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Dec 6 - Better.com CEO fires 900 employees over Zoom



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 2 months ago '04        #1
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Javon23  topics gone triple plat - Number 1 spot x15
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Dec 6 - Better.com CEO fires 900 employees over Zoom
 

 
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New York, NY (CNN)Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."
He then said employees could expect an email from HR detailing benefits and severance.

"Having to conduct layoffs is gut wrenching, especially this time of year," CFO Kevin Ryan said 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."

Garg cited market efficiency, performance and productivity as the reason behind the firings. Fortune later reported Garg accused the employees of "stealing" from their colleagues and customers by being unproductive and only working 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 said on the call, which remained short and emotionless.

Among those fired were the diversity, equity and inclusion recruiting team.
The Softbank-backed mortgage lender announced in May it was going public through an SPAC and last week received $750 million in cash as part of the deal. The company is prepared to have more than $1 billion on its balance sheet.

Garg has been involved in controversy before, as evidenced by an email he sent to staff that was obtained by Forbes.
"You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," he wrote.
The Daily Beast reported in August that one of Garg's most "loyal lieutenants" received massive perks, such as millions of dollars worth of stock options that could be vested immediately, not comparable to other employees. That person was later placed on administrative leave for bullying.

visit this link https://www.cnn.com/2021/ .. WGYK1vm-EdAdTg
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62 comments
 

 2 months ago '17        #2
Coffee  topics gone triple plat - Number 1 spot x2
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Uzi’s for dinner.
+25   

 2 months ago '04        #3
abstractq 
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probably did them a favor in the long run

company sounds like a sh*tty place to work and its a pretty good job market out there
+53   

 2 months ago '10        #4
Nautilus O  topics gone triple plat - Number 1 spot x3
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Among those fired were the diversity, equity and inclusion recruiting team.

No longer needed after Trump is out
+16   

 2 months ago '17        #5
SPdaGOAT  topics gone triple plat - Number 1 spot x6
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Lmfao
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 2 months ago '08        #6
cohs  topics gone triple plat - Number 1 spot x11
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They got 750m before they dropped the hammer on ‘em


+11   

 2 months ago '20        #7
Xiox  topics gone triple plat - Number 1 spot x1
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Capitalism
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 2 months ago '06        #8
datVAkid 
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 cohs said
They got 750m before they dropped the hammer on ‘em


They was probably in the hole, used it to get out and cut expenses to remain afloat.
+9   

 2 months ago '04        #9
zone3cp 
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This won’t be the last company….Wait till after the holidays.
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 2 months ago '10        #10
beast mode  topics gone triple plat - Number 1 spot x1
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why the fu*k cares how they found out. i never understood that sh*t. people like "i got fired over the phone,via email, text" bi*ch that doesn't change the fact your a*s fired and they prolly don't wanna deal with 900 muhfu*kas trynna talk their ear off, tell sob stories and show pics of their ugly a*s kids
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 2 months ago '08        #11
cohs  topics gone triple plat - Number 1 spot x11
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 datVAkid said
They was probably in the hole, used it to get out and cut expenses to remain afloat.



Heís saying that 900 people were slackers.
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 2 months ago '04        #12
GUCCI C0ND0MS 
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Among those fired were the diversity, equity and inclusion recruiting team.
Go woke, go broke.

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 2 months ago '06        #13
datVAkid 
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 cohs said



Heís saying that 900 people were slackers.
There is that...

 2 months ago '08        #14
cohs  topics gone triple plat - Number 1 spot x11
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 datVAkid said
There is that...
If people are truly stealing time and you can prove it you donít go in all soft and pay their insurance for 3 months. Donít believe his lies.
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 2 months ago '06        #15
datVAkid 
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 cohs said
If people are truly stealing time and you can prove it you donít go in all soft and pay their insurance for 3 months. Donít believe his lies.
My company does...

Instead of going through the work of terminating employees, they will give you an opportunity to just accept severance, which saves the company money on the time it takes to legally process a termination. Usually of the employee denies, they get fired and lose unemployment...

Lay em off, play the severance, wipe hands clean, and work to rebuild.
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 2 months ago '17        #16
Naga Sadow  topics gone triple plat - Number 1 spot x21
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Good ol Murican trickle down economics.

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 2 months ago '11        #17
Sin  topics gone triple plat - Number 1 spot x46
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 2 months ago '20        #18
Bateman 
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What a piece of sh*t

He really thinks people are gonna stick around after this display of micromanaging and not giving a fu*k about his workforce?
+10   

 2 months ago '11        #19
Da Truth23  topics gone triple plat - Number 1 spot x8
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With no stimuli in sight.


Biden2020 lmao!!! fu*k the system. fu*k the political parties. Hopefully those 900 can bounce back
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 2 months ago '20        #20
Born Bad 
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Get ya own money folks

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 2 months ago '18        #21
BrooklynDamien  topics gone triple plat - Number 1 spot x2
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Last time he had to do this he cried a little he said that 3/4 billion from the spac should make him feel better though. They doing the anti Santa rally this year. Polar bear season
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 2 months ago '17        #22
S550  topics gone triple plat - Number 1 spot x1
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 Bateman said
What a piece of sh*t

He really thinks people are gonna stick around after this display of micromanaging and not giving a fu*k about his workforce?
He said that Atleast 250 of them were stealing , clocking in 8 hour days but only working 2 hours , under performing and more.


If this is deemed true
Cant argue with his decisions

 2 months ago '15        #23
PolygonMafia 
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Vishal Garg

Homeboy named like an orc from Warcraft

ol' bad hand in scrabble a*s name
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 2 months ago '04        #24
DJ Maximum|M  topics gone triple plat - Number 1 spot x4
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Among those fired were the diversity, equity and inclusion recruiting team.

trash thats why the company will suffer
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 2 months ago '20        #25
vibin 
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You know bout 250 mf’ers weren’t on the call being all late. Probably just finding out now
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