This article addresses the flexicurity outcomes of sectoral collective bargaining in the netherlands. Dutch experience — presented as a model by the european commission — proves not to be a case of ‘one size fits all’. Taking an institutionalist but firm-centred perspective, our analysis links the flexicurity policy debate to the theoretical analyses of ‘varieties of capitalism’ (voc), which also stress various institutional constellations that can lead to equally optimal outcomes. In contrast to the core argument of the voc perspective that diversity between institutional regimes is persistent, we find convergence across sectors over time. However, sectoral differences in the negotiated flexicurity balance remain apparent.