In the recent news, a US-based homeownership company, Better.com’s CEO, Vishal Garg has unexpectedly fired more than 900 employees, almost 9 percent of its workforce, on a Zoom webinar, citing market efficiency, performance, and productivity as the reasons behind the move.
900 Employees Were Part of the Unlucky Group that was Being Laid Off
“If you’re on this call, you are part of the unlucky group that is being laid off,” he said on the call. “Your employment here is terminated effective immediately,” Garg said. The CEO informed the 900 employees on the call that they were being terminated just before the holidays, the report stated.
Vishal Garg then said that the terminated 900 employees could expect an email from the Human Resource division, describing advantages and severance. “Having to conduct layoffs is gut-wrenching, especially this time of year,” CFO Kevin Ryan declared in a statement to CNN Business. “However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.”
Vishal Garg Accused the Employees of Stealing from their Colleagues and Clients
Meanwhile, Fortune reported that Better.com CEO, Vishal Garg accused the 900 employees of “stealing” from their coworkers and clients by being ineffective and only performing two hours a day. “This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried,” Garg told on the call. Among those fired were the diversity, equity, and inclusion recruiting team.