Better.com sacks 3,000 employees
Digital mortgage company Better.com’s CEO Vishal Garg has reportedly sacked 3,000 employees this week. Last year, Vishal had made the headlines when he fired 900 employees at once in a Zoom call meeting. The company has over 8,000 employees within which the CEO fired 9 per cent of their employees last year which went viral for the insensitivity that the higher authorities showed to its employees at such a difficult pandemic time.
The mass firing was planned
Reportedly, the mass firing was planned to take place on Tuesday, March 8, which was then later shifted to March 9 because the media had started getting reports of the same. However, the severance pay started showing on the company’s payroll app, Workday as the company had forgotten to change the date.
Rollout of severance pays
The employees started receiving their severance pay at 12AM, (the United States time) and were left absolutely shocked as they had received no communication from the company from beforehand.
Letter to employees
According to a TechCrunch report, Kevin Ryan, the CFO of Better.com addressed the employees in an email saying they, "had to adjust to volatility in the interest rate environment and refinancing market."
"Unfortunately, that means we must take the difficult step of streamlining our operations further and reducing our workforce in both the US and India in a substantial way.”
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