The CEO of better.com, a US based home ownership platform, fired 900 employees from his company, right before the holidays start, on a zoom call.
Right before the holidays could start in USA, Vishal Garg, the CEO of better.com had to take a huge step of firing 900 employees from the company.
He started the meeting, giving a disclaimer to his employees saying that he doesn’t have great news for all of them. He told the employees that the market has changed and that companies need to work accordingly. In a clip from the zoom that is going viral, Garg can be seen saying, “This isn’t the news that you’re going to want to hear but ultimately it is my decision and I wanted you to hear it from me. It’s been a really really challenging decision to make. 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.”
He adds that the company will be laying off 15% of its employees for reasons- the market, efficiency, performance and productivity. He tells the employees that if you’re on the list of the unlucky 900 people, your employment will be terminated effective immediately. Garg tells the employees that, they will be getting an email from the HR department of the company listing the benefits that they will get after leaving the company. He said, employees, will get 4 weeks of severance, 1 month of full benefits and 2 months of cover-up.