The CEO of online mortgage lender Better.com fired 900 employees via a Zoom call. In doing so, he said the workers stole from customers by slacking off during the pandemic.
CEO Vishal Garg Fires Hundreds of Workers Via Zoom Call
Better.com CEO Vishal Garg remains defiant on his decision to fire hundreds of workers via a Zoom video conference.
A recording of the Zoom call made the rounds on the Internet, trending on TikTok, YouTube, Twitter, and other social media sites.
Video clips showed Garg’s legendary Zoom call. “This isn’t news that you’re going to want to hear … If you’re on this call, you are part of the unlucky group that is being laid off.
5 Cryptos Set To Soar For 2022 Expert reveals the strongest cryptocurrency investments for 2022 (NOT Dogecoin...)
Your employment here is terminated effective immediately,” he said. Almost immediately, Garg clarified that he didn’t want to do this.
“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.
When The Market Changed, Garg Had To Fire 900 Workers
The 43-year-old CEO gave changing market conditions as the reason for the firings. He said that Better.com needs to slim down in order to remain competitive in the evolving housing market.
Actually, the housing market does appear to cool down after a red-hot boom during the earlier days of the pandemic.
Despite the description of tough times ahead if they don’t adapt, Garg did not mention a $750 million cash infusion for Better.com from investors.
Garg also admitted to being the author of an anonymous blog post accusing workers of slacking off. He posted unsigned articles on the professional network Blind.
“You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system?” he said.
“They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated,” he added. Later, the CEO confirmed to Fortune that he was the author of the searing post.
How to Diversify Your Savings in Uncertain Times With GOLD: With interest rate hikes, geopolitical unrest, increasing national debt, and inflation on the rise, there is no time like the present to protect the purchasing power of your savings with precious metals.
If you're looking to live the dream life that you deserve, Click Here Now!
Details on Zoom Call Firing
During the Zoom call, Garg said that the company will provide four weeks of severance plus another one month of full benefits. It will also provide other coverage as part of the severance package.
Also during the call, Garg accused the workers of low productivity. Four weeks ago, the firm started reviewing employee productivity data.
The included listing missed telephone call rates and counting the number of inbound and outbound calls. Many employees also showed up late to customer meetings.“As we started to slow down our pace of hiring, we saw some alarming statistics, and a number of our customers were not getting the service that they deserved from our teammates,” he said.
Over the years, many industry veterans say that Garg built a reputation for extremely high expectations. He was also known for being petty over small, inconsequential infractions.
For example, Garg criticized office managers for not stocking the mini-fridge with Fiji and Perrier water. He also questioned the choice of food available in the office. “Why do we have biscotti here like this?” he once asked office managers.
Better.com Thrived During The Pandemic
Another email was written by Garg also showed his impatience with employees. ‘You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,” he wrote.
Many homeowners flocked to Better.com during the pandemic. Homeowners began moving out from the cities and into greener lots.
This fueled a boom in the housing market as well as related lending companies such as Better.com. In fact, the company announced last May that it plans to go public through a special-purpose acquisition company. Better.com also announced an initial valuation of $7.7 billion.
Watch the CNBC Television video reporting that Better.com CEO fires more than 900 employees on Zoom call:
What do you think about CEO Vishal Garg’s decision to fire 900 workers via a Zoom call? Do you think he could have handled the situation better?
Tell us what you think of Garg and his management style. Share your comments below.