Bizarre Story Of Better.com; What Made The CEO, Vishal Garg Fire 900 Employees Through A One-way Zoom Call?
Google trending news, and you will discover, "Vishal Garg, the Indian origin CEO of US-based mortgage provider company Better.com fires 900 employees via a 3-minute Zoom call." Here is a rundown of the why's and the how's of the dreadful decision.
Many of you may have already browsed Vishal Garg's LinkedIn account, which might have left you in sixes and sevens.
Because a part of his bio reads-
We grew over 400 percent in 2020 to over USD 20 billion in annual origination. We are growing 3x again in 2021. Come join us and make home better.
Looking for jobs? Check out our Jobs section.
The CEO was reported saying, "I have come to you with not great news. The market has changed, as you know, and we have to move to survive, thrive, and deliver our mission."
After warning the employees of the bad news, he added, "This isn't the news you want to hear, but ultimately it is my decision, and I want you to hear it from me. This is the second time in my career I am doing this. The last time I did it, I cried. This time I hope to be stronger."
He continued, "We are laying off about 15% of the company based on efficiency and performance. You are part of the unlucky group being laid off if you are on this call. Your employment is terminated effective immediately."
The 180-second zoom call was later ended, declaring the benefits US employees would be receiving (14 weeks of base pay and one additional week for every year at Airbnb). He thanked all the employees for their contributions to Better.com.
What does Vishal Garg, CEO of Better.com has to say?
As seen on the viral video, Vishal was reported saying, "I wish the news was different, I wish we were thriving enthusiastically as we were at the beginning of this year. But that's not the case. I am sure you be more fortunate and successful in your next endeavor. Best of luck!"
He justifies laying off employees by accusing them of stealing from their colleagues and customers. Later, he was also reported saying, "The employees were unproductive and only worked two hours a day."
What do netizens have to say?
After receiving a cash infusion worth USD 750 million (valuation of around USD 7 billion), the decision of the unicorn CEO to bluntly fire his 900 employees during the holiday season has infuriated netizens.
Concerned about how that 'unlucky group' would find a new job quickly and balance their finances, netizens were quoted as suggesting that it would have been wiser to share the news with some empathy. Or, for the sake of humanity, the company could have held off such lousy news during the holiday season.
However, this is not the first time in the history of firing employees. Earlier companies like Uber, Airbnb, and Scooter-sharing startup Bird laid off their employees via one-sided cold video announcements.
Does this activity has led people to question their loyalty and contribution to their companies? Well, the compassionless decision could have been sounded a bit empathetic to the least, assuring help with finding new jobs!
With this, what about some leadership lessons?