employees are being provided with four weeks of severance, one month of full benefits, and two additional months of COBRA (Consolidated Omnibus Budget Reconciliation Act) health coverage.īetter is putting a positive spin on the news, saying the layoffs will position the company for growth as lenders shift their focus from refinancing mortgages to providing purchase loans to homebuyers. And I am sure that you will leave us and be more successful, more fortunate and luckier in your next endeavor.”Ī company spokesperson told Inman last week that Garg misspoke because of an error in his talking points, and that 9 percent of Better employees were being laid off globally. “I wish we were thriving enthusiastically as we were at the beginning of this year,” Garg said on the call. The layoffs put Better in a position to grow as lenders focus more on purchase loans and less on refinancing, the company said. The “market has changed, ” Garg said on the call with the laid-off employees. Hope those laid off bounce back quick! #better /7r6WGoTqoN Absolute horrible move on his part and making it all about himself. The CEO laying off 15% of workforce right before the holidays. Some Twitter users also took note of the decision to lay off 9 percent of the workforce - not 15 percent, as the CEO had mistakenly said in the initial announcement. “You can take comfort in knowing the people at the top who can’t run the company will be keeping their jobs though. “Just remember guys, loyalty! ” one YouTube comment reads. On YouTube, users have posted multiple versions of the video, sparking blowback in the comments. The video, which was originally posted on YouTube but later taken down, has started to spread across other platforms as well. In the video, the employee recording the call can be heard reacting to the news in real time, expressing disbelief and anger toward Garg as the executive clarifies that everyone on that call was part of the laid-off group.
This time, I hope to be stronger.” #fyp #laidoff #savage ♬ original sound – Wanderella
“This is the second time in my career I’m doing this and I do not - do not - want to do this,” Garg said matter-of-factly in the video.
The TikTok video of Garg’s announcement has been viewed 3.5 million times in three days, garnering more than 158,000 likes and attracting 16,000 comments as the timing and nature of the layoff announcement appeared to hit a nerve. Mortgage company Better is under fire after CEO Vishal Garg laid off approximately 900 employees during a Zoom call just weeks before Christmas that has since gone viral.
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