About 900 employees of digital mortgage company Better.com learned they had been laid off in an abruptly-scheduled, three-minute group Zoom call weeks before Christmas. "I come to you with not great news," CEO Vishal Garg said at the beginning of the Dec. 1 meeting, according to a recording of the call posted to TikTok. "We are laying off about 15 percent of the company for a number of reasons — the market efficiency and performances, and productivity," he said. "If you’re on this call, you are part of the unlucky group that is being laid off," Garg continued. "Your employment here is terminated effective immediately." He told employees that the decision to let them go was "challenging." Better.com CEO Vishal Garg on a Zoom call where he announced layoffs. "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. "Um, this time, I hope to be stronger." He also told the hundreds of former employees that they would receive about a month of pay and three months of benefits — all of which would be detailed in an email from human resources sent to their personal email addresses. An employee who was laid off that day said his company-issued computer went dark shortly after the call ended. He didn't receive the email from human resources until hours later. "I was sitting here thinking, 'What the hell?'" the employee, who asked not to be identified for fear of retaliation, told NBC News. He added: "I thought I was safe. . . . read the full article here.
Keywords: garg, bettercom, jobs, learn, vishal, eliminated, zoom, company, laid, told, employee, 900, way, email, employees
DATE: May, 2014, Dec. 1, that day, three months, about a month, the beginning of the, weeks before Christmas
TIME: hours, three-minute
MONEY: $750 million
PERCENT: about 15 percent
WORK_OF_ART: Fortune and TechCrunch