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Netflix announced on Tuesday plans to start offering employees "unlimited" maternity and paternity leave through the first year after a child's birth or adoption.

"We want employees to have the flexibility and confidence to balance the needs of their growing families without worrying about work or finances," the company said.

The plan will allow for new moms and dads to return to work at Netflix within a year as they see fit in either a full- or part-time capacity, while also leaving the option to come and go as needed. The company said it would continue to pay any employee taking parental leave during that time normally, to avoid the headache of having new parents switch to state or disability pay.

"Netflix's continued success hinges on us competing for and keeping the most talented individuals in their field," Cranz said. "Experience shows people perform better at work when they're not worrying about home."

— CNBC Staff