9 Dec 2021
Better.com Chief Apologizes after Massive Employee Layoffs
The Index Today
The Index Today — Vishal Garg, the CEO of Better.com, has issued an apology after courting controversy by firing 900 of his employees over a single Zoom, saying he “blundered the execution” of the termination.
“I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be,” Garg wrote in a letter following the backlash.
Last week, the CEO said to 900 of his employees over Zoom, “If you’re on this call, you are part of the unlucky group that is being laid off.” This move has been met with fierce criticism, especially with the dismissals being instituted so close to the holiday season. According to Garg, the decision was made based on concerns over employee productivity, performance, and the market situation which has suffered of late due to the pandemic.
In a separate Zoom call, the CEO also revealed that existing employees will be kept under a close watch and those who failed to live up to company expectations will be terminated. This comes in light of previous allegations made by employees of a toxic environment that exists within the corporate company’s workplace.
Better.com is a SoftBank-backed mortgage company that aims to make owning a home “simpler, faster — and most importantly, more accessibly for all Americans” as per its website.