The announcement was unannounced and abrupt, “If you’re on this call, you are part of the unlucky group that is being laid off, ” said the CEO on the Zoom call. He further added, “Your employment here is terminated effective immediately.”
He also informed the present group of employees that everyone will soon be receiving an official email of their termination along with benefits and severance packages from HR.
The CFO of the company, Kevin Ryan gave a statement to CNN business regarding the matter, he said, “Having to conduct layoffs is gut wrenching, especially this time of year.” While adding, “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.”
As per the reports by Fortune, this sudden decision by Garg comes in the light of productivity and performance of the employees along with market efficiency. The report also said Garg accused the fired employees of ‘stealing’ by working only two hours a day and being unproductive.
“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, Um, this time, I hope to be stronger.” said the Better. Com CEO, Garg.
The team of the fired employees includes inclusion recruitment and diversity equity teams.
In the video, Garg also informed employees that they will be getting three months of benefits and a month’s pay as severance pay.
Just three weeks until Christmas, the employees are devastated. One of the employees of the company told NBC, “I was sitting here thinking, ‘What the hell? “I thought I was safe. I had perfect reviews and thought I was an integral part of the team. It’s a bummer because I know I worked really hard to help build up that company, and it looks like I just wasted my time.”
In May, Better.com announces that it will be going public via SPAC and has received $7 million cash until today as part of the deal and is expecting $1 billion on its balance sheet.