He said he prioritizes Netflix's culture over strategy and execution because a strong culture allows the company to improve on everything else.

Culture is “a tool for improvement, so we make a big deal out of it,” he explained.

As for why the culture memo gets shorter with each iteration, Peters said the reason was that the company gets better at condensing and clarifying it over time.

In Peters' words, Netflix is ​​”continually trying to do a better job of articulating practices that we can use as a company to grow and improve.”

Read Netflix's newest cultural memo here.

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