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Better.com CEO Lays Off 900 Employees In US, India Over Zoom Call
"If you're on this call, you are part of the unlucky group that is being laid off," Garg told the staff during the Zoom video call
US-based digital-first homeownership company Better.com CEO Vishal Garg on Wednesday fired about 9% of his company's workforce on a Zoom call, according to a CNN report. These 900 people got the rudest shock of their lives when the CEO made the announcement.
"If you're on this call, you are part of the unlucky group that is being laid off," Garg told the staff during the Zoom video call on Wednesday, reported CNN Business. "Your employment here is terminated effective immediately."
In the two and half minute call, which was recorded and is now doing the rounds online, Garg said, “I come to you with not great news. The market has changed, as you know, and we have to move with it in order to survive so that hopefully, we can continue to thrive and deliver on our mission. This isn’t news that you’re going to want to hear. But ultimately it was my decision. And I wanted you to hear 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, do not want to do this. The last time I did it, I cried. This time, I hope to be stronger. We are laying off about 15% of the company for a number of reasons — the market, efficiency and performances and productivity.”
An employee could be heard crying and saying, “This is not real..Oh my god! I can’t believe this…” in the recording.
In the call, Garg said the company was laying off 15% of its workforce, but the company later clarified the layoffs amount to 9% of its workforce. He told the employees that they could expect an email from HR detailing benefits and severance.
“This isn’t news you are going to want to hear. But ultimately, it was 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, do not want to do this. The last time I did it, I cried. This time I hope to be stronger,” Garg said. 1.
