Sunday, May 22, 2022

Vishal Garg CEO of Better.com Fires 900 Employees over a Single Zoom Call

CEO of US based firm Better.com Vishal Garg an Indian Origin CEO fires 900 employees of his firm over a single Zoom call. Since the pandemic made working from home a possibility, business and professional meetings have been conducted via Zoom calls instead of in-person meetings. Over the course of nearly two years, we’ve received a lot of weird and startling video calls from people.

Here’s another example. According to sources, a New York-based mortgage lender dismissed over 900 employees on Wednesday over a Zoom conference call, just as the holiday shopping season began in the United States and other parts of the world without providing any prior notice.

A brief video clip, which was published to Twitter by an employee who had received the pink slip and is rapidly making its way around the Internet, shows Better.com CEO Vishal Garg dismissing his staff with a brief message. Upon hearing that they were being laid off, their manager informed them that they were part of a “unlucky bunch.”

Photo via Twitter

“This isn’t the kind of news that you’ll be excited to hear…

If you are on this phone call, you are a member of the unfortunate group of people who are being laid off. Your job with us has been terminated with immediate effect “In the now-viral video, he is heard stating something similar.

Last week, according to a storey in the DailyMail.co.uk, Garg’s mortgage firm received a $750 million capital injection. According to the article, Better.com is financed by SoftBank and has a current market capitalization of around $7 billion.

“This is the second time in my professional life that I’ve done anything like this, and I don’t want to do it again. When I did it the previous time, I sobbed “he explained.

Afterwards, he informs the sacked employees that they may anticipate an email from Human Resources outlining their benefits and severance.

However, Fortune later claimed that Garg had accused the employees of “stealing” from their colleagues and clients by being “unproductive” and only working two hours each day, while the CEO blamed market efficiency, productivity, and performance for the dismissal.

Improved.com, according to Garg, who studied finance at New York University Stern School of Business, “increased over 400 percent in 2020 to over $20 billion in annual origination and are rising three times again in 2021.” It was founded in January 2016 with the support of Goldman Sachs and Kleiner Perkins.

During the early stages of the Covid-19 epidemic, several businesses and employers laid off or reduced their workforces as a result of a deteriorating market and a decline in income.

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