During a webinar, Better.com laid off 900 staff. The choice was difficult, but necessary, according to the company’s CFO, in order to maintain a focused team in a “radically altering” homeownership market.
The chief executive officer (CEO) of mortgage provider Better.com sacked over 900 employees via Zoom webinar. On Wednesday, CEO Vishal Garg gave a webinar in which he announced that 9% of the company’s workers would be fired off.
“If you’re on this call, you’re part of the unfortunate group that’s being laid off,” CNN reported, citing a call recording.
Kevin Ryan, the company’s CFO, later told CNN in a statement that the “heartbreaking” decision was made to maintain a focused workforce in a “radically altering” homeownership market.
Garg, according to Fortune, accused these workers of “stealing” from their coworkers and clients by being unproductive. The CEO of the New York-based company stated in a short and emotional Zoom call that this is the second time he has made such a decision.
Many business leaders have described job losses during the coronavirus disease (Covid-19) epidemic as “catastrophic.” Temporary layoffs were recognized as the main cause of the high unemployment rate of 14.7 percent in April of last year in the United States.
According to the Harvard Business Review (HBR), Covid-19 has harmed the job market in a “deep and long-lasting” way. Managers are not only dealing with the stress and anguish of having to let go of a big number of employees, but many are also experiencing underlying fear about their own jobs, according to the report.
It cited experts to say that when laying off people, managers must exhibit sympathy and try to absorb as many emotions as possible.