As many as 900 employees of the American mortgage lender Better.com were told via Zoom that they had been fired immediately. The reason for their resignation? According to billionaire and company CEO Vishal Garg, the work-from-home workers were lazy and unproductive.
Shortly after the mass layoff, videos of the Zoom meeting began circulating on social media. It took Garg just two and a half minutes to explain to his ex-employees why they were fired. He based the dismissal of the employees, among other things, on the productivity and performance of the employees. “I have bad news for you,” Garg begins. “This isn’t the news you want to hear, but in the end, it was my decision. If you’re in this call, you’re in the unfortunate group to be fired immediately.”
Garg founded Better.com in 2016 after quitting his job as a banker at Morgan Stanley. The company is estimated to be worth about $7 billion today. According to the billionaire, the market in which Better.com operates has changed significantly and the company must also make changes internally to remain financially healthy.
Garg says in the video that it is with a heavy heart that he has to say goodbye to 15 per cent of the Better.com workforce “I really don’t want to do this. This is the second time and the first time I cried. I’m stronger now.” However, US business magazine Fortune received anonymous messages from ex-employees in which Garg calls the former employees lazy and unproductive. They would also only work two hours a day. In an interview with Fortune, Garg confirmed the anonymous reports. “Perhaps I could have worded it differently, but this is the feeling I have.”
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